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My Path:
“I don’t think I’m going to need income, so the no-cost income rider is perfect for me. It’s reassuring to know that it’s available if I need it.”
Guaranteed Lifetime Withdrawal Benefit Riders
Part of planning for the future is ensuring that you can experience the retirement of your choice without running out of money. After all, is it truly possible to enjoy the retirement you intended if you’re worried that your funds won’t last as long as you do? FlexMark Select offers multiple rider options to address this concern.* The Guaranteed Lifetime Withdrawal Benefit (GLWB) rider , commonly known as an income rider, allows you to turn on a retirement “paycheck” while your annuity continues to earn interest. With a steady income stream that you are guaranteed not to outlive—even if your accumulation value depletes to zero—you can focus on enjoying retirement in the way you intended. Basic GLWB Income Rider —At no cost to you, the Basic GLWB Income Rider is included with your FlexMark Select annuity.* This no-cost income rider consists of three phases: the accumulation phase, the withdrawal phase, and the guaranteed phase. • Accumulation Phase —During the rider’s accumulation phase, which begins when your policy is issued, your Premium Accumulation Value (PAV) grows. Though the PAV is not an amount that can be surrendered, withdrawn, or paid as a death benefit, it is important because it helps determine the amount of your lifetime payments. The higher it grows, the greater your income payments will be. The PAV equals your premium plus interest growing at the Premium Accumulation Rate compounded annually for the earlier of 10 years or until you start taking withdrawal payments in the withdrawal phase. Your Premium Accumulation Rate is shown on your rider schedule. Ask your insurance professional for a rate sheet to see current percentages. If you choose to take a withdrawal from your FlexMark Select annuity during the rider’s accumulation phase, your PAV will be reduced proportionately to the change in the policy’s accumulation value and vested bonus account (if applicable). The rider’s accumulation phase ends the day before rider withdrawal payments commence.
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* GLWB income riders are not available with certain tax-qualified plan types.
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