Clear Income Advantage
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Learn how an annuity can provide guaranteed income for life.
Clear Income Advantage Fixed Annuity is a fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) designed for clients who are looking for income with some liquidity.
Issue ages
Issue ages
- Non-Tax Qualified: 50–80
- Tax Qualified: 50–80
Minimum initial premium
- $50,000
Market Value Adjustment (MVA)
An MVA applies when the policyowner surrenders or makes a withdrawal from the contract that is greater than the surrender-charge-free withdrawal amount during the surrender-charge period. An MVA is not applicable after the surrender charge period is over.
Death benefit
In the event of your death, your beneficiaries will receive the remaining Accumulation Value of the policy.
Withdrawal options
There are several ways to access the money in your Accumulation Value.
- Early access withdrawal — Before lifetime withdrawals begin, you have the flexibility to take one early access withdrawal, also referred to as a non-lifetime withdrawal. (Surrender charges and a market value adjustment may apply.) This withdrawal will not interrupt the accumulation of deferral credits. However, the Early Access Withdrawal will reduce your adjusted premium7 dollar-for-dollar and lower your guaranteed income amount.
- Lifetime withdrawal (GLWB) — You may begin your lifetime withdrawals any time after you turn 59½. Withdrawals are taken as income from the Accumulation Value of the policy and are guaranteed to continue for life even if the Accumulation Value is eventually exhausted.
- Full policy surrender — You may surrender the policy at any time (Surrender charges and/or Market Value Adjustment (MVA) may apply).
All withdrawals taken prior to or in excess of your guaranteed lifetime withdrawals will result in a proportional reduction to the GLWB amount. However, not all withdrawals will result in surrender charges or MVA. MVA and surrender-charge-free withdrawals include the greatest of:
- Annual GLWB amount (once lifetime withdrawals have begun)
- 10% of the Accumulation Value as of the previous anniversary
- 10% of the current Accumulation Value
- 100% of the gain earned in the policy (for policies with a premium amount of $100,000 or more)
- Annual required minimum distribution (RMD) amount
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 7 years | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Clear Income Advantage GLWB rider | Yes | 0.95% annually |