Clients may convert the contract to annuity income payments one year after contract issue.
Annuity Income Options Available:
Period Certain Option
- Up to 30 years1
Single Life Options
- Life Only
- Life with Period Certain (5–30 years1)
- Life with Cash Refund
- Life with Installment Refund2
Joint Life Options3
- Joint Life with Period Certain (5-30 years1)
- Joint Life with Cash Refund
- Joint Life with Installment Refund2
Joint and Survivor Life Options3
- Joint and Survivor Life Only
Income payments can be reduced to 50% or 67% of the current income payment upon the death of the primary annuitant.
Type
Fixed annuitization only.
Partial annuitization is not available.
Frequency
Monthly, quarterly, semiannually, annually
Minimum Annuity Income Payment Amount
$240 ($20 in New York)
Death Benefit
If death occurs before annuity income payments begin, a death benefit equal to the contract value is paid at the death of the first owner or the last annuitant.