Bankers Life Launches Enhanced Death Benefit Rider for GLIA and GLIA Plus Annuities Up to $2 Million
Bankers Life offers an Enhanced Death Benefit Rider for its GLIA and GLIA Plus annuities in 48 states and Washington, D.C., ensuring beneficiaries a legacy while policyholders draw Lifetime Income Withdrawals. The rider covers up to $2 million premiums, includes spousal continuation, and may boost appeal among middle-income retirees.
1. Bankers Life Launches Enhanced Death Benefit Rider
Bankers Life has introduced an optional Enhanced Death Benefit (EDB) Rider for single-life Guaranteed Lifetime Income Annuity (GLIA) and Guaranteed Lifetime Income Annuity Plus (GLIA Plus) products. The rider is now offered in 48 states and Washington, D.C., allowing clients to add an extra death benefit for designated beneficiaries while taking Lifetime Income Withdrawals (LIWs).
2. Key Features and Policyholder Benefits
Designed for clients taking LIWs or Required Minimum Distributions, the EDB Rider may provide a higher payout to heirs than a base annuity policy. It supports premium limits up to $2 million, includes flexibility for spousal continuation if LIWs haven’t commenced, and maintains guaranteed lifetime income streams with potential income growth for delayed withdrawals.
3. Strategic Implications for CNO Financial Group
This new rider enhances Bankers Life’s competitiveness in the retirement market by addressing legacy concerns that deter income withdrawals. With a network of approximately 4,600 exclusive agents and 230 sales offices, CNO Financial Group aims to drive annuity sales growth and strengthen its position among middle-income retirees seeking both income security and estate planning solutions.