Terminating the IBR The IBR can be terminated upon your request, but once terminated, it cannot be restarted. It automatically terminates in the event of: Enhanced Income Withdrawals may be put into action after your contract has been in effect for three years, if the contract has an Accumulation Value greater than zero, no additional premiums have been added in the last two years and the owner is a U.S. resident not older than age 90. During the Enhanced Income Withdrawal period, the chronic illness must be certified by a physician annually. Enhanced Income Withdrawals during chronic illness It’s no secret the cost of nursing care later in life could have a big impact on your retirement savings. To help you prepare for these potential expenses, the IBR features Enhanced Income Withdrawals — included at no additional cost. If you become chronically ill, your income withdrawal amounts may be doubled for up to five years; for joint owners the increase is 50%. A chronic illness is defined as the permanent inability to perform at least two of six activities of daily living, which include eating, toileting, transferring, bathing, dressing and continence — or permanent cognitive impairment. If utilized, the original income payment amount resumes when Enhanced Income Withdrawals end.
Death of first contract owner, unless spousal continuation is elected
Full surrender
Annuitization
C ontract ownership change other than a spousal continuation or the addition of a spousal joint owner
Excess withdrawals that reduce the Accumulation Value to zero
Want to learn more about MarketSeven Index ® ? This brochure includes only a summary of the product. Availability and certain features and benefits may vary by state. Ask your agent/producer for complete contract provisions and details before purchasing.
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