Lifetime Income

Our Guaranteed Lifetime Income Rider for flexible annuities can provide the annuitant with a Guaranteed Withdrawal Payment from his or her annuity that will last a lifetime, income that cannot be outlived!

GLIR is a rider, or feature, available on fixed indexed annuities that allows you to take guaranteed income from the annuity, while providing access to the remaining accumulation value in the annuity. One of our GLIR uses a calculation account called the Benefit Calculation Base to determine how much future lifetime income can be paid using the rider. The Benefit Calculation Base is not your annuity’s accumulation value and cannot be withdrawn – it is solely used to calculate income. GLIR also uses a separate rate applied to the Benefit Calculation Base called a Roll-Up Rate.

Here’s how it works: EXAMPLE
This Rider’s minimum issue age is 25. The Rider can be added Flexible Premium Indexed Annuities issued as a 403(b) or 457 and is required on all new flexible premium annuities purchased with an initial premium of $25,000 or more.

The Guaranteed Lifetime Income Rider for 403(b)/457 annuities offers several outstanding benefits, including:

  • Maximum Accumulation Period on the Roll-up Rates up to the 30th Policy Anniversary or until the first Guaranteed Withdrawal Payment.
  • The current Roll-up Rate is 6%, guaranteed for 10 years on the initial premium. After 10 years, the renewal Roll-up Rate is set annually and guaranteed in advance. Each additional premium will be treated in a similar fashion.
  • An Enhanced Benefit 2 – Should the annuitant qualify and become permanently unable to perform two out of six activities of daily living. We will provide an Enhanced Benefit which may be substantially higher than the Guaranteed Withdrawal Payment.