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News and Information Article
Helps Clients Who Seek Balance Between Asset Growth Potential and
Guaranteed Withdrawals
NEW YORK, Feb. 1 // -- Guardian today introduced a new
guaranteed minimum withdrawal benefit with enhanced features that can help
meet the needs of Boomers who want to save more for retirement, supplement
traditional sources of lifetime retirement income and are seeking some
guarantees. The new rider, Lifetime Focus, will be available with variable
annuities issued by The Guardian Insurance & Annuity Company (GIAC). GIAC
is a wholly owned subsidiary of The Guardian Life Insurance Company of
America.
Lifetime Focus builds on the success of Guardians popular Lifetime and
Spousal AssetAccess riders, which were elected on more than 55% of GIAC
annuities sold during the fourth quarter of 2006. The optional rider offers
the potential for quarterly step-ups, a 5% minimum guarantee roll-up
feature if no withdrawals are made in a contract year(1), and investment
models that allow for greater participation in the equity markets.
Quarterly step-ups are available for the first 30 contract years. Two of
the four models offer an 80% equity and 20% fixed income allocation, while
two others provide a 60% equity, 40% fixed income mix. The rider is
available in a single life and a spousal version.
"Guardians Boomer research shows that outliving financial assets and
losing purchasing power due to inflation are serious concerns for the
majority of those approaching retirement," said Bruce Long, president,
Guardian Insurance & Annuity Company (GIAC). "Lifetime Focus was designed
to help Boomers address both of these issues."
The new rider is available with The Guardian Investor Income
Access(SM), The Guardian Investor Asset Builder(SM) and The Guardian
CXC(SM) variable annuities.
GIACs Income Access(SM), Asset Builder(SM) and CXC(SM) variable
annuities are long-term investment vehicles designed for retirement
purposes. They offer a combination of investment features to help
individuals accumulate and manage assets before and during retirement. GIAC
variable annuities offer professional investment management from a variety
of well-respected firms, tax-deferral on any investment earnings, and
optional living benefits that can provide lifetime withdrawal amounts while
assets are invested for the future. They also offer a choice of annuity
options that can provide guaranteed income payments for life.
Withdrawals of taxable amounts will be subject to ordinary income tax
and possible mandatory federal income tax withholding and, if taken prior
to age 59 1/2, a 10% IRS penalty may also apply. Withdrawals affect the
variable annuitys death benefit, cash surrender value and any optional
living benefits and may be subject to surrender charges. Withdrawals have
the effect of reducing the variable annuitys death benefit, cash surrender
value and any optional living benefits, including Lifetime Focus.
The annual cost of Lifetime Focus is 0.60% (maximum 1.25%) for the
single version, and 0.75% (maximum 1.25%) for the spousal version, of the
adjusted Guaranteed Withdrawal Balance. The adjusted Guaranteed Withdrawal
Balance is the greater of total premium payments made or the Guaranteed
Withdrawal balance on the day preceding deduction of the rider fee.
Depending upon the performance of the underlying investment options, the
selection of a Lifetime Focus rider may result in higher contract expenses
for which no additional benefit is received.
For GIAC variable annuities, operating expenses for the investment
options ranged from 0.37% to 1.51% for the 2005 fiscal year; actual charges
will depend upon the variable investment options selected. Mortality and
expense risk charges range from 1.00% to 1.55% of the net asset value of
the variable investment options, depending on the variable annuity contract
chosen. The annual administrative expense is 0.20% of the net asset value
of the variable investment options. If the accumulation value in the
contract is less than $100,000 on the contracts anniversary date, there is
an annual contract fee of $35. The maximum potential declining surrender
charge is 8%. Surrender charges are specific to each variable annuity;
refer to each variable annuitys prospectus for more information.
Additional charges will apply if any additional contract riders are
selected. Product availability and features may vary by state. All contract
benefits and annuity payment guarantees are backed solely by the strength
and claims-paying ability of GIAC.
About Guardian
Founded in 1860, The Guardian Life Insurance Company of America, New
York, NY (Guardian) is one of the largest mutual life insurance companies
in the United States. As of December 31, 2005, Guardian and its
subsidiaries had $36.9 billion in assets (on a consolidated statutory
basis). With more than 5,000 employees and 3,000 financial representatives,
as well as over 85 agencies nationwide, Guardian and its subsidiaries
protect individuals, businesses, and their employees with life, disability,
health, long-term care, and dental insurance products, and offer 401(k),
financial products and trust services. More information about Guardian can
be obtained at: http://www.guardianlife.com.
Annuities are issued by The Guardian Insurance & Annuity Company, Inc.
(GIAC), a Delaware corporation, and distributed by Guardian Investor
Services LLC (GIS). GIAC and GIS are located at 7 Hanover Square, NY, NY
10004. GIAC and GIS are wholly owned subsidiaries of The Guardian Life
Insurance Company of America, New York, NY.
Variable annuities and their underlying investment options are sold by
prospectuses only. Prospectuses contain important information, including
fees and expenses. Please read them carefully before investing or sending
money. You should consider the investment objectives, risks, fees and
charges of the investment company carefully before investing. Prospectuses
contain this and other important information and can be obtained by
contacting your financial professional or calling 800-221-3253.
Variable annuities and their underlying investment options are not
deposits or obligations of, or guaranteed or endorsed by, any bank or
depository institution, nor are they insured by the Federal Deposit
Insurance Corporation (FDIC), The Federal Reserve Board, the National
Credit Union Association (NCUA) or any other agency. They involve
investment risk, including possible loss of the principal amount invested.
Investment return and principal value may fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Product and rider availability and features may vary by state.
GIS is a member of NASD, SIPC.
(1) Roll-up feature is within contract limits or up to 175% of premiums
paid.
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