AIG SunAmerica Introduces New Living Benefit: MarketLock For Two--Lifetime Income for Both Spouses.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group SunAmerica Retirement Markets, Inc. today announced a new version of the popular MarketLock(TM) feature. MarketLock For Two can provide married couples with income as long as they both live, no matter what happens in the financial markets. MarketLock and MarketLock For Two are available as an additional rider on the company's Polaris and Seasons variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. . "We are pleased to add MarketLock For Two to our industry-leading income solutions," said Robert Scheinerman, Senior Vice President - Marketing, AIG SunAmerica Retirement Markets, Inc. "The reality of Boomer retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. is that lifetime income for both spouses is an essential part of a retirement strategy. With each new feature, we have addressed different investor needs. Now the opportunity for lifetime income includes both spouses, which is particularly important as research by the Society of Actuaries Mission Statement The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. concludes that a couple aged 65 can expect one spouse to live into his or her nineties. MarketLock For Two can provide comfort no matter which spouse lives longer." MarketLock For Two is a guaranteed minimum withdrawal benefit that locks in investment gains to create an income stream for two that can only increase with the market and never decline due to market volatility. Married couples with the younger spouse between the ages of 55 and 75 can elect MarketLock For Two and be guaranteed income for both their lives. The feature offers income flexibility. Couples who begin income after the younger spouse's 63rd birthday can take up to 5% of their benefit base for life. If they begin income after the younger spouse's 75th birthday, they can take up to 6%. For couples who want to retire earlier, they can begin withdrawals of up to 4% of their benefit base for life whenever they want. "MarketLock For Two can help to overcome obstacles to a long and secure retirement such as inflation, market volatility and outliving your money," Scheinerman added. "The feature offers flexible investing, locks in market gains, and provides guarantees to generate retirement income based on the best year in the feature for as long as both spouses live. Also, unlike so many of our competitors' options, the fee is reduced prior to the first withdrawal--which keep costs even lower while couples accumulate assets--and we do not restrict investment choices." MarketLock For Two is easy to use as investors do not need to call in or submit forms to lock in their gains. The feature steps up automatically and locks in investment gains annually for ten years--even after withdrawals begin, with no changes in the fee rate. On the tenth anniversary, MarketLock For Two can also be extended to step up for an additional ten years, with the fees and benefits in effect at the time of step up. An Answer For Today's Retirement Risks Greater longevity increases the need for careful retirement income planning. MarketLock For Two can provide effective protection against the retirement income risks that today's investors face: --Loss of Purchasing Power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. Investors who choose MarketLock For Two have no investment restrictions. They can allocate assets to any investment options in their variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. providing not only guaranteed income--but income that can go up with the market. --Market Volatility Markets have historically gone up over time, but volatility at the wrong time may seriously affect retiree investments and personal comfort in taking withdrawals. MarketLock For Two protects against this risk with guarantees that retirement income will not go down due to market volatility--no matter how the market performs. --Outliving Money Investors who elect MarketLock For Two secure a powerful living benefit that offers the key combination of the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of equities, downside protection Downside Protection Generally used in connection with covered call writing, this is the cushion against loss, in case of a price decline by the underlying security, that is afforded by the written call option. from market volatility, and an easy way to lock in guaranteed annual "retirement paychecks" for as long as they both live. AIG SunAmerica has introduced MarketLock For Two so that investors can participate in the market to achieve growth--with complete downside protection and the security of knowing both spouses will have guaranteed income for life. Whether an individual is single or married, just beginning retirement planning or well into the process, need to take withdrawals or to defer them to achieve greater results, AIG SunAmerica has solutions for the wide range of people who want control and flexibility to generate more retirement income that is guaranteed for life. MarketLock For Two Terms and Conditions MarketLock For Two is optional and available at issue for an additional annual fee of 0.40% of the Benefit Base prior to any withdrawal being taken and 0.80% of the Benefit Base after the first withdrawal is taken. The fee is deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. from the contract value quarterly. Age restrictions apply and the contract must be purchased with the spouse as joint owner or the spouse must be designated as the sole, primary beneficiary. For non-qualified contracts, the younger owner/spousal beneficiary must be age 55-75 at the time of issue. For qualified contracts, the owner must be age 55-75 and the spousal spou·sal adj. 1. Of or relating to marriage; nuptial. 