Guaranteed Living Benefit Updates to Lifetime Income Choice Effective 06/03/2024
We have been monitoring the interest rate environment and are updating rates on our Power 7 Protector Plus Income and Power 10 Protector Plus Income guaranteed living benefit feature, Lifetime Income Choice, effective June 3, 2024.
New GLB Withdrawal Rates
As of June 3, 2024, for newly issued Power 7 Protector Plus Income and Power 10 Protector Plus Income contracts with the Lifetime Income Choice® living benefit, the following new Maximum Annual Withdrawal Percentages (MAWP) and Protected Income Payment Percentages (PIPP) will apply (changes shown in bold text):
| Lifetime Income Choice – Level Income Maximum Annual Withdrawal Percentage & Protected Income Payment Percentage | |||||
|---|---|---|---|---|---|
| Age of covered person(s) at income activation | Current rates | Age of covered person(s) at income activation | New rates | ||
| One covered person (Single Life) | Two covered persons (Joint Life) | One covered person (Single Life) | Two covered persons (Joint Life) | ||
| Income % | Income % | Income % | Income % | ||
| 50 to 59 | 5.00% | 4.60% | 50 to 59 | 5.50% | 5.10% |
| 60 to 64 | 5.50% | 5.10% | 60 to 64 | 6.00% | 5.60% |
| 65 to 69 | 7.00% | 6.60% | 65 to 69 | 7.50% | 7.10% |
| 70 to 74 | 7.50% | 7.10% | 70 to 74 | 8.00% | 7.60% |
| 75+ | 8.00% | 7.60% | 75+ | 8.50% | 8.10% |
| Lifetime Income Choice – Max Income Maximum Annual Withdrawal Percentage & Protected Income Payment Percentage | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Age of covered person(s) at income activation | Current rates | Age of covered person(s) at income activation | New rates | ||||||
| One covered person (Single Life) | Two covered persons (Joint Life) | One covered person (Single Life) | Two covered persons (Joint Life) | ||||||
| MAWP | PIPP | MAWP | PIPP | MAWP | PIPP | MAWP | PIPP | ||
| 50 to 59 | 5.00% | 5.00% | 4.60% | 4.60% | 50 to 59 | 6.00% | 5.00% | 5.60% | 4.60% |
| 60 to 64 | 6.00% | 5.00% | 5.60% | 4.60% | 60 to 64 | 7.00% | 5.00% | 6.60% | 4.60% |
| 65 to 69 | 8.00% | 6.00% | 7.60% | 5.60% | 65 to 69 | 9.00% | 6.00% | 7.60% | 5.60% |
| 70 to 74 | 8.50% | 6.00% | 8.10% | 5.60% | 70 to 74 | 10.00% | 6.00% | 9.60% | 5.60% |
| 75+ | 9.00% | 6.00% | 8.60% | 5.60% | 75+ | 11.00% | 6.00% | 10.60% | 5.60% |
Transition rules
All contracts issued with an effective date on or after June 3, 2024, with guaranteed living benefit feature Lifetime Income Choice® will receive the new rates regardless of application signature dates or when applications are received.