Integrity Life MultiVantage is a single premium deferred annuity with market value adjustment and interest rate enhancement issued by Integrity Life Insurance Company, Cincinnati, Ohio, or National Integrity Life Insurance Company, Greenwich, New York.
RATES ILLUSTRATED ARE 1ST-YEAR ONLY. RATES WILL CHANGE EVERY YEAR STARTING YEAR-2.
Retirement Plan Availability
- Traditional, Roth, and SEP IRAs are available.
- This product may be a suitable option for rollovers from KEOGH, 401(k) or other tax-qualified plans.
- No added tax deferral advantages exist.
- Different rates apply for tax-qualified plans.
Guaranteed Rate Option (GRO) Stability
- Initial fixed interest GRO periods of 4, 5, 7 and 10 years are available.1
- 1% first-year-only interest rate enhancement, in addition to the guaranteed initial rate, applies for each GRO.
- The initial rate is guaranteed for the length of the GRO period.
- At the end of the initial GRO period, you may choose a new 4-, 5-, 7- or 10-year GRO2 at the then-current interest rate or default to a 1-year guarantee period.
Access for Financial Flexibility
- Beginning immediately, up to 10% of the account value (noncumulative) may be withdrawn each contract year without a withdrawal charge or a market value adjustment (MVA).
- After withdrawals, there must be at least a minimum account value of $2,000 remaining in the contract. The $250 minimum withdrawal amount is reduced to $100 if taken through a systematic withdrawal program, free of charge.
Renewal Option Flexibility
Before the close of the initial GRO period, Integrity or National Integrity will notify you of your renewal options (no new application is required).
When a GRO period ends, your options are to:
- Choose a new 4-, 5-, 7- or 10-year GRO period, locking in a new interest rate and a new withdrawal charge.
- Do nothing and your account value automatically transfers to the 1-year guarantee period at the current interest rate with no withdrawal charge.
- Integrity and National Integrity guarantee a minimum interest rate as defined in your contract. One GRO renewal is guaranteed.
Interest earnings grow tax-deferred until withdrawn, usually at retirement age.
The account value grows faster than it would in a currently taxed alternative paying the same interest rate.
Death Benefit Protection
- At the death of the owner during the deferral period, Integrity or National Integrity guarantees that the designated beneficiary who survives the owner’s death will receive the account value as of the date the death claim is processed.
- Death benefit proceeds will be paid directly to the beneficiary without the delay and expense of probate.
Market Value Adjustment (MVA)
During a guarantee period of more than one year, which is called a Guaranteed Rate Option (GRO), an MVA applies to annuity options and withdrawals in excess of the free withdrawal amount.
The MVA reflects the effect of the change in the interest rates we offer between the time the GRO was selected and the time the MVA is applied.
Generally, if interest rates increase, the MVA reduces your contract’s value.
On the other hand, if interest rates decrease, the MVA increases your contract’s value.
The MVA will not result in a value of less than the contribution applied at the beginning of the current GRO, minus withdrawals taken during the current GRO (including any withdrawal charge, but not considering any MVA), plus interest credited at the guaranteed minimum interest rate.
Withdrawal charges may reduce this amount.
An MVA does not apply during the last 30 days of the GRO or to the death benefit.
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.