National Integrity IncomeSource Single Premium Immediate Annuity Review
Create Retirement Confidence
Achieving a full and satisfying retirement requires an income that provides real lifestyle confidence.
A guaranteed stream of income for your retirement helps provide the freedom to live the promises you made to yourself along the way — to travel, to experience, to go where life takes you — without financial concerns, without boundaries. You worked hard to accumulate assets to ensure you could one day pursue those promises.
Your ultimate objective in saving over the years was to someday provide spending flexibility for your needs and wants. Now that day is here and IncomeSource, a single premium immediate annuity, converts your retirement savings to retirement income; income that can last a lifetime. Designed to provide a dependable, guaranteed stream of income, IncomeSource is issued by Integrity Life Insurance Company, Cincinnati, OH, and National Integrity Life Insurance Company, Greenwich, NY.
Peace of mind comes with simplicity and security. Your IncomeSource payouts are automatic and guaranteed, giving you the financial freedom to relax and enjoy the retirement you deserve.
IncomeSource is backed by the full financial strength of Integrity and National Integrity — both among the insurance industry’s most highly rated companies.
Why an Income Annuity?
An income annuity can help support a comfortable and worry-free retirement. Convert a portion of your wealth into an income stream and increase your likelihood of covering your basic expenses for as long as you live.
Add Up the Advantages
If you don’t require unlimited access to all your assets and want to know you can depend on regular, guaranteed income, consider how many of these reasons apply to you:
1.You are entering retirement or are already retired. 2. You have resources (pension distributions, retirement accounts, brokerage accounts) that you wish to convert into an income stream. (Surrender charges or penalties may apply.) 3. You are concerned about outliving your income and savings. 4. You value a guaranteed source of income in retirement. 5. You want to select among various payout options. 6. You have other retirement resources that can be invested for growth. 7. You seek freedom from having to manage your savings to generate income. 8. You wish to provide income for your spouse or beneficiaries.
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A Source for More than Retirement Income
Secure and guaranteed, your income stream can supplement your current income or provide income for other purposes, such as:
1. Finance a business purchase being made on installments. 2. Provide deferred compensation to an employee on separation or retirement. 3. Shelter assets in cases of personal bankruptcy (with proper tax counseling). 4. Pay the premiums on life insurance and long-term care policies. 5. Make payments on a mortgage. 6. Create a charitable giving plan. 7. Fund a divorce decree. 8. Underwrite education expenses. 9. Support the care of someone who is unable to work.
Benefits of IncomeSource
Increasing Payout Options Protect Your Purchasing Power
Are you concerned that rising prices will wreak havoc on your purchasing power, especially over an extended period? To help ensure that your income stream remains strong throughout the years, IncomeSource offers a guaranteed Increasing Payout Option (IPO).
Choosing the IPO increases your annual payouts over the length of your income stream by a compounded interest rate of 1% to 5%. It’s available with any income option you choose. There is no percentage or dollar limit to the maximum increase.
The option is not tied to any outside index or indicator. Once a contract is signed, the option cannot be added or removed, as the income stream is adjusted from the start of the contract.
Commutation Options Provide Cash Access and Control
You can access cash in the form of a lump-sum payout from IncomeSource in specific instances. The “commuted” value is the present value of future payouts. Commutation benefits (automatically included and available for both qualified and nonqualified contracts), provide valuable liquidity if unforeseen needs arise, such as an unexpected relocation or a health-related matter. And commutation can be taken multiple times, as defined in the contract. The commutation option is not available with life only payouts, temporary life payouts and certain period payouts of less than 10 years.
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Access While an Annuitant Lives
A living annuitant commutation benefit allows owners receiving payouts (containing certain period payouts of 10 years or longer or life contingent payouts with guaranteed payouts) to commute, that is to say, “cash out,” a percentage of all remaining payouts. There are no upfront, built-in charges for having access to the ability to commute. Once the commutation benefit is elected, the original payout amount is reduced. At the end of the certain period, if a life contingency (payouts for life or for two lives) exists, the remaining payouts (including any Increasing Payout Option) resume as if there was no commutation. IncomeSource must be in force for at least one year for this benefit to be exercised.
Access After an Annuitant Dies
A deceased annuitant commutation benefit allows beneficiaries to commute, or “cash out,” the remaining certain period payouts upon the death of the annuitant (for a single life annuity) or the last living joint annuitant (for a joint and survivor annuity). The lump sum will be the present value of the remaining certain period payouts discounted at a single interest rate stated in the contract.