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Monday, April 15, 2024

Insured Retirement Institute Updates Annuity Sellers’ Handbook


The Insured Retirement Institute has printed a brand new model of a free reference ebook, the “Retirement Saving and Revenue Handbook.”

The handbook offers the institute’s views concerning the worth of annuities, together with a glossary that provides plain-English definitions of such phrases as “residing advantages,” “roll-up” and “step-up.”

Within the definition of “step-up,” for instance, IRI describes that as “an annuity characteristic that will increase the profit base to equal the present account worth.”

“Step-ups usually happen on contract anniversaries and could also be primarily based on the anniversary worth or the best worth the contract attained at sure factors throughout the prior 12 months, e.g., the best worth on any day the inventory market was in session throughout the prior 12 months,” in response to the handbook. “Step-ups might proceed after profit funds start, offered there may be contract worth that has not been paid out.”

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