Guaranteed Lifetime Withdrawal Benefit

Guaranteed Lifetime Withdrawal Benefit

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Guaranteed Lifetime Withdrawal Benefit

Guaranteed Lifetime Withdrawal Benefit definition:  The guaranteed lifetime withdrawal benefit is an optional rider for variable annuity contracts in the accumulation phase. Generally, elective withdrawals (outside of regular annuity distribution payments) result in penalty fees. This rider allows a minimum percentage to be liquidated without penalties during the accumulation phase, while the annuity account remains intact.

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