Securian Financial Group wants the annuity industry to know that they aren’t backing out of the variable annuity market. Some insurance companies have made the difficult decision to stop offering variable annuity products or to tone down the benefits and eliminate some popular options altogether. But according to company press release “New Living Benefits Affirm Securian’s Commitment to VA Market,” Securian will continue offering variable annuities that guarantee income through retirement. Their goal is for their clients’ income to be protected, grow, and be sustained throughout retirement. Securian also realizes that each individual retirement is different and they must offer more than one option so that clients can customize their plans to fit their lifestyle and goals.
There are four different options to choose from with Securian’s MyPath Lifetime Income living benefits. They are all optional and will cost money to add to your variable annuity. Each MyPath benefit option is designed to help clients meet a specific goal. If you have in depth questions about the benefits, an Annuity FYI expert would be happy to help determine which option may work best for you. The MyPath CoreFlex offers great flexibility and a wide range of features. The MyPath Ascend gives the benefit base accelerated enhancement growth. You cannot make withdrawals during the years that you are opting for this enhancement feature and can get it for up to ten years. The MyPath Summit is good for clients close to retirement because it offers larger withdrawal percentages off of the benefit base. MyPath Value is the fourth option and gives clients protection in a more affordable package.
With these products, Securian is still managing their risk in a way that will help them stay in the variable annuity business for the long term. They want their annuity products to give clients choices that will best meet their retirement income needs. An unstable variable annuity product market has increased the need for variable annuity choices for consumers. Securian’s variable annuities, issued by Minnesota Life Insurance Company, might help you meet your retirement goals. Speak with an advisor about the four different income options from Securian and other annuities that can guarantee you lifetime income.
Written by Rachel Summit