Defined terms for the annuity market and lifetime income landscape.
A guaranteed minimum income benefit (GMIB) is a rider attached to a deferred annuity contract that guarantees the contract owner the right to convert a defined benefit base into a stream of lifetime income payments at contractually specified rates, in exchange for a separately disclosed annual rider charge. Why it matters The GMIB is one of the principal lifetime-income riders historically sold with variable annuities and remains relevant in current product design even where new s
