Annuity glossary
GLWB (Guaranteed Lifetime Withdrawal Benefit)
An optional rider that lets you withdraw a set annual amount for as long as you live, even if your annuity's account value falls to zero, without annuitizing or giving up control of the remaining balance. The guaranteed amount depends on your age when withdrawals begin and is calculated on the rider's benefit base. The contract explains the payment calculation, timing, charges, limits, and survivor choices that apply. Any guarantee is backed by the claims-paying ability of the issuing insurer.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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