Income Creator

Protective Income Creator fixed annuity with the lifetime income benefit can help you plan for the unexpected in retirement. It offers guaranteed and steady income designed to last a lifetime — no matter what the market does or how long you live.
How it works
This solution also includes the Lifetime Income Benefit, a protected lifetime income benefit that’s designed to create a guaranteed income stream you can’t outlive. The amount you are able to withdraw each year is determined by whether you choose to take payments on a single or joint life basis, the number of complete years that have elapsed between contract issue and benefit election, and the younger covered person’s age at contract issue. Generally, the longer you wait before beginning benefit withdrawals, the higher the withdrawal amount will be.

Access to your money
Fixed annuities are long-term retirement planning solutions. But we know sometimes life happens, and certain scenarios may require you to access your money earlier than planned. The following information explains your access options and things to consider before taking a withdrawal from your contract.

Penalty-free withdrawals
You can withdraw 10% of your purchase payment during the first contract year with no withdrawal charge. After the first year, you can withdraw 10% of the contract value as of the prior contract anniversary annually, less any withdrawals in that contract year. The minimum partial withdrawal amount is $100. Penalty-free amounts not withdrawn in a given year cannot be carried over to the following year.
You should also know that your contract value after each withdrawal must be at least $25,000; However, this minimum requirement doesn’t apply to the lifetime income benefit withdrawals.

Market Value Adjustment (MVA)
A limited market value adjustment (MVA) will be applied to withdrawals that exceed the allowable penalty-free amount. The MVA can increase, decrease or have no effect on the amount deducted from the contract value to satisfy a withdrawal request, based on changes in market interest rates between the contract's issue date and the withdrawal date. Generally, if market interest rates are higher on a withdrawal date than at contract issue, the MVA formula increases the amount deducted from the contract value to satisfy a withdrawal request. Conversely, if market interest rates are lower on a withdrawal date than at contract issue, the MVA formula reduces the amount deducted from the contract value to satisfy a withdrawal request. The MVA is limited to and will not be more than the contract’s excess earned interest, which is the interest applied to the contract that exceeds the amount required to attain the contract’s minimum surrender value. The MVA does not apply after the withdrawal charge period expires and does not affect the contract's minimum surrender value.