Providing You Guaranteed Income For Life With LifeSource Plus® Single Premium Immediate Annuity
You've spent a lifetime growing your retirement savings. So now that you have these funds, the decisions you make about how to manage them for the rest of your life are even more important. Ultimately, how do you ensure that you don't outlive your money?
With a LifeSource Plus® Single Premium Immediate Annuity, you can convert a portion of your assets into a steady stream of income for a lifetime. You make a one-time payment into your annuity, and your annuity provides a guaranteed income stream for a certain number of years — or for life — depending on your payout option.
This product has specific eligibility requirements.
18-85, age last birthday without life contingencies
$10,000 minimum single premium (subject to minimum monthly income payment of $100)
50-85, age last birthday with life contingencies
No subsequent premiums
Key Features of LifeSource Plus Single Premium Immediate Annuity
Begin receiving income payments immediately, once we receive your single premium and issue the contract¹
Choose the amount of time your payouts will last; either for a certain period or — with a life contingency option — for life
Seven income payout options available to select how your income stream will be delivered
Reliable, steady income: the amount & frequency of your payments does not change¹
1 Contract is permanent and does not have a cash value. 2Interest 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.
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