Annuity glossary

Income Rider

An optional benefit added to an annuity, for an annual fee, that guarantees future lifetime income, most commonly through a guaranteed lifetime withdrawal benefit. The rider's income is calculated on a separate benefit base rather than your real account value, which is why quoted rider guarantees can sound larger than the money actually available. 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.