Guaranteed Income Annuity 10 GLWB Rider
Guaranteed Income Annuity 10 GLWB Rider is like a safety net for your golden years! Now you won't have to worry about outliving your savings. You'll enjoy a secure and consistent stream of income for life.
With this annuity, you have the control. Regardless of market ups and downs, you're promised solid returns. Retirement couldn't get any easier or more stress-free!
Guaranteed Income Annuity 10 GLWB Rider
About Product
Please note the Guaranteed Lifetime Withdrawal Benefit Rider is inbuilt into this product.
The Guaranteed Lifetime Withdrawal Benefit Rider will give you a guaranteed amount of income for your lifetime so that you can have a continual steady stream of money always coming in. This rider helps provide more financial confidence that you will have enough retirement income for your lifetime. This rider is available for a fee.
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 |
|---|---|---|
| Atlantic Coast GLWB | Yes | 1.25% annually (1.60% after 5 years) |
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.
Premium Bonus
We understand that making sure you have enough funds for retirement is important, so with this in mind we have added a bonus to this annuity. To help you get started, we will credit either a premium bonus or income bonus, depending on the rider selected.
Withdrawal Provisions
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
- A.M. Best B++
