New VA feature extends benefit to the spouse; Advisers like idea of guarding survivor's income stream.(News)

Investment News, December, 2005

Byline: Gary S. Mogel NEW YORK - Spousal guarantees, a new feature in variable annuities, provide a surviving spouse with the same minimum-income stream in retirement as the spouse who owned the contract. "It's very important to make sure the surviving spouse is protected if the annuitant passes away, so I think the idea behind this product is good,'' said Jim Holtzman, a financial adviser with Legend Financial Advisors Inc.

in Pittsburgh, which has $250 million in client assets under management. He likened annuities' tendency to ignore the surviving spouse to pension elections that fail to provide for the survivor's retirement income needs. "Spousal riders can be especially useful when variable annuity assets are held in only one spouse's...

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