When comparing income annuities, you should look for one with low expenses, flexible payment options and a financially strong issuer. The Vanguard Lifetime Income Program offers that and much more:

• Low expenses/No Commissions: Our fees are about one-third the annuity industry average, so we can offer highly competitive annuity payments. And because we charge no sales commissions, more of your money goes to work for you.*
• CPI-U inflation protection: Our Inflation Adjustments feature allows your payments (under the fixed annuity only) to track the Consumer Price Index-U.
• Medical Underwriting: If you have a medical condition that reduces your life expectancy, you can apply for a "rated age" that can either increase your payments, or reduce your premium.
• Fixed and Variable annuity options: You can receive a predictable income and still enjoy the upside potential of the financial markets by annuitizing on a part-fixed, part-variable basis. You can even transfer assets from the variable to the fixed option to reduce interest rate risk and lock in gains during powerful markets.
• Wide selection of investment options: If you choose the variable income option, you have 15 investment choices (22 choices if you fund the annuity with qualified or pre-tax money.)
• Full array of income payment options: You can receive payments for life (yours or your and another person's), for a guaranteed period, for life with a guaranteed period, life with installment refund, or life with full cash refund.
• Licensed Professionals: Vanguard's annuity associates are licensed professionals who can help you decide if an income annuity is right for you. Because they do not work for commissions, you are assured impartial advice.
• Highly rated issuers: Vanguard's annuity contracts are issued and guaranteed by American General Life Insurance Company of Delaware, and in the state of New York only, American International Life Assurance Company of New York. Both issuers are highly rated for financial strength by four major rating companies.

* Morningstar, Inc., December 2008

This Page Last Modified: Tuesday, April 20, 2010
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