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
About Product
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.
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% |
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
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.
- A.M. Best A+
- Fitch A+
- S&P A+
- Comdex 89
