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Product Highlights

A deferred income annuity that can provide you with the financial security of a guaranteed income that can begin 2 to 40 years in the future.

Customer Needs

  • Stability of guaranteed, reliable income payments that can last a lifetime
  • A product that acts as a personal pension plan
  • Ability to defer income payments until much later in life

Qualified Longevity Annuity Contract (QLAC)

A QLAC is a deferred income annuity that pays a guaranteed income designed to begin at an advanced age, such as 80 or 85.

Learn more about QLACs

Issue Ages:

  • 40-75 for non-qualified and qualified longevity annuity contract (QLAC) money
  • 40 to 68 for qualified money

Income Start Date

  • Between 2 and 40 years from purchase date
  • Income start date can be changed once after purchase date
  • The date must be 2 years after the most recent purchase payment and can only be moved 5 years earlier or 5 years later than the date originally selected

Policy Minimum

  • Minimum initial purchase payment: $5,000
  • Minimum additional purchase payment: $2,000
  • Maximum for Qualified and Non-Qualified: $1 million
  • Maximum purchase payments for QLACs: the lesser of $125,000 or 25% of all IRA account balances

Additional Features

  • Income Payment Advance - can be elected up to three times and only is payments are received on a monthly basis (available only on Non-Qualified contracts)
  • Annual Increase Option - increase in annuity payments by either 1,2 or 3 percent beginning with the second year of payments
  • Income Start Date Adjustment - can be changed one time
  • Subsequent Options - subsequent contributions can be added at any time, up to 2 years before the income start date

Other Information

  • No surrender options once the consumer begins receiving payouts
  • Refund of purchase payment available during a free-look period (as required by state laws)
  • Deferred Income Protector FAQs

Payout Options

  • Single Lifetime Only
  • Single Lifetime Income with Cash Refund
  • Single Lifetime Income with Installment Refund (not available for QLAC)
  • Single Lifetime Income with Period Certain (not available for QLAC)
  • Joint Lifetime Income Only
  • Joint Lifetime Income with Cash Refund
  • Joint Lifetime Income with Installment Refund (not available for QLAC)
  • Joint Lifetime Income with Period Certain (not available for QLAC)

Death Benefit

Varies based on payout option selected

Licensing Requirements

  • State insurance license for life products
  • Appointed with United of Omaha
  • Anti-money laundering (AML) training
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