New Higher Rates for Lifetime Income Effective 03/14/22
Help clients increase their retirement income with:
Guaranteed 6.50% income credits
Now offering 6.50% income credits every year prior to activation.1
Lifetime income choice
Now enhanced with annual lifetime withdrawals:
- Max Income Option provides up to 8.00% (ages 72+, single life) per year for more income during the early, active “go-go” years of retirement.1
- Level Income Option provides up to 6.25% (ages 72+, single life) per year for life for clients who want more consistency in their retirement income.2
These higher rates are available in select Power Series Index Annuities issued on and after March 14, 2022.
1The Maximum Annual Withdrawal Percentage (MAWP) that can be withdrawn under Max Income ranges from 2.85% to 8%, depending on the number of individuals covered, their age at the time of activation and whether or not the contract value has been depleted. The maximum withdrawal rate of up to 8% will remain in effect until the contract value is depleted, after which the Protected Income Payment Percentage (PIPP) of up to 4.00% will be paid for life.
2The name, Max Income, does not imply that it will provide more cumulative income than the Level Income option. The Level Income option provides annual withdrawals of 3.35% to 6.25%, depending on the number of individuals covered and their age at the time of activation. With the Level Income option, the lifetime withdrawal rate is not reduced once the contract value goes to zero. Either the Max Income or the Level Income option must be selected at contract issue and cannot be changed thereafter.