Calculating your lifetime income. Based on your age at the time of purchase, you are assigned a Withdrawal Percentage. We use the Withdrawal Percentage to calculate how much guaranteed income you will receive annually for the rest of your life.
Income guaranteed for life with the potential for increases. You may qualify for a step-up if your Account Value (after all interest is credited, less any withdrawals and prior to applying the benefit charge) is greater than your Income Benefit Base. Either way, you will continue to receive uninterrupted income throughout your lifetime, or your spouse’s if electing the spousal version. Keep in mind that withdrawals that are above your Guaranteed Income Amount are withdrawals of Excess Income. Excess Income occurs when the cumulative Lifetime Withdrawals exceed your GIA in any annuity year. If excess income is taken, only the portion of the Lifetime Withdrawal that exceeds the remaining GIA will proportionally reduce the Income Benefit Base and the GIA for future years. If Excess Income reduces the Account Value to zero, no further amount would be payable and the contract would terminate.
INCOME BENEFIT BASE (IBB)
WITHDRAWAL PERCENTAGE
GUARANTEED INCOME AMOUNT (GIA)
Take income now, or more income later. The following example illustrates how much guaranteed income you can receive if you chose to take lifetime income immediately, and several examples of how your income would increase if you delayed taking lifetime income.
Guaranteed Income Amount—taking income later
IBB = $220,000 GIA = $11,000
IBB = $165,000 GIA = $8,250
Year 10
IBB = $121,000 GIA = $6,050
Year 5
Year 1
IBB = $110,000 GIA = $5,500 (INCLUDES INCOME BONUS)
Guaranteed Income Amount — taking income immediately
For illustrative purposes only. In this example, we are assuming a $100,000 total premium plus a 10% Income Bonus, growing at a 10% simple interest Roll-up Rate with a 5% Withdrawal Percentage. Your initial Guaranteed Income Amount could be more or less, depending on your total premium, applicable Withdrawal Percentage, or any Non-Lifetime Withdrawals. Please note some of the values have been rounded down for illustrative purposes. Rates are subject to change.
SurePath ® Income Fixed Indexed Annuity 5
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