TOPEKA, Kan., June 25, 2019 (GLOBE NEWSWIRE) -- Security Benefit announced it has significantly increased the Lifetime Withdrawal Rates for the Foundations Annuity optional Guaranteed Lifetime Withdrawal Benefit Rider (Lifetime Income Rider), from 30 to 50 bps higher for each age. Available only on the 7-year product, the increased withdrawal rates for the Rider are effective on contracts issued on or after Monday, June 24. The new rates do not apply to in-force contracts issued prior to June 24. The new payout rates increase each year (by 0.10% a year, except in ages 57-59, where the rates increase by 0.15%). In addition, the schedule of annual withdrawal rate increases now goes up to age 90, instead of the previous maximum of age 80.
“Foundations can be an important component of a retiree’s portfolio,” noted Doug Wolff, President of Security Benefit Life Insurance Company. “It has the flexibility to deliver growth potential linked to the market in the accumulation phase, and guaranteed lifetime income in retirement. The longer an owner waits to take income, the larger the guaranteed income will be. And our increased withdrawal rates mean even more lifetime income for retirees.”
With the Foundations Lifetime Income Rider, owners are guaranteed a set amount of income for life, even if their account value reaches $0. Take a closer look at the complete Withdrawal Rate Schedule to see how different ages compare. To see how much income Foundations could generate, visit SecurityBenefit.com.
For more information, please call 800.747.5164, option 3.
About Security Benefit
Security Benefit Life Insurance Company, a Kansas-based insurance company that has been in business for more than 127 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $38.9 billion in assets under management as of March 31, 2019. Security Benefit is one of the fastest growing U.S. retirement companies and continues its mission of helping Americans To and Through Retirement®. www.securitybenefit.com
Media Contacts:
Michael Castino, Director of Public Relations, Security Benefit
michael.castino@securitybenefit.com
Ryan Hoffman, Communications Strategy Group
rhoffman@wearecsg.com
FINANCIAL PROFESSIONAL USE ONLY – NOT FOR USE WITH CONSUMERS
Annuities are issued in all states except New York by Security Benefit Life Insurance Company. Security Benefit Life Insurance Company is not licensed in and does not transact business in New York.
The Security Benefit Foundations Annuity, form 5800 (11-10) and ICC10 5800 (11-10), a fixed indexed flexible premium deferred annuity contract, and the Guaranteed Lifetime Withdrawal Benefit Rider, form 5821 (5-11) and ICC11 5821 (5-11), an optional rider available for purchase with the Security Benefit Foundations Annuity and for which a premium is charged, are issued by Security Benefit Life Insurance Company. Product features, limitations and availability may vary by state.
Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan, or credit union or its affiliates; are unrelated to and not a condition of the provision or term of any banking service or activity.