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What are annuity riders – What is an annuity rider? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of annuity riders for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to purchase an annuity rider for retirement.
5 Good Annuity Riders

Annuities not only offer an income you cannot outlive, they also offer many types of annuities that policy holders can enjoy for years to come. The good news for the consumer is some of these riders cost absolutely nothing. Insurance companies offer a few different types of riders and often it is hard to figure out if the cost is worth it.

Free Riders

Terminal Illness Waiver- If you should enter a nursing home one year after the policy is in force, you can access your account value without incurring any surrender charges. This rider is normally included free of charge in all annuity contracts. The insurance company will need the correct paperwork from a physician prior to allowing the money to be released.

Nursing Home Rider-Most annuity companies will allow you to take the money from your policy should you enter a nursing facility. Your policy may specify which type of nursing care qualifies for this benefit. At home day care for example may not qualify. Again, most insurance companies include this rider free of charge to the policy holders.

Bailout Rider-Some annuity policies allow the policy holder to take their money and run when the insurance company cannot meet a minimum rate. If an annuity declares a bailout rate of 3%, and 3 years later the policy renews at 2.75%, you are free to take your money without incurring an early surrender penalty.

Other Riders

Guarantee Income Benefit Rider(s)

This rider allows the income benefit amount to grow between 4-8% a year. This rider is the most popular annuity rider in the United States because annuity owners know their income benefit base will go up every single year until they need it for retirement income. You will typically see this rider on Variable and Indexed Annuities.

Return of Premium Rider

This rider is one of the best riders for the consumer to consider purchasing when the policy offers it. When you purchase this rider, you can cancel the policy at any time. You will always get your original policy premium back.

Caution

Beware the cost of annuity riders. Some financial planners will load up your variable annuity with so many riders you have to ask yourself why? Rider fees and expenses will cut into any potential gains your variable annuity could make. Indexed and Fixed annuities are fixed annuities and the riders on these annuities will not put you into the poor house.
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