MarketLock and MarketLock For Two are available as an additional rider on the company’s Polaris and Seasons variable annuities, according to a company news release.
“MarketLock For Two can help to overcome obstacles to a long and secure retirement such as inflation, market volatility and outliving your money,” Robert Scheinerman, Senior Vice President of Marketing, AIG SunAmerica Retirement Markets, Inc., said in the news release. “The feature offers flexible investing, locks in market gains, and provides guarantees to generate retirement income based on the best year in the feature for as long as both spouses live.”
Married couples with the younger spouse between the ages of 55 and 75 can elect MarketLock For Two and be guaranteed income for both their lives, according to the news release. Couples who begin income after the younger spouse’s 63 rd birthday can take up to 5% of their benefit base for life. If they begin income after the younger spouse’s 75 th birthday, they can take up to 6%. For couples who want to retire earlier, they can begin withdrawals of up to 4% of their benefit base for life whenever they want.
Investors who use the product do not need to call or submit forms to lock in their gains, as the feature does so automatically and locks in investment gains annually for ten years, with no change in the fee , the company said. After 10 years, MarketLock For Two can also be extended for an additional ten years.
According to the news release, the product is available at issue for an additional annual fee of 0.40% of the benefit base prior to any withdrawal being taken and 0.80% of the benefit base after the first withdrawal is taken.