6. You have options for accessing your money. In the contract year after your most recent premium payment, you can take up to 10% of your contract’s paid premium in one or more withdrawals without having to pay penalties (such as withdrawal charges or market value adjustments, which we explain on page 11 ).
9. And each time your income goes up, it’s locked in. If your lifetime withdrawal amount increases, that higher amount becomes your new baseline as long as you abide by the terms of the contract. (Remember that your lifetime withdrawal amount can’t drop; it can only stay steady or increase.)
10. Your income can even double if you meet certain criteria.
7. You’ll enjoy guaranteed income for the rest of your life.
If you have an extended hospital stay – or if you can’t perform specific daily activities – the Income Multiplier benefit can double your income withdrawals until you get back on your feet. (See page 13 for more details.)
You can start income through guaranteed lifetime withdrawals from your protected income value anytime, 1 even in the middle of a year. And once you start lifetime withdrawals, they’re guaranteed to continue for as long as you live. In other words: Your lifetime withdrawals will continue even if you use up all the money you placed in the annuity.
8. Your income could go up, based on your chosen index(es).
Remember how you can earn indexed interest based on positive changes in an external index? The same idea applies to your lifetime withdrawals: Every time your chosen allocations earn interest, we increase your lifetime withdrawal amount. This may help you address the rising cost of living over a long retirement.
1 You can start taking lifetime withdrawals immediately or on any monthly anniversary after age 50 – but remember that you may be subject to a 10% federal early withdrawal penalty if you take withdrawals before age 59½.
3
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