A retirement “paycheck” that lasts a lifetime
Income Pay Pro is a modified single premium fixed index annuity with an embedded guaranteed lifetime withdrawal benefit (GLWB) rider 1 offering competitive, guaranteed lifetime income 2 . Lifetime payment amounts (LPAs) are made to you as long as you live or, if applicable, joint annuitant lives. It’s a retirement “paycheck” you can count on. Retirement income Income Pay Pro provides multiple options for taking retirement income. So you’re in the driver’s seat in determining how and when you start receiving payments. Growth Fixed and index account options offer upside potential without downside market risk. Your premium is protected from market downturns. Liquidity options If you need access to funds, Income Pay Pro has different liquidity provisions that can help you when you need it most.
With Income Pay Pro fixed index annuity, you can take advantage of the benefits a fixed annuity offers, such as: Tax deferral improves growth potential Your annuity’s value grows on a tax-deferred basis, meaning more of it is working for you. Tax-deferred growth means you don’t owe taxes until you access funds, allowing more time for growth potential. Work with your tax advisor to find out how this might work for you. Under current law, annuities grow tax deferred. An annuity is not required for tax deferral in qualified plans. Annuities may be subject to taxation during the income or withdrawal phase. Please note that neither North American nor any financial professionals acting on its behalf, should be viewed as providing legal, tax or investment advice. Consult with and rely on your own qualified advisor. May avoid probate By naming a beneficiary, you typically minimize the delays, expense and publicity often associated with probate.
Please consult with and rely on your own legal or tax advisor. Annuitization payout options
By annuitizing your contract (electing an annuity payout option) or by turning on lifetime payment amounts (LPAs), you have access to a guaranteed income stream that will last as long as you live or, if applicable, joint annuitant lives. Issue ages (may vary by state) Available issue ages 40-79 (qualified and non-qualified). Minimum premium Modified single premium, $20,000 at issue, qualified and non-qualified.
1. The embedded guaranteed lifetime withdrawal benefit (GLWB) rider includes a rider charge of 1.15% of the GLWB value, deducted as a partial surrender from the accumulation value on the contract anniversary, while the rider is in effect. 2. Lifetime income refers to guaranteed payment of lifetime payment amounts (LPA’s) as defined in the GLWB Rider included in this contract. It does not refer to interest credited to the contract. Please consult with your own tax advisor regarding tax treatment of LPAs, which will vary according to individual circumstances.
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