Guaranteed Lifetime Income Rider (GLIR)

National Life Group offers an excellent solution for retirement saving and income for employees of non-profit organizations. Our Guaranteed1 Lifetime Income Rider for 403(b) and 457(b) flexible annuities can provide the annuitant with a Guaranteed Withdrawal Payment from his or her annuity that will last a lifetime…income that cannot be outlived!

GLIR is a rider, or feature, available on fixed indexed annuities issued by Life Insurance Company of the Southwest.2 GLIR allows you to take guaranteed income from the annuity, while providing access to the remaining accumulation value in the annuity. GLIR uses a calculation account called the Benefit Calculation Base to determine how much future lifetime income can be paid using the rider. The Benefit Calculation Base is not your annuity's accumulation value, and cannot be withdrawn - it is solely used to calculate income. GLIR also uses a separate rate applied to the Benefit Calculation Base called a Roll-Up Rate.

Here’s how it works: EXAMPLE

This Rider’s minimum issue age is 25. The Rider can be added Flexible Premium Indexed Annuities issued as a 403(b) or 457 and is required on all new flexible premium annuities purchased with an initial premium of $25,000 or more.

The Guaranteed Lifetime Income Rider for 403(b)/457 annuities offers several outstanding benefits, including:

  • Maximum Accumulation Period on the Roll-up Rates up to the 30th Policy Anniversary or until the first Guaranteed Withdrawal Payment.
  • The current Roll-up Rate is 6%, guaranteed for 10 years on the initial premium. After 10 years, the renewal Roll-up Rate is set annually and guaranteed in advance. Each additional premium will be treated in a similar fashion.
  • An Enhanced Benefit 2 – Should the annuitant qualify and become permanently unable to perform two out of six activities of daily living. We will provide an Enhanced Benefit which may be substantially higher than the Guaranteed Withdrawal Payment.

Visit our Frequently Asked Questions.

403(b)/457 Guaranteed Lifetime Income Rider is Rider Form Number 20135 and 20136 and is underwritten by Life Insurance Company of the Southwest, a member of National Life Group, 15455 Dallas Parkway, Suite 800, Addison, Texas 75001.

1 Guarantees are based on the claims paying ability of the issuing Company. Electing this rider incurs an additional cost. GLIR may not be available in all states. Guaranteed Withdrawal Payments are taxed as ordinary income, and reduce the policy’s accumulated value, but you will continue to receive these payments even if your accumulation value declines to zero.

2 Not available in CT, FL, HI, IL, NH, NV or TN.

The rider is not available in all states.