The end of the variable annuity “arms race” has been marked by the removal of many contracts and/or living benefits—the guaranteed minimum income benefit (GMIB), minimum accumulation benefit (GMAB) or lifetime withdrawal benefit (GLWB)— from the marketplace.
Milliman variable annuity analyst Sue Saip has compiled the following list of recently discontinued products and, in most cases, the type of living benefit they offered for Retirement Income Journal. The exact reason for discontinuation of a specific contract was not available.
| Company | Product |
|---|---|
| Allianz | Lifetime Plus (GLWB) |
| Target Date Retirement Benefit (GMAB) | |
| Lifetime Plus 8 (GLWB) | |
| Lifetime Plus (GMAB) | |
| American United Life | Lifetime Guaranteed Minimum Withdrawal Benefit Rider (GLWB) |
| Owner & Spouse Guaranteed Minimum Withdrawal Benefit Rider (GLWB) | |
| Guaranteed Return of Premium Rider (GLWB) | |
| AXA/Equitable | GMIB with 6.5% rollup |
| Fidelity Investments Life | Guaranteed Minimum Income Benefits (GMIB) |
| Genworth | Payment Optimizer Plus |
| Jackson National | LifeGuard Ascent/Ascent with Joint Option |
| John Hancock | Principal Plus for Life (GLWB) |
| Principal Returns (GLWB) | |
| Lincoln National | Smart Security Advantage (GLWB) |
| Mass Mutual | Guaranteed Minimum Income Benefit 5 (GMIB) |
| Lifetime Payment Plus (GLWB) | |
| Guaranteed Income Plus 6 | |
| MetLife | Compounded Plus Death Benefit (GMDB) |
| GMAB | |
| GMIB II | |
| Nationwide | CPPLI (GMAB/GLWB) |
| CPP (GMAB) | |
| Old Mutual Financial | OM Financial Asset Allocation Models |
| Guaranteed Minimum Withdrawal Benefits (GLWB) | |
| Guaranteed Minimum Death Benefits (GMDB) | |
| Pacific Life | Foundation 10 (GLWB) |
| Penn Mutual | Guaranteed Lifetime Benefit Withdrawal Rider (GLWB) |
| Phoenix | Guaranteed Minimum Income Benefit (GMIB) |
| Principal Financial | Investment Protector Plus 2 (single life only) (GMWB) |
| Protective Life | SecurePay GMAB |
| Prudential | Guaranteed Minimum Income Benefit (GMIB) |
| Highest Daily Lifetime 5 | |
| Sun Life Financial | Secured Returns for Life Plus (GLWB) |
| Income ON Demand II (GLWB) | |
| Income ON Demand II Plus (GLWB) | |
| Transamerica/Aegon | 5 for Life (GLWB) |
| 5 for Life with Growth (GLWB) | |
| Income Select for Life (GLWB) |
© 2009 RIJ Publishing. All rights reserved.
