Lincoln Financial Group today announced the launch of Lincoln Deferred Income Solutions, the company's first deferred income annuity (DIA) product.

The DIA space is rapidly growing (, experiencing an industry-wide sales increase of 155 percent in the second quarter of 2013 compared to the same period in 2012, according to the Insured Retirement Institute.

"Recent economic events, increased longevity and a shift in the retirement landscape underscore the need for a well-rounded retirement portfolio that includes a guaranteed income strategy," said Brian Kroll, SVP, annuity solutions, Lincoln Financial Group.

Lincoln Deferred Income Solutions is designed to provide clients with a choice of when to begin receiving income payments following a specified deferral period. The exact amount of those payments is determined at the outset, and does not change over the life of the contract, providing income transparency. Depending on the payout option chosen, Lincoln Deferred Income Solutions also offers death benefit protection during the deferral and income phases, providing a legacy for heirs.

With Lincoln Deferred Income Solutions, a client has the flexibility to accelerate or delay the payment start date during the deferral phase of the contract should retirement plans change. In addition, a client has the flexibility during the income phase to receive six months of payments all at once, which can help cover unexpected expenses such as medical costs when other sources of income have been exhausted.

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