RiverSource Annuities of Minneapolis is adding RiverSource GWB for Life to its variable annuity offerings.
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The GWB in the name of the optional living benefit rider stands for guaranteed withdrawal benefit. It will be available this summer for an additional fee on all of the insurer’s variable annuities bought from a bank or an independent broker-dealer.
It is designed to help manage the risks of market performance, longevity, and inflation while also providing an option to receive guaranteed lifetime income.
RiverSource announced RiverSource GWB for Life on Monday.
