Additionally, a new pay band for ages 75 – 80 is now available on Nationwide L.inc, dividing the previous 65 – 80 pay band into two distinct classifications. The new pay band means potentially higher income for those 75 – 80 than under the previous grouping.
“As a leader in the variable annuity industry, we’re continually looking to enhance our lifetime income riders to ensure they meet the changing needs of advisors and clients,” said Eric Henderson, Nationwide’s senior vice president of life insurance and annuities. “These changes demonstrate our commitment to variable annuities, and they are a perfect illustration of how Nationwide is focused on serving its members.”
Nationwide L.inc is the company’s established living benefit rider, built for investors at or near retirement who are seeking a guaranteed level of income. Nationwide Lifetime Income Capture, released last year as part of the Nationwide Living Benefit Suite of Riders, provides investors who may have a longer time-horizon until retirement the potential for guaranteed lifetime income with the possibility to increase their income potential.