AIG SunAmerica Retirement Markets Inc. introduced a variable annuity rider Tuesday that offers married couples income for as long as they both live, no matter what happens in the financial markets.
The rider is a part of a new version of the Los Angeles company's MarketLock feature. The new MarketLock For Two is available as an additional rider on the company's Polaris and Seasons variable annuities.
MarketLock For Two is a guaranteed minimum withdrawal benefit that locks in investment gains to create an income stream for two that can grow with the market but not decline.
Married couples whose younger spouse is 55 to 75 years old can choose MarketLock For Two and be guaranteed income for both their lives. The feature includes income flexibility. Couples who begin withdrawals after the younger spouse's 63rd birthday can take up to 5% of their benefit base for life. If they begin after the younger spouse's 75th birthday, they can take up to 6%. Couples who want to retire earlier can begin withdrawals of up to 4% of their benefit base for life whenever they choose.
AIG SunAmerica Retirement Markets is a subsidiary of AIG Retirement Services Inc. that specializes in marketing and distributing the retirement savings products issued by AIG SunAmerica Life Assurance Co. and First SunAmerica Life Insurance Co.
