With the growing popularity of lifetime income products on the market, the Guardian Insurance and Annuity Company has announced the debut of a new deferred income annuity solution.
The Guardian SecureFuture Income Annuity will generate lifetime payments for owners based on an initial premium payment of $5,000. The product, backed by the claims-paying ability of GIAC, can be set up to begin those payments at a predetermined future date chosen by the owner, within the rules of the annuity.
Owners will be able to make additional premium payments to increase their future lifetime income value up until 13 months before the income decumulation date, and can benefit from a variety of product features to meet both current and future income needs.
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"Two of the biggest concerns for many Americans are outliving their money and protecting their savings between now and when they plan to retire," said Douglas Dubitsky, vice president of product management and development for the Guardian Life Insurance Company of America.
"[This product] eliminates these possibilities by allowing clients to buy with today's savings a steady and predictable stream of income that is guaranteed for the life of the annuity owner and the spouse, if applicable."
The product's payments are calculated based on the annuity purchaser's age and gender at the time of any premium, the amount of time before the payments begin, the frequency of those payments and the purchase rates in effect at the time of the initial purchase.
"Americans can no longer rely on traditional corporate pension plans for Social Security to comfortably fund their retirement needs," Dubitsky adds.
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