Aegon revamps UK sector with Secure Lifetime Income launch

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The UK arm of Dutch insurer Aegon has launched the replacement of its 5 for Life guaranteed minimum withdrawal benefit variable annuity (VA) product, restructuring the guarantees offered to decrease the cost to the company. The move has led the way in what is expected to be an overhaul of product design throughout the sector.

Instead of the flat guaranteed income of 5% of account value offered in 5 for Life, the new product, Aegon Secure Lifetime Income, will offer a staggered series. These star