Not much can be guaranteed these days. This rings especially true when evaluating the risks you want to take in choosing an investment. However, Illinois Mutual guarantees annuity payments under the terms of your contract. This is a guarantee no investment could match. As a long-term savings vehicle, there is not another investment that provides the unique distribution features during the investor's retirement years than a fixed annuity.
Select Advantage Annuity
Knowing you’ll be retired for many years, and on a limited income, saving as much as you can today just makes sense. One way to get the most out of every retirement dollar is to purchase a Select Advantage Annuity that combines competitive yields and safety with the benefits of tax deferral. The Select Advantage Annuity from Illinois Mutual is a single-premium deferred annuity. All the interest your annuity earns is tax-deferred until you withdraw it, usually at retirement. It’s one smart way to protect your quality of life tomorrow, today.
Select The Best Retirement Protection
We understand your need for security, so you can truly enjoy your retirement years with the Select Advantage Annuity. The minimum premium to begin a Select Advantage Annuity is $5,000. Qualified and non-qualified plans are available and there are no annual administrative fees. Issue ages range from 0 to 90 on the three and four year plans and from 0 to 80 on the five, six, seven, eight, and ten year plans.
A Competitive Interest Rate with Guarantees
At Illinois Mutual, we understand you want competitive interest rates. It’s comforting to know your rate will never fall below three percent. Guaranteed. The interest paid on a Select Advantage Annuity is guaranteed for the length of the Interest Rate Guarantee Period (IRGP) selected by you. IRGPs of three, four, five, six, seven, eight, and ten years are available. At the end of the IRGP, you decide if you want to start a new IRGP with a new interest rate, or if you want to surrender your contract penalty free.
Payment Options That Work For You
In addition to electing a cash sum, a variety of other payment plans are available:
Annuity for a Period Certain: You specify the number of years
over which you would like to receive annuity payments. Life Annuity: Payments are guaranteed throughout your natural lifetime.
Life Annuity with Period Certain: Payments are guaranteed throughout your lifetime. In the event of death, payments continue to the designated beneficiary for the balance of the guaranteed term ranging from five to 20 years.
We Understand You Need Liquidity
There are times when we all need a little extra money, regardless of how well we plan. In any contract year, up to 10 percent of the accumulated cash value, as of the first day of the contract year, may be withdrawn without a surrender charge. In the first contract year, the amount that can be withdrawn without a surrender charge is further limited to the interest credited to the account. However, IRS penalties may occur if withdrawal occurs prior to age 59.5.
The Select Advantage Annuity provides tax-deferred compounding, which means your money grows at a faster rate and translates into more money for your retirement. One of the smartest ways to protect and grow your money at the same time is through a contract that allows your interest earnings to be tax deferred.
Single Premium Immediate Annuity
If immediate income is a primary objective of your retirement planning, then Illinois Mutual's immediate annuity may be right for you. With our Single Premium Immediate Annuity (SPIA), you can purchase this contract with a single deposit, and start receiving regular payments after 30 days. Once your SPIA distributes its first payment, it generally cannot be cashed in.
Reasons for Purchasing
Immediate annuities are purchased for many reasons including:
Security – the annuity provides stable, guaranteed lifetime income which can never be outlived or which may be guaranteed for a specified period.
Simplicity – the annuitant does not have to manage his investment or markets, nor has to report interest or dividends.
Good returns – the interest rates used by Illinois Mutual to calculate our Immediate Annuity is generally higher than CD or treasury rates and, since part of the principal is returned with each payment, greater amounts are received than would be provided by interest alone.
Safety – funds are guaranteed by assets of Illinois Mutual and not subject to the fluctuation of financial markets.
Income Options
The money to purchase an immediate annuity may come from anywhere, but most generally comes by way of transfer from deferred annuities, savings accounts, bank CDs, or tax-qualified retirement plans. Some of the income options available from an immediate annuity include:
Annuity for a Period Certain: You specify the number of years over which you would like to receive annuity payments.
Life Annuity: Payments are guaranteed throughout your lifetime.
Life Annuity with Period Certain: Payments are guaranteed throughout your lifetime, or if longer, a guaranteed period of time. At your death, payments continue to the designated beneficiary for the balance of the guaranteed term which could range from five to 20 years, as selected by you.
Joint and Survivor Annuity: Payments will be made through your lifetime and the lifetime of the joint annuitant designated by you.