There are additional benefits associated with our life Insurance and annuity solutions provided by optional riders. We call them Living Benefits, and we have been providing them since 1937. Based on the product, living benefits can provide benefits should a qualifying terminal, chronic or critical illness or critical injury occur1, or if your desire is to have an income that you cannot outlive.
The best way to understand the impact living benefits can have is to hear from policy owners who have actually used them.
No. The actual payment you receive will be less than the portion of the death benefit accelerated because the benefits are paid prior to death. Values are based on current interest rates, the age of the policy, and your age and health.
Yes, if your annuity was purchased through a qualified account, such as an IRA, 403(b) or 401(K), all payments will be subject to ordinary income taxes. If your annuity was purchased with after-tax dollars, you will receive the earnings first, which are taxable as ordinary income. Once you have received all of your earnings, payments will be made from the premiums you made to policy which are received tax-free. If you purchase an income rider on your annuity, once your account value has been exhausted, you will continue to receive guaranteed payments for life, however, those payments will be received income taxable.
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