Lincoln Financial Group this week launched its first deferred income annuity, delving into a new product category that Lincoln says is “resonating in the field.”

Purchasers of the annuity pay a lump sum for a predetermined income stream that they will receive anywhere from two to 40 years from the time they buy the product. The lump sum payment ranges from a minimum of $10,000 to a maximum of $1 million, though exceptions to the $1 million maximum are made with home-office approval, said Brian Wilson, assistant vice president of Fixed Annuity Solutions at Lincoln.

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