Assured Edge Income Builder
Corebridge Financial Inc. (AIG NY), formerly known as AIG Retirement Services, has undergone a transformative journey to become one of today’s leaders in the provision of annuities, life insurance, asset management, and retirement solutions. Established in 1926 under a different name (American General Insurance Company), the company has grown exponentially in the past decades to provide its industry-leading products and services. Their mission is to partner with financial professionals, institutions, and individuals by way of aiding their clientele to seize control over their finances in retirement. With a diverse customer base, the company has served as a spin-off to the American International Group (AIG) in recent years, marking its evolution into an independent, publicly traded entity.
Assured Edge Income Builder
Ratings:
- A.M. Best A
- Fitch A+
- S&P A+
- Moody's A2
- Comdex 80
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 7 years | 2.25% |
Minimum/Maximum Contributions
$25,000 Minimum initial premium for nonqualified annuities and tax-qualified annuities.
$150,000 Minimum single premium for non-natural entities. (See Ownership Section for details.)
$2,000,000 Maximum total premium amount without prior company approval.
Eligible Premium Period
After the initial premium, subsequent premiums will be permitted in the first 60 days after contract issue (as a Lump Sum or Periodic Payments).
Ownership
- Single, joint; nonqualified, IRA, SEP IRA and Roth IRA
- Nonqualified purchases by non-natural entities require prior company approval.
10% Penalty-Free Withdrawal Privilege
Beginning in the first contract year, you may take multiple withdrawals ($250 minimum amount) of up to 10% of the contract value, as of the previous anniversary, with no withdrawal charge or market value adjustment (MVA). If a withdrawal occurs in the first contract year, the withdrawal amount is based on the total eligible premiums received at the time of the withdrawal.
Other Penalty-Free Withdrawals
- Withdrawals made to satisfy RMDs for amounts held within the contract
- Withdrawals up to the guaranteed lifetime income amount (GLIA) after lifetime income withdrawals have begun
Withdrawals above the penalty-free withdrawal amount during the first five contract years may be increased or decreased by an MVA. The MVA is based on a formula designed to react to changes in interest rates at the time of a withdrawal. Generally, if interest rates have risen since the contract issue date, the MVA will decrease the amount you will receive, subject to certain limits. If interest rates have fallen, the MVA will increase the amount you will receive, up to a maximum percentage.
An MVA will apply to:
- Withdrawals above the penalty-free withdrawal amount made during the initial interest rate guarantee term.
- Withdrawals less than or equal to the GLIA after income withdrawals begin
- 10% penalty-free withdrawals or other penalty-free withdrawals
- Death benefit
- Annuitization
- Permitted RMDs
- The minimum withdrawal value under the contract
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Assured Edge Income Builder - AGL | Yes | 0.95% annually |
Waivers
Death
Death Benefit available without withdrawal charge or MVA.
Terminal Illness
The owner must be initially diagnosed with a terminal illness after the contract date. Only one partial withdrawal or a full withdrawal is permitted.
Annuitization
Withdrawal charges and any MVA will not apply to annuitized funds.
Extended Care
The owner must receive extended care for at least 90 consecutive days, beginning after the first contract year. The extended care may not have begun before the contract date.
ADL
The owner must be unable perform at least two of six activities of daily living for at least 90 consecutive days, beginning after the first contract year.
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