Annuity glossary
GMWB (Guaranteed Minimum Withdrawal Benefit)
A rider guaranteeing you can withdraw a set amount each year until you have recovered your entire premium, no matter how the account itself performs. Unlike a guaranteed lifetime withdrawal benefit, payments stop once your original money has been returned rather than continuing for the rest of your life. 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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