Guaranteed Income Annuity 10 Accumulation Benefit Rider
The Guaranteed Income Annuity 10 Accumulation Benefit Rider is the safety net you need in retirement. With this annuity product, you'll enjoy guaranteed income for life, securing your golden years.
There's also an attractive 10% accumulation benefit, ensuring your capital grows consistently. It's an excellent option to ensure a worry-free retirement. Highly recommended!
Guaranteed Income Annuity 10 Accumulation Benefit Rider
Ratings:
- A.M. Best B++
About Product
Please note the Accumulation Benefit Rider is inbuilt into this product.
The Accumulation Benefit Rider allows your assets to participate in potential market growth with the protection of a 0% floor, and gives you the flexibility to choose between income or death benefit options when you are ready to. Your Benefit Base interest rate is 175% of interest applied to the Accumulation Value for the first roll-up period of 10 years. This is also the only rider with zero fees!
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 2-Year Fixed Account with 3 Month SOFR Participation Rate |
SOFR
Annual
|
3%
Fixed
55%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Accumulation Benefit Rider | Yes |
Waivers
Nursing Home
Unavailable in states: FL, and PA
Must be confined to a nursing home for a period of at least 90 consecutive days. There is a waiting period of either one or two years, depending on the state contract is issued. If the owner is confined to a nursing home during the waiting period, this benefit would not be available in certain states. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: FL, and PA
Terminal illness is defined as any medical condition which a physician certifies that the policy owner’s expected life span is twelve months or less. Proof of the terminal illness is required by a certified licensed physician that is not the owner, annuitant, or a family member to the owner or annuitant. The owner cannot be terminally ill during the waiting period. There is a waiting period of either one or two years, depending on which state the contract is issued.
Premium Notes
The Guaranteed Income Annuity allows for Subsequent Premiums in the First Contract Year only.
There is no minimum for additional contributions. There is a maximum of $1 million total premium without prior approval.
Subsequent Premiums can be made non-uniformly, monthly, or as a lump sum— there are not any restrictions on that.
Withdrawal Provisions
- Required Minimum Distribution (RMD) is available Penalty-free during the first contract year
- RMD or up to 10% of the Purchase Premium is available penalty Free after the first Policy Year
- A maximum of two withdrawals are allowed each Policy Year
- Minimum withdrawal amount of $250; Minimum Accumulation Value after withdrawal is $2,500
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