Flexibility for unexpected paths Penalty-free withdrawals
Your annuitization payout options You can choose to receive annuity payments based on your choice of several annuity options. Once you elect an annuitization option, it cannot be changed, and all other rights and benefits under the annuity end. The payment amount and number of payments will be based on your annuity’s surrender value and the annuitization option you choose (state variations may exist). See table below for available payout options.
Like most annuities, you’ll be limited in when and how much you can withdraw from your annuity penalty-free. However, PrimePath Pro 10 is intended to be a long-term product to provide lifetime income in retirement. After the first contract anniversary, a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 7% of the accumulation value as of the beginning of the contract year may be taken each year. After the surrender charge period, surrender charges, and a market value adjustment no longer apply to any withdrawals. Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly. Nursing home confinement waiver (may not be available in all states) For the rider, the term “covered individual” is the annuitant on the contract. If the covered individual becomes confined to a qualified nursing care center, as defined in the rider, up to 100% of your accumulation value without a surrender charge or MVA, if applicable, is available each year while the covered individual is confined. If 100% of the accumulation value is taken, it will be considered a full surrender. This rider is automatically included with your annuity at no additional charge. If joint annuitants are named on the annuity, waiver will apply to the first annuitant who qualifies for the benefit. Annuitization As an alternative to the lifetime payment amount, PrimePath Pro 10 annuity offers annuity payout options. Discuss with your financial professional the differences between annuitization (electing an annuity payout option) and taking LPAs.
Payout options
With the exception of life income options, income options are available from five to 20 years. Choose from:
• income for a specified period • income for a specified amount • life income with a period certain • life income • joint and survivor life income
For Florida:
You may select an annuity payout option based on the Accumulation Value at any time after the first contract year. The following options are available: • life income • life income with a 10-year or 20-Year period certain • joint and survivor life income
• joint and survivor life income with 10-year or 20-year period certain
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