What is a Standalone Living Benefit?
A Standalone Living Benefit (SALB) is a guarantee offered by insurance companies for a guaranteed lifetime withdrawal benefit (GLWB) on assets held outside of an annuity. These assets may be a unified managed account investing in underlying ETFs or mutual funds or they may be individual mutual funds. The guarantees, although they are not part of variable annuities, are registered with the SEC. However, to file these, companies do not use the registration form used for variable annuities because SALBs are a type of registered fixed annuity, not a variable annuity. Also, these forms are not filed within the CIKs used for variable annuities.
