At a glance
The Select Benefit Annuity is a single premium, fixed index annuity with seven available interest crediting options and the choice of two optional riders that include a premium bonus – the Accelerated Income Rider and the Legacy Preservation Rider.
Select Benefit Annuity offers a combination of contract guarantees, optional riders with bonus, flexible interest choices and withdrawal options.
The Select Benefit Annuity is not currently available for sale for new contracts.
Select Benefit Annuity offers:
- A bonus of up to 10%1 (requires purchase of the Accelerated Income Rider or the Legacy Preservation Rider, and a vesting schedule applies)
- 5% free annual withdrawals (available in the first year based on Purchase Payment amount and then the prior year contract anniversary Account Value beginning with the second contract year)
- Guaranteed Minimum Interest Rate for the Fixed Account
- Multiple interest-crediting options
- Nursing Home Waiver2
- Terminal Illness Waiver2
The optional Accelerated Income Rider provides:
- 7% annual Roll-up3
- Accelerated Income in the first 10 years of taking income (after the first 10 years, the Annual Income is reduced by 50%)
- Competitive Payout Factors
- Guaranteed Annual Income
- Single or Joint payout
- Home Healthcare Doubler4
The optional Legacy Preservation Rider provides:
- 3% annual Roll-up to the Income Benefit Base for up to 20 years or age 85, but a minimum of 5 years
- The ability to take dollar for dollar withdrawals during the Roll-up term (up to an annual maximum)
- RMD friendly
The GLWB Rider and GMDB Rider cannot be purchased together.
For more information about Select Benefit Annuity speak with your financial professional.
11 In AK, CA, ID, IN, MN, MO, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT and WA, the bonus is 8%; in FL the bonus is 9%.
2Availability varies by state.
3For the first 10 Contract Years, as long as Lifetime Annual Income is not taken and the Owner has not reached age 85, the Benefit Base increases by at least 7% on each Contract Anniversary.
4If the Covered Person (or if applicable, the Joint Covered Person) becomes unable to perform at least two of the six basic activities of daily living, the Home Healthcare Doubler doubles the Withdrawal Rate for up to three years, without affecting the Annual Income after the 5 year period. After the 3 year period, the Lifetime Withdrawal Rate used to calculate Annual Income will revert to the original Withdrawal Rate. A physician's certification and annual recertification are required and the Home Healthcare Doubler may only be applied for once.
Security Benefit Corporation and its affiliates are not a fiduciaries and the information provided is not intended to be investment advice. This information is general in nature and intended for use with the general public. For additional information, including any specific advice or recommendations, please visit with your financial professional.
Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of and are not guaranteed or underwritten by any bank, savings and loan, or credit union or its affiliates; and are unrelated to and not a condition of the provision or term of any banking service or activity.
Bonus annuities, such as the Select Benefit Annuity, may include changes to the elements used to determine the index interest credits or changes to the interest rate that are not included in similar annuities without a bonus. These changes may include lower current interest rates, higher surrender charges, longer surrender charge periods, lower participation rates or caps, higher spreads, or other changes. The amount of charges or reduction of interest credits may exceed the amount of the bonus.
The Security Benefit Select Benefit Annuity, form 5900 (11-16) and ICC16 5900 (11-16), a fixed index single premium deferred annuity contract, the Accelerated Income Rider, form 5920 (11-16) and ICC16 5920 (11-16), and the Legacy Preservation Rider, form 5921 (11-16) and ICC16 5921 (11-16), optional riders for which an annual charge applies, are issued by Security Benefit Life Insurance Company. Product features, limitations and availability may vary by state.