Plus40

The Plus40™ Rider is an optional feature that can be added to an annuity contract, offering a 40% tax-free life insurance benefit based on the annuity's account value at the time of death. This rider is in addition to any standard death benefit and cannot be elected if annuity payments have already begun or if the annuity is surrendered. It does not accumulate cash value and is not available for tax-sheltered annuities like 403(b) or 401(k) plans. If death occurs within 24 months of the rider's effective date, the death benefit is limited to the charges paid for the rider. Additional purchase payments made within 24 months of death will reduce the death benefit, although 50% of the charges paid will be added back. If the annuity owner becomes terminally ill, they can elect to receive up to 50% of the death benefit or $100,000 early under the Accelerated Death Benefit provision. The remaining benefit will be reduced by the amount received, plus an annualized interest of 6%. Misstatements of age can adjust the benefit amount. The rider terminates at the annuity owner's 95th birthday, with no charges after that. The death benefit is based on purchase payments, increasing by 5% per year, and reductions apply if payments are made within 24 months of death. A per life maximum benefit applies for total purchase payments exceeding $1,000,000. After the 10th anniversary of the annuity’s issue date, owners can elect the Annuity Rewards Death Benefit enhancement. This ensures beneficiaries receive at least the annuity's value as of the benefit's effective date, capturing any market gains. The benefit guarantees the death benefit will not be less than the contract value in variable accounts plus interim value in MVA fixed allocations, minus withdrawals, and plus subsequent purchase payments. If the basic or optional death benefits exceed the enhanced death benefit, the beneficiary will receive the higher amount.