1 Contract is permanent and does not have a cash value.
2 Interest earnings grow tax deferred until received. Distributions from non-qualified annuities and IRAs are subject to ordinary income tax. Distributions from a Roth IRA are tax free after age 59½ if the plan has been established for at least five years. Withdrawals prior to age 59½ may incur a 10% IRS penalty tax in both Traditional IRA and Roth IRA plans and in non-qualified annuities.
Payment of the benefits of Columbus Life Insurance Company products is the obligation of, and is guaranteed by, Columbus Life. Guarantees are based on the claims-paying ability of Columbus Life. Products are backed by the full financial strength of Columbus Life Insurance Company, Cincinnati, Ohio.
Columbus Life Insurance Company is a member of Western & Southern Financial Group, Inc. Single Premium Immediate Annuity contract series CL-21 issued by Columbus Life Insurance Company.
These contracts and benefits may not be available in all states, and benefits may vary by state. Annuity contracts have terms and limitations for keeping them in force. Please contact a financial representative for complete details.
Product and feature availability, as well as benefit provisions,vary by state. See your financial professional for product details and limitations.
Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59½, may be subject to a 10% IRS penalty.
An immediate annuity is permanent. Owner has no access to premium, which converts to an income payout stream. There is no cash value, no death benefit and the annuity can't be surrendered. Contract terms, such as payment amount and frequency, cannot be changed, unless commutation is available and elected. An immediate annuity should not be purchased if access may be needed to any of the premium for living expenses or other purposes.
