Lifetime Income Choice – New Enhanced Income Benefit Effective 03/26/2024
Beginning March 25, 2024, Power 7 Protector Plus Income and Power 10 Protector Plus Income index annuity contracts issued with the Lifetime Income Choice guaranteed living benefit will now include the new Enhanced Income Benefit should clients require confinement care. The Enhanced Income Benefit provides for increased income by up to 200% of a clients Maximum Available Withdrawal Amount (MAWA) under the rider for Single Life or 150% for Joint Life when qualifying conditions are met, like:
- Confinement must be in a qualified facility, like a nursing home
- Covered person(s) cannot have been confined on the contract issue date
- Confinement claims are available after the second contract year
- Covered person(s) must be confined to a qualified facility at the time a claim is submitted
- Payment period of up to 5 cumulative contract years (need not be consecutive) or until contract value is reduced to zero, whichever is sooner
Income under the Enhance Income Benefit is not treated as an excess withdrawal and is automatically included with Lifetime Income Choice for no additional fee. Details about utilizing the rider, and more information regarding the qualifying conditions are set forth in the rider. Important Note: This rider provides for increased income under the living benefit feature only and is not long-term care insurance.
NAIC Product Training is reciprocal with previous course
Financial professionals who have taken another currently accepted Power Series product training are not required to take Power Select Advisory specific training. Agents who have not taken the course must complete NAIC product specific training for Power Series prior to submitting index annuity business to Corebridge Financial. The product training will be available prior to launch.