Optional Guaranteed Lifetime Withdrawal Benefit
Automatic Step-Up On each policy anniversary following your first elected GLWB, you are eligible for a step-up. The annual income withdrawal will be increased (stepped-up) if your Account Value exceeds the Income Account Value at the time you began taking withdrawals under the GLWB. You must notify us if you do not want us to increase the amount of your GLWB. Excess Withdrawals Withdrawals in excess of the GLWB will cause future GLWB withdrawals to be reduced by the same proportion that the policy’s Account Value is reduced by the excess withdrawals. GLWB payments will stop if excess withdrawals, withdrawal charges, or market value adjustments (MVA) reduce the Account Value of the policy to zero. Spousal Continuation If the owner’s spouse is the sole primary beneficiary and elects to continue the policy, the benefits of the GLWB will also continue, providing the the spouse becomes the sole annuitant and sole owner of the policy. If the spousal beneficiary assumes the policy before any GLWB withdrawals have been taken, the benefit simply continues in the Accumulation period. Spousal continuation does not restart the withdrawal charge schedule. If a GLWB has been taken by the time of spousal continuation, the spouse can elect to receive a GLWB until the Income Account Value is equal to zero, at which time the withdrawals stop and the policy will terminate, or continue to receive a GLWB for the surviving spouse’s remaining lifetime if the owner elected a joint lifetime payout.
GLWB Details The GLWB must be added at policy issue. It can be cancelled at any time.
GLWB Utilization Ages 50 + (Owner and Annuitant)
Guaranteed Lifetime Withdrawal Benefit Cost There is an annual charge for the GLWB beginning immediately. This charge is .95% of the Account Value as of the annuity policy anniversary and is deducted from the policy’s Account Value. ¾ This cost is deducted on each policy anniversary until either the policy or policy rider terminate. ¾ These annual costs will continue to be deducted even in years when... ► A withdrawal is taken
► GLWB payments have been elected ► No interest is credited to the policy
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SILVER SELECT PRODUCT GUIDE
69462184(D)
ANSILVER1289C
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