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Essential Income 7® Annuity

Principal protection from market loss,

potential indexed interest,

and the potential for tax-deferred growth.


Essential Income 7® Annuity

If you are concerned about saving enough for retirement – and you want guaranteed lifetime income that can help cover your essential expenses throughout retirement – Essential Income 7 Annuity may be a good choice. Essential Income 7 Annuity provides the typical features of fixed index annuities including principal protection from market loss, the potential for tax-deferred growth, options for lifetime retirement income, and a death benefit for your beneficiaries.


While you’re saving for retirement, Essential Income 7 offers:

  • simplified indexing with annual point-to-point crediting, and
  • powerful indexed interest potential through two index allocation options.


And when you’re ready to start receiving income, the Essential Income 7 Annuity with its built-in Essential Income Benefit (included at an additional cost):

  • gives you increasing lifetime withdrawal percentages every year until you begin withdrawals, and
  • guarantees income for life through lifetime withdrawals.


Plus, Essential Income 7 Annuity has a seven-year surrender charge period — so you can access the money in your contract without surrender charges after only seven years.

Issue age and minimum

You must be between the ages of 0-80 in order to purchase Essential Income 7.

The minimum initial premium payment is $10,000 for qualified and nonqualified money.


The participation rate is 100% guaranteed for the life of the contract. This means we use the entire percentage of index change when we calculate the indexed interest rate. Caps would still apply.


The cap is the maximum percentage of index change we use for a specified time period to determine how much interest we credit to your annuity in a given contract year.


Allocation options

Annual point-to-point with a cap: S&P 500®Index, Barclays US Dynamic Balance Index II

Income or accumulation benefits

The Essential Income Benefit is included with the Essential Income 7 Annuity for an additional charge. It offers increasing income withdrawal percentages (beginning at age 45) until lifetime withdrawals begin or annuitization is started. It also offers a choice of two income payment options: predictable payments and payments with the opportunity to increase. Once lifetime income withdrawals begin, access to penalty-free withdrawals is no longer available.


The annual benefit charge for the Essential Income Benefit is a percentage of the accumulation value, deducted monthly from the accumulation value and guaranteed minimum value (in most states). The annual benefit charge percentage for the guaranteed minimum value is 0.85% for all contract years.


The annual benefit charge percentage for the accumulation value is 0.85% for the first contract year. It can change each year during the next six contract years, but will not be more than 2.50%. After the seventh contract year, the annual benefit charge percentage will be 0.85% for all remaining contract years. The benefit charge will continue for the life of the contract even after lifetime income payments have begun.

Annual payout percentage increases apply to ages 45 and above. Lifetime benefit withdrawals cannot begin before age 50.

Access your money

With our penalty-free withdrawal option, after the first contract year, up to 10% of the contract’s premium paid can be withdrawn each contract year, as long as the money is withdrawn after the contract anniversary following the most recent premium payment; maximum is cash surrender value.


Essential Income 7 has a seven-year surrender charge period (8.5%, 8.0%, 7.0%, 6.0%, 5.0%, 4.0%, 3.0%, 0%). The surrender charge percentage will decrease 1/12 of 0.5% on each of the first 12 monthiversaries. On each subsequent monthiversary, the surrender charge will decrease by 1/12 of 1%. On day one of contract year 8, it will be zero.


Market Value Adjustment (MVA): If the contract is partially or fully surrendered (not including 10% free withdrawals and Required Minimum Distributions), it will be subject to an MVA during the surrender charge period. An MVA will also apply if the contract is annuitized prior to the sixth contract year or if annuity payments are taken over a period of less than 10 years.

MVA reference rate

Payout options

With the Essential Income Benefit, beginning at age 45, the contract's lifetime withdrawal percentages will automatically increase each year you keep the contract in deferral, until income payments begin. The base payment percentage is determined by your age at the time you purchase the annuity. Starting at age 55 the base payout percentages increase for every five years of age. (For example, on a single life withdrawal with payout option 1, age 50 base = 4.00%, age 55 base = 4.50%, etc.). Lifetime income withdrawals can begin as early as age 50.


Payout option 1 gives you predictable, dependable income for life. Income option 1 may be a good choice if you want the reassurance of knowing exactly how much income you'll receive, and if you want a guaranteed stream of income that you can't outlive.


Payout option 2 also provides income for life – plus an opportunity for payment increases. Income option 2 offers a smaller payment up front, but it has the potential to increase each year by the interest rate credited to your allocation options in your contract. On every contract anniversary, your annual maximum withdrawal amount (maximum income payment) will be recalculated to reflect the interest rate from selected allocations.

Death benefit

Your beneficiaries can receive the greatest of the full accumulation value, cumulative withdrawal amount, net premium, or the guaranteed minimum value as a lump sum or as annuity income payments over at least five years.




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