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
|
|---|---|
|
Term
|
10 Years |
|
Surrender schedule
|
10%10%9%9%8%8%7%6%4%2% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$20,000 |
|
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 |
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 |