ST PAUL, MN (July 28, 2014) -- Securian Financial Group announced higher single and joint withdrawal rates for MyPath™ optional living benefits on MultiOption® variable annuities issued by Minnesota Life. The higher annual income percentage withdrawal rates give annuity owners the ability to withdraw a higher percentage of their annuity assets than when the products were introduced.
“Financial advisors and their clients are looking for guaranteed income. With a more favorable interest rate environment, we saw an opportunity to enhance the guaranteed withdrawal percentages in our optional living benefit suite,” said Linda Sonterre, director, Individual Annuity Product Development.
For all applications signed on or after July 21, 2014, single and joint withdrawal rates increased by the following amounts:
- 0.10% on all MyPath benefits (single life)
- 0.25% for MyPath Ascend and MyPath Summit (joint life)
- 0.35% for MyPath Core Flex and MyPath Value (joint life)
Securian’s MyPath Lifetime Income suite of optional living benefits is designed to help clients protect, grow and sustain income that’s guaranteed to last throughout retirement.
“The MyPath suite provides flexibility that helps clients manage the ups and downs of an uncertain economic environment during retirement. The higher withdrawal rates provide even greater benefits for clients,” said Sonterre. “Securian’s risk-managed approach to this market is designed for longevity with the goal of providing products that meet a wide range of consumer needs.”
Securian variable annuities are issued by Minnesota Life Insurance Company and distributed through Securian Financial Services, Inc. Member FINRA/SIPC. MultiOption Variable Annuities and MyPath living benefits are available through advisors who have selling agreements with Minnesota Life Insurance Company. For more information, advisors may call the annuity sales desk at 1-866-335-7355 or visit https://advisor.securian.com/avs/ibd. MyPath optional living benefits are available for an additional cost with MultiOption variable annuities.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer.