North American Company for Life and Health
4.2
based on complex data
Annuity Educator Rating
Annuity review

Income Pay Pro 10

Income Pay Pro 10 makes retirees' life stress-free with guaranteed steady income. It's the safety net you always wanted, ensuring you can weather any financial storm confidently.

You even have the freedom to access your money in emergencies. Truly, Income Pay Pro 10 is the financial parachute that secures your golden years.

Income Pay Pro 10-brochure Income Pay Pro 10-brochure

Income Pay Pro 10

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About Product

Type
Fixed Index
Purpose
Lifetime Income
Term
10 Years
Surrender schedule
10%
10%
9%
9%
8%
8%
7%
6%
4%
2%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$20,000
Maximum Contribution
$2,000,000
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
Launch Date
11/08/2022
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. 
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
2.5% 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
2-Year Barclays Transitions 12 VC PTP Participation Rate
Point to Point
Biennial
75% Participation
2-Year Barclays Transitions 6 VC PTP Participation Rate
Point to Point
Biennial
150% Participation
1-Year Barclays Transitions 12 VC PTP Participation Rate
Point to Point
Annual
50% Participation
1-Year Barclays Transitions 6 VC PTP Participation Rate
Point to Point
Annual
100% 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%

Hypothetical Projection

Comparison against S&P 500 using current rates
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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.

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. 

Withdrawal Provisions

Penalty-free withdrawalsLike 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.

Company Founded: 1886
TOP Rated Company
North American Company for Life and Health
Company Ratings
5
  • A.M. Best A+
  • Fitch A+
  • S&P A+
  • Comdex 89
Assets: $39,625,115,715
Iowa

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