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Tom Cochrane

13
Jun

Life-Only Payout

Definition A life-only payout is an annuity payment option under which income is paid for the lifetime of the
2 min read
13
Jun

Annuity Payment Options

Definition Annuity payment options are the menu of structural choices a contract owner selects from at annuitization, each of which
2 min read
13
Jun

Systematic Withdrawal

Definition Systematic withdrawal is a drawdown strategy in which the contract owner takes periodic distributions from an annuity contract'
2 min read
13
Jun

Income Phase

Definition Income phase is the period in an annuity contract during which the contract is paying income to the contract
2 min read
13
Jun

Payout Rate

Definition Payout rate is the annual income an annuity contract pays expressed as a percentage of the premium or account
2 min read
12
Jun

Roll-Up Rate

Definition A roll-up rate is the contractually specified annual rate at which the benefit base of a deferred annuity
3 min read
12
Jun

Benefit Base

Definition A benefit base is the contractually defined value that a rider attached to a deferred annuity contract uses to
2 min read
12
Jun

Ratchet Feature

Definition A ratchet feature is a rider mechanic that locks in upward movements in the benefit base — or another rider-
2 min read
12
Jun

Step-Up Provision

Definition A step-up provision is a rider mechanic that periodically resets the benefit base — or another rider-defined value
2 min read
12
Jun

Income Rider

Definition An income rider is a general category of rider attached to a deferred annuity contract that provides a contractually
3 min read
12
Jun

Return of Premium Rider

Definition A return of premium rider is a rider attached to a deferred annuity contract — or, in some product forms,
2 min read
12
Jun

Long-Term Care Rider

Definition A long-term care rider is a rider attached to a deferred annuity contract that provides enhanced access to
2 min read
12
Jun

Enhanced Death Benefit Rider

Definition An enhanced death benefit rider is a rider attached to a deferred annuity contract that provides death-benefit features
2 min read
12
Jun

Guaranteed Minimum Death Benefit

Definition A guaranteed minimum death benefit (GMDB) is a rider attached to a deferred annuity contract that guarantees the beneficiary
2 min read
12
Jun

Owner Versus Annuitant Distinction

Definition The owner versus annuitant distinction is the structural separation in an annuity contract between the contract owner — the person
2 min read