Products May 25, 2007
RiverSource Introduces Guaranteed Lifetime Income Benefit
RiverSource has launched SecureSource, an optional living benefit rider, which offers guaranteed lifetime income for individuals purchasing a RiverSource annuity.
Reported by Rebecca Moore
For an additional fee, SecureSource offers principal protection as well as the ability to customize an income strategy to meet individual needs, according to a company news release. Individuals can withdraw any amount up to 6% for life starting at age 65 (age 68 in New York), or they can withdraw up to 7%, which will provide guaranteed income for 14 years.
Additionally, investors who select the SecureSource rider with their annuity are enrolled in Portfolio Navigator, which provides a choice of model portfolios based on the investor’s needs and goals, the release said. Asset allocation models are designed based on pre- and post-withdrawal stages.
The fee for the SecureSource guaranteed lifetime withdrawal benefit rider is 0.65% annually for the single life benefit, and 0.85% annually for the joint life benefit.
RiverSource variable annuities permit withdrawals of 10% annually without the purchase of the rider.
More information is at www.riversource.com/annuities.