Help clients solve retirement income needs over time with the SecurePay Life benefit. Adding this optional benefit to a Schwab Genesis Variable Annuity™ or Schwab Genesis Advisory Variable Annuity™ provides benefit base growth early on and guaranteed income later.
Why add the SecurePay Life benefit to a Schwab variable annuity?
Investing with the SecurePay Life benefit
To feel confident about their overall retirement strategy, clients need an income strategy that works with their investment preferences. When clients add this benefit to their variable annuity, they'll still have access to diverse, high-quality investment options. See how this flexibility can help you tailor tax-deferred, growth strategies to your clients' needs.
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1 If the contract value is reduced to zero due to benefit withdrawals, the contract will be annuitized and they will begin receiving monthly income payments in an amount equal to the last Annual Withdrawal Amount, divided by 12. If the contract value falls to zero due to excess withdrawals the rider will terminate and payments will end.
2 The Benefit Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal.
3 SecurePay NHSM nursing home enhancement may not be available in all states and may not be available with new contract in the future. To qualify for SecurePay NH, the client must: Be confined to a qualified nursing care facility; be unable to perform two out of six specific Activities of Daily Living or be diagnosed with a severe cognitive impairment; have not been in a nursing home one year before and after purchasing an optional protective lifetime income benefit. Proof of continued qualification is required for each contract year in which this benefit is claimed.
Schwab Genesis variable annuity and Schwab Genesis Advisory variable annuity are flexible premium deferred variable and fixed annuity contracts issued by PLICO in all states except New York under policy form series VDA-P-2006. SecurePay Life benefits provided by rider form number VDA-P-6057 Policy form numbers, product availability and product features may vary by state.
Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
Withdrawals reduce the annuity’s remaining death benefit, contract value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.
WEB.5935370.08.24
2 The Benefit Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal.
3 SecurePay NHSM nursing home enhancement may not be available in all states and may not be available with new contract in the future. To qualify for SecurePay NH, the client must: Be confined to a qualified nursing care facility; be unable to perform two out of six specific Activities of Daily Living or be diagnosed with a severe cognitive impairment; have not been in a nursing home one year before and after purchasing an optional protective lifetime income benefit. Proof of continued qualification is required for each contract year in which this benefit is claimed.
Schwab Genesis variable annuity and Schwab Genesis Advisory variable annuity are flexible premium deferred variable and fixed annuity contracts issued by PLICO in all states except New York under policy form series VDA-P-2006. SecurePay Life benefits provided by rider form number VDA-P-6057 Policy form numbers, product availability and product features may vary by state.
Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
Withdrawals reduce the annuity’s remaining death benefit, contract value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.
WEB.5935370.08.24