2. Of or relating to a spouse. n. Marriage; nuptials. Often used in the plural. beneficiary must be age 55 or older at the time of issue. The Benefit Base for MarketLock For Two is the amount on which the guaranteed withdrawals are based. On each contract anniversary during the first ten years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Benefit Base is automatically adjusted upwards to the contract's anniversary value, if this anniversary value is greater than the current Benefit Base and all of the contract's previous anniversary values. The contract's anniversary value is calculated as the contract value on the anniversary date, less ineligible in·el·i·gi·ble adj. 1. Disqualified by law, rule, or provision: ineligible to run for office; ineligible for health benefits. 2. purchase payments. Purchase payments made after the contract's first two years are considered ineligible purchase payments. The Benefit Base is adjusted for excess withdrawals. MarketLock For Two must be purchased with the spouse as joint owner or the spouse must be designated as the sole, primary beneficiary. In the event of a death, divorce, change of ownership or change of spousal beneficiary or spousal joint owner, MarketLock For Two will provide guaranteed income for the lifetime of the remaining spouse only. However, the fee for MarketLock For Two will continue to be charged. In the event of a death, spousal continuation is required to continue the feature for the benefit of the surviving spouse. Alternatively, the remaining spousal beneficiary or owner may cancel the feature. MarketLock For Two is provided by AIG SunAmerica Life Assurance Company and, in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , by First SunAmerica Life Insurance Company. Please see the prospectus for complete details, including limitations and restrictions. MarketLock For Two is a living benefit offered as a feature on select AIG SunAmerica variable annuities. Variable annuities are long-term investment vehicles designed to help investors save for retirement with a combination of tax-deferred growth on earnings, a wide range of investment options, guaranteed lifetime income options and protection features such as the living benefit described here, as well as death benefits that can help protect the value of the investment for the owner's beneficiaries. Because investors pay no taxes on earnings within their variable annuity until they take a withdrawal, withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59 1/2, a 10% federal tax penalty may apply. Early withdrawals may also be subject to withdrawal charges imposed by the insurance company. Partial withdrawals may also reduce benefits available under the annuity contract Annuity Contract The written agreement between an insurance company and a customer outlining each party's obligations in an annuity coverage agreement. This document will include the specific details of the contract, such as the structure of the annuity (variable or fixed), any as well as the amount available upon a full surrender. An investment in a variable annuity, like any investment in market securities, involves investment risk, including possible loss of principal. The contract, when redeemed, could be worth more or less than the total amount invested. The living and death benefits in variable annuities, while not a guarantee of contract value, were specifically designed to help protect future income and the beneficiary's inheritance against these risks. Please call 1-800-445-SUN2 or contact your investment representative to request a prospectus. Please read the prospectus carefully before investing. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing. AIG SunAmerica Retirement Markets, Inc., a subsidiary of AIG Retirement Services, Inc., specializes in marketing and distributing the retirement savings products issued by AIG SunAmerica Life Assurance Company and First SunAmerica Life Insurance Company. Together, the life companies of AIG Retirement Services, Inc. rank as the largest issuer of variable and fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. in the nation. AIG SunAmerica Retirement Markets supports the distribution of variable annuities through an extensive national network of registered representatives at independent broker-dealers, securities firms and banks. American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG), world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , as well as the stock exchanges in London, Paris, Switzerland and Tokyo. Variable annuities are issued by AIG SunAmerica Life Assurance Company and, in New York, by First SunAmerica Life Insurance Company. An investment in a variable annuity is not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank and is not federally insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ), Federal Reserve Board or any other federal government agency. The purchase of a variable annuity is not required for and is not a term of the provision of any banking service or activity. Neither AIG SunAmerica nor its representatives provide tax or legal advice. Investors should contact their own tax advisor A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in or attorney regarding their particular situation. Distributed by AIG SunAmerica Capital Services, Inc., Harborside har·bor·side n. The area adjacent to a harbor. Financial Center, 3200 Plaza 5, Jersey City, NJ 07311-4992, 201-324-6300.
NOT FDIC OR NCUA/NCUSIF INSURED
-- NO BANK OR CREDIT UNION GUARANTEE -- MAY LOSE VALUE
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion