An immediate annuity is an annuity purchased with a single premium or annuity consideration, and the annuity date
commences no later than one year from the date of purchase.
If the annuitant dies before the annuity date
, purchase payment will be returned to the beneficiary in most cases.
Flexible buying payments, a variety of payout options, annuity date
modification, return of purchase payment, annuity payment acceleration and safety against price rises comprises the features of RetireEase.
Easy Access to Money: Funds can be accessed in several ways prior to the annuity date
, including withdrawals(3) (up to 10 percent of purchase payments charge-free each year), an automated withdrawal program (automatic stream of income while contract balance continues to grow tax-deferred) and waiver of withdrawal charges for critical care access (free access to money in the event of terminal illness or if nursing home care is needed for three months or more).
Multiple purchase payments are combined into a single guaranteed income stream that begins on the selected annuity date
55% of the contract value on each contract anniversary before the annuity date