Income Paths
Indextra Provides Choices for the Future The income options detailed below can be based on the lives of both you and your spouse (if you choose the spousal benefit). Doing so provides an extra measure of protection as a surviving spouse can be confident of a continued income stream. Lifetime Guaranteed Payouts: Lock in Steady Income Anytime after your second contract year (first contract year in Florida), you may take your contract value as a series of lifetime guaranteed payouts. The contract value must be taken by the contract maturity date, which is set at the annuitant’s 100th birthday when the contract is issued. When you’re ready to take your income (annuitize), choose scheduled income payments guaranteed to continue for a lifetime — either single (one life) or joint (two lives). Payments are guaranteed to continue for no less than 10 years. Additional income payment options may be available. The decision to annuitize is permanent. Once income payments are elected, other features of Indextra, such as account value and withdrawals, are no longer available. Lifetime Guaranteed Withdrawals: Generate Income and Maintain Growth Potential The Guaranteed Lifetime Withdrawal Benefit (GLWB) is an optional benefit available at issue for an additional charge, provided you (and your covered spouse, if you elect spousal coverage 1 ) are age 45-80. It guarantees withdrawals for the life of the covered person or persons (owner and spouse if the spousal GLWB is elected) – regardless of the account value – provided withdrawals are limited to the annual lifetime payout amount (LPA).
The annual charge is 0.95% (1.50% maximum) of the benefit base for either the individual or the spousal benefit. While the charge is the same for the spousal benefit (for both spouses), the LPA is 90% of that for the individual benefit. As you consider the benefit, note that: \ Benefit withdrawals can begin on the first day of the first index year following the 60th birthday of the younger covered person \ Nonguaranteed withdrawals (those taken before the eligibility date or for more than the eligible amount) reduce the value of the benefit and may even cause it to terminate. Guarantees of annuity payouts and lifetime withdrawals are contractual promises supported by Integrity Life’s General Account assets and backed by its claims-paying ability.
1 In OR, spouse includes domestic partner.
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