7 Percent Lifetime Income Rider

The living benefit rider that comes with Nationwide's Destination B variable annuity is pretty competitive when compared to similar options from competing companies.

The lifetime income rider is currently at 7 percent.  Pretty interesting return in our current low interest rate world.

For the person who owns the annuity, this means that their income benefit base is guaranteed to increase a minimum of 7 percent per year for the first 10 years that they own the contract.

This would be affected if the owner chooses to start taking withdrawals prior to the end of the first 10 years.

This also means that stock markets could go completey haywire (like they have been over the past couple of years), and the owner would still have the minimum 7 percent increase to their benefit base.

If, on the other hand, markets happen to be great, then the income benefit base will increase will reflect contract value and market increase.