Optional Guaranteed Lifetime Withdrawal Benefit with 7.15% Guaranteed Income Account Rate
Income Account Value The most important feature of the Guaranteed Lifetime Withdrawal Benefit is the guaranteed growth of the Income Account Value. Prior to any withdrawals under the GLWB or base policy, the Income Account Value equals 100% of your initial premium, plus the premium bonus, guaranteed to grow at a rate of 7.15% 2 annually for the first 10 years. The Income Account Value is only used as the base for calculating your Guaranteed Lifetime Withdrawal Benefit payments. It is not available for Death Benefits or other withdrawals from the policy. Note: Guaranteed Lifetime Withdrawal Benefit payments and excess withdrawals will reduce both your policy’s Account Value and your Income Account Value. All withdrawals or surrenders will be taken from your Account Value. Guaranteed Lifetime Withdrawal Benefit Payments You choose how frequently you receive your GLWB payments: monthly, quarterly, semi-annually, or annually. When you first elect GLWB payments, your annual payments will be based on your current Income Account Value multiplied by a percentage based on your age. The Optional Guaranteed Lifetime Withdrawal Benefit (GLWB) was designed for people age 50 and above who are interested in guaranteed income during their retirement. GLWB is an optional benefit you can add to your policy. Designed to generate a higher level of guaranteed lifetime income, the GLWB allows you to control when you receive income payments. Since this benefit works in concert with your annuity, together the two can provide you ways to enhance your long-term income. In exchange for an annual cost, this benefit offers you the ability to achieve a guaranteed lifetime income stream. If purchased, your premium will begin to accumulate as an Income Account Value. Upon utilizing the GLWB, an amount determined by your age and Income Account Value will be available for GLWB. This income is available to you without a surrender charge, Market Value Adjustment, or electing an annuity payout option.
GLWB Single Life Payout Factors (Attained Age at Election)
50 51 52 53 54 55 60 61 62 63 3.10% 3.20% 3.30% 3.40% 3.50% 3.60% 3.70% 3.80% 3.90% 4.00% 4.10% 4.20% 4.35% 4.45% 64 65 66 67 68 69 70 71 72 73 74 75 76 77 4.55% 4.65% 4.80% 4.95% 5.10% 5.25% 5.35% 5.50% 5.60% 5.65% 5.70% 5.75% 5.85% 5.90% 78 79 80 81 82 83 84 85 86 87 88 89 90 6.00% 6.05% 6.15% 6.20% 6.30% 6.35% 6.45% 6.50% 6.60% 6.70% 6.80% 6.90% 7.00% GLWB Joint Life Payout Factors (Attained Age at Election) 50 51 52 53 54 55 56 57 58 59 60 61 62 63 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% 3.60% 3.75% 3.85% 64 65 66 67 68 69 70 71 72 73 74 75 76 77 3.95% 4.05% 4.20% 4.35% 4.50% 4.65% 4.75% 4.90% 5.00% 5.05% 5.10% 5.15% 5.25% 5.30% 78 79 80 81 82 83 84 85 86 87 88 89 90 5.40% 5.45% 5.55% 5.60% 5.70% 5.75% 5.85% 5.90% 6.00% 6.10% 6.20% 6.30% 6.40% 56 57 58 59
Payments can be started and stopped at any time. If a Required Minimum Distribution (RMD) is required, you will be allowed to take the greater of the GLWB payment or the RMD. You will need to notify us in writing to begin GLWB payments. (Please consult your tax advisor. Under current law, GLWB payments from the GLWB may be taxed as ordinary income. If taken prior to 59½, GLWB payments may be subject to a 10% IRS penalty tax.) 2 Rate applies to the first ten policy years.
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