It's easy to generate predictable retirement income — for life.
This tax-deferred fixed annuity features a guaranteed lifetime withdrawal benefit (GLWB) to help generate retirement income that can't be outlived.
Assured Edge Income Builder can provide the flexibility to choose when you want to start receiving guaranteed lifetime income, even as early as age 50. Once your lifetime income withdrawals begin, they will continue for as long as you live, even if the contract value is reduced to zero.1 Single and joint life income options are available.
In the event you need access to your contract value before or after lifetime income withdrawals begin, the contract allows penalty-free withdrawals without incurring withdrawal charges or market value adjustment (MVA). Keep in mind, if you take any money out of your fixed annuity (including penalty-free withdrawals and Required Minimum Distributions) before you elect to begin lifetime income withdrawals, excess withdrawals will reduce the amount of future lifetime income withdrawals.2
Assured Edge Income Builder offers the opportunity to receive a 7.5% income credit on your guaranteed lifetime income amount (GLIA) each year that you don't take withdrawals from your contract, until you elect to begin income withdrawals.3 Taking withdrawals before beginning lifetime income withdrawals will affect your income credit and GLIA. These are considered excess withdrawals that will reduce the income credit and GLIA, and the income credit will also not be added for the year the excess withdrawal is taken.
At the end of the initial interest rate period, a renewal rate will be declared annually and guaranteed for one year. The rate will not be less than the guaranteed minimum interest rate specified in your contract or applicable endorsement(s).
After the initial premium ($25,000 minimum), you have the ability to add to your premium during the first 60 days after your contract is issued.
Beginning in the first contract year, you may take multiple withdrawals of up to 10% of the contract value, as of the previous anniversary, with no withdrawal charge or market value adjustment (MVA). These are referred to as penalty-free withdrawals. If a withdrawal occurs in the first contract year, the withdrawal amount is based on the total eligible premiums received at the time of the withdrawal.2
The MVA is an adjustment that can either increase or decrease the withdrawal amount depending on the current interest rate environment. When interest rates at the time of withdrawal are higher than the level at the time the contract was issued, the MVA will result in a decrease. If interest rates are down, the MVA will increase the withdrawal amount.
Should an MVA decrease apply, the amount charged will not result in your receiving less than the minimum withdrawal value as defined in your contract or MVA endorsement. MVA does not apply to withdrawals representing penalty-free withdrawal amounts, RMDs or death benefit. An external index referenced in your contract is used to measure rates.
Assured Edge Income Builder can help you prepare today for a more secure retirement tomorrow.
Please see the attached Product Overview for complete details.
Ask your financial professional for more information about annuity solutions that can help you establish a reliable retirement income source.
1 To realize the full benefit of lifetime income, withdrawals must not exceed the guaranteed lifetime income amount.
2 All contractual withdrawals taken before you make a written election to start income under the GLWB feature(including RMDs and other penalty-free withdrawals under the contract) will be considered excess withdrawals for purposes of the GLWB and will proportionally reduce future income amounts; the income growth credit will not be applied to the GLIA for that year. After you elect to begin lifetime income withdrawals, only withdrawals that exceed the GLIA (except for RMDs) are considered excess withdrawals and will also proportionally reduce your GLIA.
3 The income growth rate is not a rate of return and the income growth credit is not added to the contract value.
Annuities issued by American General Life Insurance Company (AGL). Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG).
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions
May not be available in all states and product features may vary by state. Please refer to your contract.
The above insurance company is a member of American International Group, Inc. Contract and optional guarantees are backed by the claims-paying ability of AGL. "AIG" is a marketing name used with products issued by AGL.
The Company, its distributors and representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your situation, consult your professional attorney, tax advisor or accountant.
Policy #s ICC16:224, Rider #s ICC16:GLBI
Not FDIC or NCUA/NCUSIF Insured. May Lose Value - No Bank or Credit Union Guarantee - Not a Deposit - Not Insured by any Federal Government Agency