HOW IT WORKS
Retirement insurance that guarantees you an income
Factors that can affect your total return.
We charge a fee to guarantee your income.The built-in benefit rider that enables guaranteed lifetime income has an annual charge of 1.05% of the contract’s accumulation value, deducted monthly from the accumulation value. (Your accumulation value equals purchase price plus any credited interest you’ve received, minus fees and withdrawals, including income withdrawals). In any year that your annuity earns no interest, or earns less interest than the annual fee, your contract’s accumulation value will go down.
Your interest is capped at a specified percentage.Each index has its own cap, a ceiling on how much interest your contract can earn when the market is up. If the market performs higher than the cap, then you’ll receive interest up to the amount of the cap. Current rates are subject to the minimum guaranteed rate of 0.25% of the contract. See the specific caps for each available index here.
We charge you if you withdraw more than 10% in a contract year.
During your first contract year, no penalty-free withdrawals are allowed. Beginning in year 2, each year, you can withdraw up to 10% of the money you’ve put into your annuity, free of charge or penalty – as long as you haven’t begun taking income or made a premium payment in that year. If you take more than 10% you're subject to a withdrawal charge and MVA. (Remember that any withdrawals you make will reduce your contract values, and the value of any income and death benefits.)