What’s A Guaranteed Minimum Income Benefit?

Variable annuities come with a host of optional features that you can select for an additional annual fee. One common and very popular type of variable annuity feature is the guaranteed minimum income benefit, also known as a GMIB. The GMIB is exactly what the name implies -- a guaranteed minimum level of annuity payments by the insurance company, regardless of the performance of your annuity.For example: suppose you were to invest $250,000 in an annuity with a GMIB that guarantees the... Read More

What’s A Guaranteed Account Value Benefit?

Variable annuities come with a host of optional features that you can select for an additional annual fee. One common type of variable annuity feature is the guaranteed account value benefit, also known as a GAV.The GAV option added to a variable annuity a) guarantees your initial investment, regardless of market performance, as a lump sum; b) allows your account value to appreciate with market upside; and c) allows you to withdraw 100% of your account value at the end of a certain time... Read More

Bonus Annuities

Some annuities with surrender charges reward the investor by offering a bonus: the insurance company adds an average of 3% to 5% to each of your premium payments, which can make for an excellent head start. For example, if you invest $10,000 in a bonus annuity the insurance company will add $300 to $500. The trade-off is that with a bonus annuity the surrender period is usually longer (eight to nine years in most cases versus the typical seven-year surrender) and each subsequent bonus payment... Read More

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