Annuity glossary
Guaranteed Minimum Death Benefit (GMDB)
The promise that if you die before annuity payments begin, your beneficiary receives at least a stated amount, commonly the greater of the account value or your total premiums minus withdrawals. Enhanced versions can periodically lock in market gains on contract anniversaries, raising the guaranteed floor as the account grows. 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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