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Digital News Report – There was an eighteen percent increase in the second quarter from the first quarter for people electing to add Guaranteed Living Benefit (GLB) rider with a variable annuity life insurance policy. This was according to a survey conducted by insurance and financial research organization called LIMRA. The organization believes that the increase can be attributed to consumers looking for a way to improve their financial security during retirement.
A variable annuity pays out while the person is still alive and is to help supplement their retirement living expenses and will pay out different amounts of money which is based on the performance of the investments of the policy. The investments usually come from a determined set of bond or equity mutual funds. A Guaranteed Living Benefit rider is added to the agreement in most cases to insure that the variable amounts of money will not go below a certain dollar amount. Each policy would have different terms for the amount and protections that they offer.
Met Life is just one of many life insurance providers that are offering a guaranteed variable annuity life insurance policy. A variable annuity comparison of companies would be important to determine amount of risk and return that would be right for you.
By: Victoria Brown