Lincoln Financial Group has expanded its suite of retirement and legacy planning offerings by launching the Earnings Optimizer Death Benefit Rider for its Investor Advantage variable annuity.

The rider, which will be available for an additional charge, will pay clients’ beneficiaries an enhancement to their contract value to help counter the effect of taxes.

The Earnings Optimizer slashes the beneficiary’s tax burden by offering a payout that is greater of the total premium paid, decreased for withdrawals, or the current contract value as well as 40% of earnings, subject to an earnings limit of 200% of the total premium cut for withdrawals.

This death benefit is also available with an optional rider known as i4LIFE Advantage, which maximizes income potential that is also available for an additional charge.

Lincoln Financial Distributors head of retirement solutions distribution John Kennedy said: "Lincoln’s Earnings Optimizer Death Benefit Rider is a great opportunity to maximize the value of our Lincoln Investor Advantage variable annuity for clients.

"The combination of Lincoln Investor Advantage and the new death benefit rider provides a comprehensive solution that is an important differentiator in the variable annuity market because it helps clients access a tax-efficient investment fund line up and income stream, while ensuring that beneficiaries are protected with a death benefit and have a strategy to offset potential estate taxes."

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