Income Pay Pro 10
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Highlights
The Income Pay Pro 10 is a modified single premium deferred fixed index annuity with an embedded guaranteed lifetime withdrawal benefit (GLWB) rider offering competitive, guaranteed lifetime income. Lifetime payment amounts (LPAs) are made to you as long as you live or, if applicable, joint annuitant lives. It’s a retirement “paycheck” you can count on.
Income Pay Pro provides multiple options for taking retirement income. So you’re in the driver’s seat in determining how and when you start receiving payments.
Fixed and index account options offer upside potential without downside market risk. Your premium is protected from market downturns.
If you need access to funds, Income Pay Pro has different liquidity provisions that can help you when you need it most.
Income Pay Pro provides multiple options for taking retirement income. So you’re in the driver’s seat in determining how and when you start receiving payments.
Fixed and index account options offer upside potential without downside market risk. Your premium is protected from market downturns.
If you need access to funds, Income Pay Pro has different liquidity provisions that can help you when you need it most.
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
Type
|
Fixed Index |
---|---|
Purpose | Lifetime Income |
Term
|
10 Years |
Surrender schedule
|
10%10%9%9%8%8%7%6%4%2% |
Free withdrawal
|
10% |
Market value adjustment
|
|
Return of premium
|
|
Launch date
|
11/08/2022 |
Minimum contribution
|
$20,000 |
Maximum contribution
|
$1,000,000 |
Max Age Qualified
|
79 |
Types of funds
|
Non-Qualified, 401k, Profit Sharing, IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, and 457 plan |
Brochure
|
Open brochure |
Find out if the Income Pay Pro 10 is the right product for you.
Premium Notes
Issue ages
Available issue ages 40-79 (qualified and non-qualified)
Minimum premium
$20,000 at issue, qualified and non-qualified.
Additional premium can also be added during the first Contract year.
Notes
403(b) loans are not allowed on Income Pay Pro.
IRA, 401k, Profit Sharing, Pension, SIMPLE IRA, and 457 plan are accepted as a rollover.
Available issue ages 40-79 (qualified and non-qualified)
Minimum premium
$20,000 at issue, qualified and non-qualified.
Additional premium can also be added during the first Contract year.
Notes
403(b) loans are not allowed on Income Pay Pro.
IRA, 401k, Profit Sharing, Pension, SIMPLE IRA, and 457 plan are accepted as a rollover.
Withdrawal Provisions
Penalty-free withdrawals
Like most annuities, you’ll be limited on when and how much you can withdraw from your annuity penalty-free. However, Income Pay Pro allows you to access a portion of funds each year. Starting in the first contract year, you may choose to take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning of the year accumulation value each year.
Taking out more money than what’s available penalty-free will incur a surrender charge. A market value adjustment may also apply.
Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly.
Like most annuities, you’ll be limited on when and how much you can withdraw from your annuity penalty-free. However, Income Pay Pro allows you to access a portion of funds each year. Starting in the first contract year, you may choose to take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning of the year accumulation value each year.
Taking out more money than what’s available penalty-free will incur a surrender charge. A market value adjustment may also apply.
Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly.
Allocation Accounts
Name | Type | Rates |
---|---|---|
1-Year Fixed Account |
Fixed
|
2.5%
Fixed
|
1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
5%
Cap
|
1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.85%
Cap
|
1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
25%
Participation
|
1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
105%
Participation
|
1-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Annual
|
110%
Participation
|
2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
35%
Participation
|
2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
145%
Participation
|
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
155%
Participation
|
2-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Biennial
|
155%
Participation
|
1-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
2-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Biennial
|
80%
Participation
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Penalty | 10% | 10% | 9% | 9% | 8% | 8% | 7% | 6% | 4% | 2% |
Riders
Name | Inbuilt | Fee |
---|---|---|
Income Pay Pro Rider Level | Yes | 1.15% annually |
Income Pay Pro Rider Increasing | Yes | 1.15% annually |
Waivers
No Waivers for Income Pay Pro 10 annuity.
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