Which statement best describes a Guaranteed Lifetime Withdrawal Benefit (GLWB) or GMWB?

Which statement best describes a Guaranteed Lifetime Withdrawal Benefit (GLWB) or GMWB?

• A. A death benefit guarantee that increases with premiums but can be reduced by withdrawals.
• B. A living benefit rider that guarantees a stream of withdrawals during the owner's lifetime, up to a specified limit, regardless of account performance (subject to fees).
• C. A guarantee of a minimum income stream in retirement based on account value.
• D. A rider that guarantees principal return upon death.

Answer: (B)