Power Select Builder 8
The Power Select Builder 8 Annuity is a reliable choice for a stable future. You'll love its customizable income options and the peace of mind it offers against market downturns.
Its unique Principal Protection feature truly stands out, safeguarding your hard-earned savings. Rest easy and enjoy life with Power Select Builder 8!
Power Select Builder 8
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Ratings:
- A.M. Best A
- Fitch A+
- S&P A+
- Moody's A2
- Comdex 80
About Product
Type
Fixed Index
Purpose
Accumulation
Premium Bonus
10%
Term
8 Years
Surrender schedule
8%8%7%6%5%4%3%2%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$2,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, Stretch IRA, Inherited IRA, NQ Stretch, and TSP
Launch Date
01/28/2019
Power Select Builder 8 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).
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, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.05%
Fixed
|
| 1-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Annual
|
19%
Participation
|
| 2-Year Dimensional US Foundations PTP Participation Rate |
Point to Point
Biennial
|
73%
Participation
|
| 1-Year Dimensional US Foundations PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 2-Year AB All Market PTP Enhanced Participation Rate Tier 2 |
Point to Point
Biennial
|
173%
Participation
|
| 1-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 1 |
Point to Point
Annual
|
110%
Participation
|
| 2-Year AB All Market PTP Enhanced Participation Rate Tier 1 |
Point to Point
Biennial
|
123%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
19%
Participation
|
| 1-Year AB All Market PTP Enhanced Participation Rate Tier 2 |
Point to Point
Annual
|
160%
Participation
|
| 1-Year AB All Market PTP Enhanced Participation Rate Tier 1 |
Point to Point
Annual
|
110%
Participation
|
| 2-Year AB All Market PTP Participation Rate |
Point to Point
Biennial
|
73%
Participation
|
| 1-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 2 |
Point to Point
Annual
|
160%
Participation
|
| 1-Year AB All Market PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 2-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 1 |
Point to Point
Biennial
|
123%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
3.15%
Cap
|
| 2-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 2 |
Point to Point
Biennial
|
173%
Participation
|
| 2-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Biennial
|
51%
Participation
|
| 2-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Biennial
|
25%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
2.4%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
2.2%
Fixed
|
| 1-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 2 |
Point to Point
Annual
|
185%
Participation
|
| 2-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 1 |
Point to Point
Biennial
|
148%
Participation
|
| 1-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 1 |
Point to Point
Annual
|
135%
Participation
|
| 2-Year Dimensional US Foundations PTP Enhanced Participation Rate Tier 2 |
Point to Point
Biennial
|
198%
Participation
|
| 2-Year Dimensional US Foundations PTP Participation Rate |
Point to Point
Biennial
|
98%
Participation
|
| 1-Year AB All Market PTP Enhanced Participation Rate Tier 2 |
Point to Point
Annual
|
185%
Participation
|
| 1-Year Dimensional US Foundations PTP Participation Rate |
Point to Point
Annual
|
85%
Participation
|
| 2-Year AB All Market PTP Enhanced Participation Rate Tier 2 |
Point to Point
Biennial
|
198%
Participation
|
| 2-Year AB All Market PTP Enhanced Participation Rate Tier 1 |
Point to Point
Biennial
|
148%
Participation
|
| 1-Year AB All Market PTP Enhanced Participation Rate Tier 1 |
Point to Point
Annual
|
135%
Participation
|
| 2-Year AB All Market PTP Participation Rate |
Point to Point
Biennial
|
98%
Participation
|
| 1-Year AB All Market PTP Participation Rate |
Point to Point
Annual
|
85%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
3.9%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
22%
Participation
|
| 1-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Annual
|
34%
Participation
|
| 2-Year PIMCO Global Optima PTP Participation Rate |
Point to Point
Biennial
|
40%
Participation
|
| 2-Year ML Strategic Balanced PTP Participation Rate |
Point to Point
Biennial
|
61%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
3.15%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% | 4% | 3% | 2% |
Riders
No Riders for Power Select Builder 8 annuity.
Waivers
Nursing Home
Withdrawal charges and Market Value Adjustments may be waived if you are confined to a nursing home or an assisted living facility. Restrictions and limitations apply. May not be available in all states.
Terminal Illness
Unavailable in states: CA, MA, and WA
Withdrawal charge and MVA may be waived for certain withdrawals if the contract owner is diagnosed with a terminal illness. Riders may not be available in all states. Restrictions and limitations apply.
Extended Care
Unavailable in states: CA, and MA
Withdrawal charge and MVA may be waived for certain withdrawals if the contract owner has extended care needs (Extended Care Rider). Riders may not be available in all states. Restrictions and limitations apply.
Premium Notes
Premium
$25,000 minimum (qualified and non-qualified). Accepted 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.
If your state imposes a premium tax and unless otherwise provided by law, it will be deducted from the amount applied to begin your income plan when you annuitize your contract.
Notes:
$25,000 minimum (qualified and non-qualified). Accepted 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.
If your state imposes a premium tax and unless otherwise provided by law, it will be deducted from the amount applied to begin your income plan when you annuitize your contract.
Notes:
- TSP funds have to be rolled into an IRA.
- Corebridge allows 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
Withdrawals
Withdrawals can be taken at any time (minimum $1,000 per withdrawal), or you can set up a systematic withdrawal program to receive regular, scheduled amounts (minimum of $100 per withdrawal). The minimum remaining contract value after any withdrawal must be $2,500. Two Type of penalty-free withdrawals :
Penalty-Free withdrawals
After the first contract year, you can withdraw up to 10% of your contract value (based on your prior anniversary value) without incurring any company-imposed charges.
Withdrawals can be taken at any time (minimum $1,000 per withdrawal), or you can set up a systematic withdrawal program to receive regular, scheduled amounts (minimum of $100 per withdrawal). The minimum remaining contract value after any withdrawal must be $2,500. Two Type of penalty-free withdrawals :
Penalty-Free withdrawals
After the first contract year, you can withdraw up to 10% of your contract value (based on your prior anniversary value) without incurring any company-imposed charges.
Penalty-Free withdrawals of required minimum distributions (RMDs)
At any time, including the first contract year, that are based solely of the contract value.
At any time, including the first contract year, that are based solely of the contract value.
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