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Guaranteed Lifetime Income Rider (GLIR)

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Saving for your retirement is often challenging and often requires sacrifices.  After you have put in those tough years of saving and doing the right thing you deserve a simplified and most of all guaranteed way to have income in retirement.

National Life Group, through it's member company Life Insurance Company of the Southwest, offers an excellent solution for retirement saving and income for employees of non-profit organizations. Our Guaranteed Lifetime Income Rider for 403(b) and 457(b) flexible annuities can provide you with a Guaranteed Withdrawal Payment from the annuity that will last a lifetime…income that cannot be outlived!

Best of all, the GLIR allows you to take this guaranteed income from your annuity while providing access to the remaining money in the annuity if an emergency arises.

There are two GLIR options for you to choose from to power your income:

  • Income based on a Benefit Calculation Base, a number used for income calculation only, that builds with a bonus plus a fixed Roll up rate providing a predictable income
  • Income based on the Accumulation Value of the policy plus an activation bonus providing the potential for higher income instead of the security of a known roll-up rate

Visit our Frequently Asked Questions.

Guaranteed Lifetime Income Rider is Rider Form Number 20367 and 20373 and is underwritten by Life Insurance Company of the Southwest, a member of National Life Group, 15455 Dallas Parkway, Suite 800, Addison, Texas 75001. Electing this rider incurs an additional cost and rider charges continue to be deducted regardless of whether interest is credited.

  1. 1 Guarantees are based on the claims paying ability of the issuing Company. Guaranteed Withdrawal Payments are taxed as ordinary income, and reduce the policy’s accumulated value, but you will continue to receive these payments for your lifetime even if your accumulation value declines to zero.
  2. 2 Withdrawals in excess of the lifetime income amount (an excess withdrawal) will reduce future lifetime income. An excess withdrawal that is equal to 100% of the remaining accumulation value will end the lifetime income payments.

Annuities have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the annuity. In addition, withdrawals prior to age 59 ½ may be subject to a 10% Federal Tax Penalty. Indexed annuities do not directly participate in any stock or equity investments.