Before revision:  Decompositions of the VA and GMWB contract into term-certain payments and options representing the guarantee and early surrender features similar to those presented in Hyndman and Wenger (Insurance Math. Econom. 55:283-290, 2014) are extended to the binomial framework.
After revision:  Decompositions of the VA and GMWB contract into term-certain payments and options representing the guarantee and early surrender features are extended to the binomial framework.