What are annuity riders?

Generally, annuity riders fall into one of two categories: Living benefit riders provide some type of benefit to you during your lifetime as long as the annuity contract remains in place. A living benefit rider for an annuity will yield some type of financial benefit to you as the annuity purchaser.

What is a living benefit Rider?

A living benefit rider is an optional, add-on feature that can bolster an annuity’s value and longevity. However, riders come at a cost that can sometimes overshadow their value. Weigh the pros and cons of a living benefit rider to determine if it’s right for you.

What is a glwb rider for variable annuities?

With variable annuities, owners can establish this income stream through two types of living benefit riders: the guaranteed minimum income benefit (GMIB) and the guaranteed lifetime withdrawal benefit (GLWB). A GLWB rider shares some similarities with a traditional GMWB rider.