You’ve worked hard building a foundation for retirement. The Security Benefit Life Secure Income Annuity, a fixed index annuity issued, can be a sensible part of your income plan for retirement.
Optional guaranteed lifetime income
With your annuity you can purchase an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider that guarantees you income for your lifetime and allows you to know the guaranteed minimum income you will have available under the Rider.
For your fixed income annuity, it’s important to know that taking out excess withdrawals in any given year will reduce the guaranteed income you may withdraw from your annuity.
Flexible interest options
Your annuity earns interest that can either be at a fixed interest rate or a rate that is linked to the S&P 500 Index without dividends.
Your crediting rate will never be less than zero even if the S&P 500 Index has negative returns.
Safety of premium
Not only does your annuity provide the opportunity to choose a fixed interest rate on your purchase payments but should you choose either of the indexed interest options, there is no risk of your annuity value declining if the S&P 500 Index goes down.
Tax-deferred growth
In an annuity, your purchase payments earn interest on a tax-deferred basis, which means you’re not paying taxes on your earnings until you take withdrawals.
Home Healthcare Doubler
When you select the optional Guaranteed Lifetime Withdrawal Benefit Rider, if you become unable to perform at least two of the six basic activities of daily living two years after you purchase your annuity, you can double the income you receive under the Rider for up to five years.
This can help ease some of the concerns related to significant health issues as you age. (Not available in all states.)
Check out a Long Term Care Annuity to supplement your long term care insurance needs.
Death benefit
For Security Benefit’s Secure Income Annuity contract, should the annuitant die before receiving annuity payments (annuitization), the beneficiaries will receive 100% of the account value, less any applicable premium tax.
If the sole designated beneficiary is the spouse of the deceased owner or joint owner or, if the owner is a non-natural person, the spouse of the deceased annuitant, as applies, the spouse shall become the sole owner of this contract.
He or she may elect to: keep this contract in force until the earlier of his or her death, or the annuity start date, or elect to receive the amount payable upon death as described above.
If the deceased owner is the spouse of the annuitant, they will receive the account value.
If the deceased owner is not the spouse of the annuitant, they will receive the cash surrender value.
Security Benefit Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.
