Lincoln launches variable annuity rider

Lincoln Financial Group yesterday released its Lifetime Income Advantage rider for its variable annuity line, attempting to address a handful of retirement concerns. This new feature is an all-in-one rider that provides an income step-up to 200% of the initial guaranteed amount 10 years into the policy (or at age 70), healthcare enhancements to income, and guaranteed lifetime withdrawals — all at an additional cost. Other benefits include a guaranteed minimum accumulation option and automatic annual market step-ups. Advisers and clients also retain control of the income, adjusting levels to offset surprise expenses or to protect the assets in case the customer no longer needs supplemental retirement income, according to the firm. “By leveraging products and feature such as Lincoln Lifetime Income Advantage to meet the multiple needs of Boomer clients, advisers can help them get the most out of their money,” Rob Grubka, vice president of individual annuities at Lincoln Financial, said in a statement. The product will be available with the American Legacy and Choice Plus VA product line.