Which of the following is not a guaranteed living benefit (GLB) in an annuity?

• A. Accumulation guarantees
• B. Income guarantees
• C. Guaranteed death benefit
• D. Withdrawal guarantees

Answer: (C)

Guaranteed living benefits are features that provide protections or perks while the contract owner is still alive, such as guarantees on the value of the contract, guaranteed lifetime income, or guaranteed withdrawal options. Accumulation guarantees fall into this category because they lock in a minimum value the owner can rely on. Income guarantees also fit, since they ensure a minimum stream of income during the owner's lifetime. Withdrawal guarantees are another living-benefit feature, letting the owner take withdrawals with a known floor or protection.

The guaranteed death benefit, however, is about what happens after the owner dies. It targets beneficiaries and payout at death, not protections or benefits available to the owner while alive. Since it does not provide a living benefit to the owner, it is not a guaranteed living benefit.