Income Driver 7

Life Insurance Company of the Southwest
Income Driver 7-brochure Income Driver 7-brochure

Income Driver 7

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Ratings:

  • A.M. Best A+
  • S&P A+
  • Moody's A1
  • Comdex 90

About Product

Type
Fixed Index
Purpose
Lifetime Income
Term
7 Years
Surrender schedule
8.25%8%7%6%5%4%3%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$2,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, and 457 plan
Launch Date
07/06/2023
Income Driver 7 is a single premium, fixed indexed annuity that provides predictable income for life — while protecting your principal from market loss. Best if used for getting predictable lifetime income.
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, 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

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
2.75% Fixed
1-Year S&P 500 PTP Cap
Point to Point
Annual
8.5% Cap
1-Year S&P 500 PTP Cap with Booster
Point to Point
Annual
10.5% Cap
2-Year S&P 500 PTP Cap
Point to Point
Biennial
18% Cap
2-Year S&P 500 PTP Cap with Booster
Point to Point
Biennial
22% Cap
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.1% Cap
1-Year S&P 500 PTP Monthly Sum Cap with Booster
Point to Point
Annual
Monthly sum
2.65% Cap
1-Year Global Balanced PTP Participation Rate
Point to Point
Annual
160% Participation
1-Year Global Balanced PTP Participation Rate with Booster
Point to Point
Annual
210% Participation
2-Year Global Balanced PTP Participation Rate
Point to Point
Biennial
225% Participation
2-Year Global Balanced PTP Participation Rate with Booster
Point to Point
Biennial
295% Participation
1-Year US Fundamental Balanced PTP Participation Rate
Point to Point
Annual
160% Participation
1-Year US Fundamental Balanced PTP Participation Rate with Booster
Point to Point
Annual
210% Participation
2-Year US Fundamental Balanced PTP Participation Rate
Point to Point
Biennial
225% Participation
2-Year US Fundamental Balanced PTP Participation Rate with Booster
Point to Point
Biennial
295% Participation

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 8% 8% 7% 6% 5% 4% 3%

Riders

Name Inbuilt Fee
Standard GLIR Level Yes 1.00% annually
Standard GLIR Increasing Yes 0.01% annually (1.00% after 2 years) (1.00% max)
No Charge GLIR Level Yes
No Charge GLIR Increasing Yes

Waivers

Nursing Home

Unavailable in states: CA, IL, LA, MA, MT, NH, NJ, SC, SD, WA, WV, and WI

Nursing Care gives clients peace of mind that they will have access to a portion of savings without surrender charges in the case of a qualifying event.

Terminal Illness

Unavailable in states: CA, IL, LA, MA, MO, MT, NH, NJ, OR, PA, SC, UT, WV, and WI

Terminal Illness Benefit eliminates withdrawal charges for the annuitant on one withdrawal if the policy has been in force longer than one year at the onset of the terminal illness, from which the client is physician-certified to have 12 months or fewer to live.

Emergency Access

Emergency Access Waiver allows clients to have all withdrawal charges waived for 403(b) hardship or 457(b) unforeseen emergency distributions, if approved by the Plan/TPA. For separation from service or disability, 20% of withdrawal charges (for withdrawals above 10% of the accumulation value) are waived in years 2-4; starting in year 5, all withdrawal charges are waived. Available for 403(b) and 457(b) plans only.

Premium Notes

Issue Ages
45-85

Minimum Premium
$25,000

Maximum Premiums
  • Ages 45-70: $2,000,000 
  • Ages 71-75: $1,500,000
  •  Ages 76-80: $1,000,000 
  • Ages 81-85: $500,000 

Withdrawal Provisions

Market Value Adjustment
A Market Value Adjustment will apply to withdrawals in excess of the penalty-free withdrawal amount for the first 7 policy years.

Free Withdrawals
10% of accumulation value available after the first policy year as permitted by law. 

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