Choice Income

 

Need to Know

Who: Clients age 50-85

Benefit: A retirement savings strategy which offers upside potential with downside market protection.

Min. issue: $25,000

Max. issue: $1 million 50-80; $500,000 81-85

Surrender charge period: nine years

 

 

Traditional fixed index annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB)

Choice Income fixed index annuity includes a guaranteed lifetime income feature (assuming no excess withdrawals) with a choice at issue for Withdrawal Base growth (which applies until activation date)  - 10% of premium (adjusted for withdrawals), or 7.5% of premium (adjusted for withdrawals) plus additional dollar amount of interest credits for the year, minus withdrawals.  In addition, Choice Income offers a Guaranteed Minimum Surrender Value (GMSV), which may increase the contract value upon surrender after the withdrawal charge period and can serve as a minimum death benefit.  However, the GMSV benefit terminates upon GLWB activation.

 

 

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Products

 

Guarantees are based on claims-paying ability of Forethought Life Insurance Company and subject to compliance with benefit rules.

A fixed index annuity is intended for retirement or other long-term needs. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed index annuity is not a registered security or stock market investment and does not directly participate in any stock or equity investments or index.

If you are investing in a fixed index annuity through a tax-advantaged retirement plan such as an IRA, you will receive no additional tax advantage from a fixed index annuity. Under these circumstances, you should only consider buying a fixed index annuity if it makes sense because of the annuity’s other features, such as lifetime income payments and death benefit protection.

Taxable distributions (including certain deemed distributions) are subject to ordinary income taxes, and if made prior to age 59½, may also be subject to a 10% federal income tax penalty. Payments from IRAs are taxable in accordance with the normal rules surrounding taxation of payments from an IRA. Early surrender charges may also apply. Withdrawals may reduce any optional guaranteed amounts in an amount more than the actual withdrawal.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult a tax or legal counsel for advice.

Choice IncomeSM fixed index annuity is issued by Forethought Life Insurance Company and available in most states with contract FL-FIA-13 and ICC14-FL-FIA.

Products and features are subject to state availability and variations. Read the Contract for complete details.

Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE PUBLIC.

Not a bank deposit Not FDIC/NCUA insured Not insured by any federal government agency No bank guarantee May lose value Not a condition of any bank activity
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