Power 5 Protector
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Highlights
Power 5 Protector is part of The Power Series of Index Annuities — fixed index annuities (FIAs) that are issued by American General Life Insurance Company (AGL). They are insurance contracts, not direct investments in the stock market or any particular index. In exchange for your money (premium), the FIA provides you with the opportunity to earn interest based on specific indices or a fixed rate. When you need income, AGL promises to make regular income payments through annuitization (a process that permanently converts your contract to retirement income for no cost).
RJ Banks
RJ Banks version of this product does not offer 5-yr S&P 500 PTP, PIMCO Crediting Strategies, or 2-yr MLSB PTP strategy
RJ Banks
RJ Banks version of this product does not offer 5-yr S&P 500 PTP, PIMCO Crediting Strategies, or 2-yr MLSB PTP strategy
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
5 Years |
|
Surrender schedule
|
8%7%6%5%4% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
08/11/2019 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, IRA, Spousal IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, 1035 Exchange, Stretch IRA, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Power 5 Protector is the right product for you.
Premium Notes
Premium
- Initial: $25,000 minimum (qualified and non-qualified)
- Subsequent: Only in the first 30 days after contract issue (as a Lump Sum or Periodic Payments). Minimum additional premium is $100.
- Requires prior company approval if total of all contracts issued to the same owner and/or annuitant exceeds $2 million
Note:
- TSP funds have to be rolled into an IRA.
- We allow inherited IRA/NQ assets so long as it is being stretched and provided no GLB is elected. We will not write any inherited fixed business and we will not write new business on inherited assets subject to either the 5-year or the 10-year rule.
Withdrawal Provisions
Penalty Free Withdrawal
After the first contract year, you can withdraw up to 10% of the previous contract anniversary contract value (which includes any interest credited on that date).
Note: Penalty-free withdrawals are not permitted during the first contract year, unless it is a withdrawal of the RMD (some states require that the 10% penalty-free withdrawal be available in the first contract year).
Minimum Withdrawal Value
The Minimum Withdrawal Value is equal to: 87.5% of premiums (90% in New Jersey) less any withdrawals (excluding any withdrawal charges or any applicable MVA associated with those withdrawals) accumulated at a rate specified in the contract.
After the first contract year, you can withdraw up to 10% of the previous contract anniversary contract value (which includes any interest credited on that date).
Note: Penalty-free withdrawals are not permitted during the first contract year, unless it is a withdrawal of the RMD (some states require that the 10% penalty-free withdrawal be available in the first contract year).
Minimum Withdrawal Value
The Minimum Withdrawal Value is equal to: 87.5% of premiums (90% in New Jersey) less any withdrawals (excluding any withdrawal charges or any applicable MVA associated with those withdrawals) accumulated at a rate specified in the contract.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.5%
Fixed
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
42%
Participation
|
| 1-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 2-Year PIMCO Global Optima PTP Enhanced Participation Rate |
Point to Point
Biennial
|
90%
Participation
|
| 1-Year PIMCO Global Optima PTP Enhanced Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 2-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Biennial
|
60%
Participation
|
| 2-Year ML Strategic Balanced PTP Enhanced Participation Rate |
Point to Point
Biennial
|
155%
Participation
|
| 1-Year ML Strategic Balanced PTP Enhanced Participation Rate |
Point to Point
Annual
|
105%
Participation
|
| 2-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 2-Year AQR DynamiQ Allocation PTP Enhanced Participation Rate |
Point to Point
Biennial
|
305%
Participation
|
| 1-Year AQR DynamiQ Allocation PTP Enhanced Participation Rate |
Point to Point
Annual
|
205%
Participation
|
| 2-Year AQR DynamiQ Allocation PTP Participation Rate |
Point to Point
Biennial
|
230%
Participation
|
| 1-Year AQR DynamiQ Allocation PTP Participation Rate |
Point to Point
Annual
|
135%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 5-Year S&P 500 PTP Cap |
Point to Point
5-Year
|
50%
Cap
|
| 1-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 1-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Annual
|
42%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
7.6%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.75%
Fixed
|
| 1-Year AQR DynamiQ Allocation PTP Participation Rate |
Point to Point
Annual
|
150%
Participation
|
| 1-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 2-Year PIMCO Global Optima PTP Enhanced Participation Rate |
Point to Point
Biennial
|
105%
Participation
|
| 1-Year PIMCO Global Optima PTP Enhanced Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 5-Year S&P 500 PTP Cap |
Point to Point
5-Year
|
55%
Cap
|
| 2-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Biennial
|
75%
Participation
|
| 2-Year ML Strategic Balanced PTP Enhanced Participation Rate |
Point to Point
Biennial
|
180%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year ML Strategic Balanced PTP Enhanced Participation Rate |
Point to Point
Annual
|
130%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
47%
Participation
|
| 2-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Biennial
|
135%
Participation
|
| 2-Year AQR DynamiQ Allocation PTP Enhanced Participation Rate |
Point to Point
Biennial
|
320%
Participation
|
| 1-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 1-Year AQR DynamiQ Allocation PTP Enhanced Participation Rate |
Point to Point
Annual
|
220%
Participation
|
| 1-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 2-Year AQR DynamiQ Allocation PTP Participation Rate |
Point to Point
Biennial
|
245%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
8.6%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for Power 5 Protector annuity.
Waivers
Nursing Home
Contact us to get more information about this waiver.
Terminal Illness
Unavailable in states: CA, MA, and WA
To utilize this rider, an owner must be diagnosed with a Terminal Illness as defined in the rider. One partial or full withdrawal is permitted.
Extended Care
Unavailable in states: CA, and MA
To utilize this rider, an owner, after a 1-year deferral period, must receive qualifying Extended Care, which is treatment prescribed by a Qualified Physician, given by a Qualified Medical Professional and received by the owner while staying in a Qualified Institution for at least 90 consecutive days. The rider terminates when the owner turns age 86.
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