Effective March 22nd, 2021 – The Lifetime Income Plus Flex guaranteed living benefit on the Power Protector Annuity Series is being updated as follows:
- The rider name will change to Lifetime Income Choice
- Activities of Daily Living (“ADL”) waiver will no longer be available
- Adding a choice of two different lifetime income options
- Level Income – the Maximum Annual Withdrawal Percentage and Protected Income Payments are equal
- Max Income – the Maximum Annual Withdrawal Percentage is higher than Protected Income Payments
- More competitive withdrawal rates
- A longer Income Credit (roll-up) period that will continue up to the Lifetime Income Activation Date
- Living benefit fee increase from 1.00% to 1.10%.
- Feature components no longer being offered as of March 22, 2021:
- Partial Income Credits
- Doubling of the Income Base when withdrawals have not been taken prior to the 10th contract anniversary
Click Here for details and Transition Rules. To get help with new illustrations or for more information, call 800-568-2626 or email us at [email protected].
- March 4, 2021
- Brad Neves
- Announcement, Annuity
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