Guaranteed death benefit is a benefit condition that guarantees that the recipient of the benefit will receive a death benefit if the recipient of the annuity dies before the annuity starts paying benefits.
The Guaranteed Death Benefit is an insurance policy in the event of the death of the recipient of the annuity while the contract is in the accumulation phase.
The amount of the guaranteed death benefit varies by company and contract, but the beneficiary is guaranteed an amount equal to what was invested or the value of the contract on the latest policy anniversary report, whichever is greater.
A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately.
The Guaranteed Minimum Savings Allowance (GMAB) is an optional element of an annuity that guarantees the payment of a minimum amount of an annuity after a holding period: accumulation or other specified period.
Guaranteed Minimum Income Benefit (GMIB) is an additional supplement to an annuity contract that guarantees a minimum level of payments after its annuity.
Living together with a last-earner annuity is an insurance product for a couple that provides for regular payments as long as one of the spouses is alive.
A survivorship annuity and joint annuity is an insurance product designed for married couples that continues to make regular payments as long as one of the spouses is alive.