Policies & Contracts Overview

Annuities

Read on to learn more about the features and benefits offered by different types of annuity contracts. If you need support or want to file a claim, please visit Service & Claims

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Immediate Annuities

Immediate annuities provide a guaranteed1 stream of payments for a specified period of time, potentially lasting for as long as you live. Payment streams are based on one or two people and continue for as long as either person is alive.

  • Guaranteed payments1,2Payments are guaranteed to continue based on the parameters established at the time of purchase. Changes to interest rates or fluctuations in the financial markets won’t impact the payment amount.

Deferred Annuities

Your deferred annuity is a convenient way to save for and help fund your retirement. Deferred annuities go through two phases, an “accumulation” phase and a “payout” phase.

Accumulation phase:
Payments you make into your annuity grow with interest tax deferred until funds are needed, usually at retirement. Deferred annuities can be funded with a single or multiple payments and offer the ability to make withdrawals in the event you need money2,3.

Payout phase:
When you are ready to retire, you can access your money via withdrawals or through annuitization – a guaranteed1 stream of payments scheduled to last a specified time period or even last as long as you live2,3.

  • Tax deferred growthUnlike many other types of investments, earnings on deferred annuities are not taxed until withdrawn.
  • Guaranteed payments1,2Payments are guaranteed to continue based on the parameters established at the time of annuitization. Changes to interest rates or fluctuations in the financial markets won’t impact the payment amount.
  • Payments you can’t outliveIf selected, payments can be based on one or multiple lives.
  • Account value accumulation optionsDeferred annuities can offer a variety of options to credit interest on the contract’s account value.
  • Fixed Annuities credit a fixed rate of interest and offer minimum guarantees.
  • Market Value Adjusted (MVA) Annuities credit a fixed rate of interest and may offer minimum guarantees. They also have the potential to provide an adjustment on withdrawn account values (a potentially higher or lower payment) based on how interest rates have changed and how much time has elapsed since the crediting rate was set.
  • Equity Indexed and Equity Linked Annuities credit a rate of interest that is linked to the broad performance of a stock market index, but with limits on how much you can gain or lose.
  • Some annuities offer the flexibility to have a combination of all these crediting strategies and features.
Click here for prospectuses for selected deferred annuities

Variable Annuities

A variable annuity is similar to a deferred annuity but with different investment options for your account value.

  • Tax deferred growthEarnings are not taxed until withdrawn, allowing more of your money to keep working for you while you save for retirement.
  • A wide range of investment options4Freedom to decide where to invest your account value from available investment options. Choose from variable subaccounts, which are similar to mutual funds, or fixed accounts. These options come with higher growth potential, and increased risk.
  • Full market participation4The value of your contract depends on the market performance of your variable subaccounts. Your account value growth is not limited, but there is also potential to lose value.
  • Guaranteed payments1,2Payments are guaranteed to continue based on the parameters established at the time of annuitization. Changes to interest rates or fluctuations in the financial markets won’t impact the payment amount.
  • Payments you can’t outliveIf selected, payments can be based on one or multiple lives.
Click here for prospectuses and information pertaining to the variable sub-accounts
  • Guarantees are subject to the claims-paying ability of the issuing insurance company.
  • Taxes are due upon withdrawal, and if withdrawn before age 59½, may be subject to an additional 10% federal tax penalty.
  • Withdrawals and surrenders may be subject to surrender charges and a Market Value Adjustment (if applicable).
  • Variable annuities carry annual insurance company mortality and expense risk charges, withdrawal charges in the early years, and administrative fees. Individual features may be offered at an additional cost. The values of a variable annuity contract will fluctuate with the investment performance of the underlying subaccounts and may be worth more or less than the original investment. Management fees and/or other expenses also apply on an ongoing basis for each subaccount portfolio available under the contracts. Please see the prospectus for more details concerning any applicable fees and each subaccount portfolio’s expense.

    Variable annuities are long-term investments. You should carefully consider the investment objectives, risks, charges, and expenses of the investment alternatives. These contracts have limitations and are sold by prospectus only.  The prospectus contains details on the investment alternatives, policy features, underlying portfolios, fees, charges, expenses, and other pertinent information. To obtain a prospectus or a copy of the underlying portfolio prospectuses, please contact us.

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