Nationwide Financial has increased joint payout rates for The Nationwide Lifetime Income Rider (Nationwide L.inc) on its Nationwide Destinationsm Series 2.0 variable annuities.
With a joint option, the lifetime payout rates will increase by 0.25% for most age bands, which makes the starting income for individuals aged 65 to 4.75% instead of 4.5%.
Nationwide Financial Life Insurance and Annuities senior vice president Eric Henderson said the combination of increased joint payout rates and Nationwide L.inc’s 7% simple interest roll-up provides one of the industry’s best lifetime income guarantees for married couples.
”Add to that the unique Spousal Protection Feature we offer with our death benefits, and married clients can enhance their Income Replacement plan with two layers of protection,” Henderson added.
The Spousal Protection Feature (SPF) also offers a guaranteed death benefit covering either spouse, irrespective of who passes away first, even on individual retirement annuities (IRAs) featuring a single owner.
Nationwide Mutual Insurance Company provides auto insurance, motorcycle, boat, homeowners, pet, life insurance, farm, commercial insurance, mutual funds, pensions, and specialty health services across US.