We will be making changes to our Income Pay rider effective December 1, 2015, due to the adoption of new mortality tables adjusted for the increase in life expectancy. Other carriers, like us, are required to apply these new tables which will generally result in adjustments to life contingent guarantees and payouts.
Income Pay Updates Effective December 1, 2015
- Change from three bonus credit options to one – 6.00% for up to the first 10 contract years (no reset).
- New election form will be required.
- No other changes apply.
Effective December 1, 2015, the updated rider is available on:
- North American Charter PlusSM and NAC RetireChoice® Fixed Index Annuities
- North American Charter® and North American Precision® Fixed Index Annuities
- The rider is available in certain states on the products listed above.
Click here for availability in your state
NEW BUSINESS GUIDELINES: Applications for the current Income Pay rider must be received on or before November 30, 2015 and contracts must be made effective by December 31, 2015. Applications received on December 1, 2015 and after will not be accepted.
Sales Support Team @ Transpacific Financial Inc.