A SALB is an acronym that stands for standalone living benefit. The SALB is a living benefit feature that does not require the purchase of a variable annuity. A SALB is basically the same thing as the guaranteed lifetime withdrawal benefit (GLWB) that accompanies many variable annuities. What makes the SALB different is that the GLWB has been “stripped away” and can exist independently of the variable annuity. This allows the owner of the SALB to receive the guaranteed income and longevity risk protection of the GLWB without having to purchase a variable annuity. SALBs are intended to accompany a pool of money or assets that are being managed. The owner of a professionally managed private investment account who purchases a SALB would have all the features and protections of the GLWB.