Our latest withdrawal rate increases of Protective%%®%% Income Creator
July 22, 2024
We are excited to announce that we are increasing select guaranteed lifetime income withdrawal percentages for the lifetime income benefit available with the Protective® Income Creator fixed annuity, effective July 22, 2024.
We believe products should be easy to understand and easier to recommend. This update supports our continuous effort to help you offer competitive annuities to meet your clients' retirement income goals. See the new withdrawal rates.
New guaranteed lifetime withdrawal rates for key retirement ages*
Issue age
67
70
75
78
80
Single withdrawal rates
7.45%
8%
8.5%
8.65%
8.75%
Joint withdrawal rates
6.95%
7.5%
8%
8.15%
8.25%
*Lifetime income rates shown at key retirement ages above for single persons and spouses are based on the benefit being taken within the first year. See Payout Guide for full details and guaranteed income factors for every age.
Transition rules
- Tickets/Applications dated July 21, 2024, or earlier and received in good order will be issued with the current withdrawal rates:
- Cash/Applications/Any 1035 exchange paperwork related to these new tickets/applications must be received no later than August 5, 2024 (10 business days from effective date).
- Previously submitted Annuity tickets/applications that are awaiting funding from 1035 exchanges and/or Not In Good Order (NIGO) items will continue to be processed through existing procedures.
- Tickets/Applications for the Protective Income Creator dated July 22, 2024, and after will be accepted and issued with the new withdrawal rates.
Reach out to your representative today to see how we're helping clients achieve the protection they deserve.
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We’re ready to help you deliver the protection and security customers deserve. Reach out to us anytime for questions and support, and we’ll get in touch with you as soon as possible.
WEB.5830174.07.24