What is a surrender charge in a variable annuity contract?
QUESTION
What is a VA contract owner's right to the free-look period?
QUESTION
What is a guaranteed lifetime withdrawal benefit (GLWB) rider designed to provide?
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ANSWER
Lifetime withdrawals at a stated rate, even if the account value reaches 0. GLWB guarantees lifelong income at a set percentage, with insurer covering payments if the account depletes due to markets or longevity.