Income Access Annuities
What do Income Access Annuities do?
Income Access Annuities pay a lifetime income for as long as the annuitant lives. Payments can be received monthly, quarterly, semi-annually or annually. The policy owner may select an option that will help income payments keep pace with inflation. Under this provision, the total income payments will increase by 3 percent each policy year. This 3 percent increase goes into effect 12 months after the first income payment
This annuity can be tied to the life of both the annuitant and a spouse or a companion. The annuitant can elect to have the survivor continue to receive a predetermined percent of the income payment, up to 100 percent. In the event the survivor precedes the annuitant in death, the payee will continue to receive a percentage of the income payment.
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