Guardian Life Insurance Co. of America has introduced a guaranteed minimum withdrawal rider with variable annuities issued by Guardian Insurance and Annuity Co.
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The Lifetime Focus rider builds on Guardian's Lifetime and Spousal AssetAccess riders, which were elected on more than 55% of the annuities sold by Guardian Insurance and Annuity in the fourth quarter, the company said on Thursday.
The new rider offers the potential for quarterly step-ups, a 5% minimum guarantee roll-up feature if no withdrawals are made in a contract year, and investment models that allow for greater participation in the equity markets, the company said. It is available in single-life and spousal versions.
