A Lifetime Income Benefit Rider, sometimes also referred to as a “LIBR,” allows you to receive lifelong income payments from your annuity. Your LIBR has an Income Account Value (IAV) that grows from the day your annuity is issued until you choose to receive LIB payments. The IAV is not an accessible value, but is used solely as a measuring tool to calculate LIB payments. When you activate your LIBR, your income payments are calculated based on your IAV value and your age when you activate your LIBR. If your spouse is your sole beneficiary, you can also elect to receive income payments over the joint lifetime of both you and your spouse.
Your Kindur Coach will provide you with the paperwork to activate your LIBR.