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Variable Annuity With Lifetime Income

A popular type of annuity that provides guaranteed lifetime income is a variable annuity with a lifetime income benefit. Compare Annuities.


Variable annuities allow you to stay invested in the markets while planning for retirement income either immediately or in the future.

It may be an appropriate annuity for you if:

  • You are retired or planning for retirement.
  • You are concerned about outliving your assets.
  • Your essential expenses in retirement are likely to exceed your income from your pension, Social Security, and other sources of retirement income.
  • You seek a retirement investment that allows for the option of protection against market loss, income flexibility, and the potential for tax deferred growth.
  • You want a portion of your retirement savings to generate guaranteed income.
  • You are in your 50s, 60s, or 70s and nearing or already in retirement.

How it works

Your money is placed in a variety of investment options called subaccounts, which may include stocks, bonds, and other investments, to give you greater control. You have the ability to add additional features (for an added cost) that can provide income now or later. Death benefits are also available at an additional cost for legacy planning.

Key Benefits

  • Maintain investment diversification for potential growth while also planning for retirement income needs.
  • Earnings are tax-deferred.
  • The ability to plan for a set amount of income when you need it.

Optional Features

  • Available features include guaranteed withdrawal amounts, lifetime income for you and potentially your spouse/partner, and accumulation benefits to protect against market losses.
  • You have the flexibility and control to select and pay for only the features you need.
  • Since you may not be able to add or delete the features after your initial purchase, you should carefully consider these features and benefits before making a decision.



  • May include surrender penalties for early withdrawal.
  • Potential tax penalties for withdrawals before age 59 1/2.
  • Consult your tax advisor about possible tax implications.

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Contingent deferred sales charge (CDSC)

If you withdraw money from an annuity contract or surrender the contract within a certain period of time after investing, the insurance company may assess a contingent deferred sales charge (CDSC). Usually, the CDSC is a percentage of the purchase payment withdrawn, and it declines gradually over the CDSC period.

For example, a seven year CDSC may decline over the first seven years of your contract: 7%, 6%, 5%, 4%, 3%, 2%, 1%, 0%.


The underlying funds in a variable annuity are invested in subaccounts, which are professionally managed investment options that invest in a variety of markets, such as stock, bonds or money markets.

NOTE: Subaccounts can be invested in more than just stock and/or bond markets, such as money market funds.

The investment options may provide you with potentially more income than immediate fixed annuities, but your income payments will be subject to market fluctuation.