Nationwide INCOME Promise Select is a single-premium, fixed immediate annuity.
Nationwide INCOME Promise Select is for clients who want the greatest amount of immediate guaranteed income for as long as they need it.
Watch this video to learn more.
- Customized guaranteed income – choose payment duration (income for life or for a selected period of time between 3 and 30 years) and frequency (monthly, quarterly, semiannually, or annually)
- Cost-of-living adjustment feature that provides future income increases to help protect against inflation
- Liquidity feature that allows lump-sum withdrawals in the event of an emergency; available with certain payment options; a fee will be assessed if the liquidity feature is utilized
- Competitive income rates
- Maximum issue age: Owner – no age limit; Annuitant/Joint Annuitant – age 95; certain restrictions may apply to income options available
- Plan types: Nonqualified, IRA, Roth IRA
- Minimum initial investment: $10,000
- Subsequent payments are not permitted
- Maximum initial investment: $3,000,000
- Customize guaranteed income payments
- Single or joint contract
- Payment duration – lifetime or a selected period of time between 3-30 years
- Payment frequency – monthly, quarterly, semi-annual, or annual basis
- Payment guarantees – for a period of time or return of premium
- Income payments are calculated from the premium paid, income start date, payment frequency, income payment option (duration), and the client’s age and gender
- Liquidity option
- Can take multiple lump-sum withdrawals of up to 100% of the Liquidity Value during the Liquidity Period; a $50 fee per withdrawal applies ($100 in New York)
- Available with any term-certain or cash refund payment option as long as the purchase payment is no more than $1,000,000
- Future income payments will be reduced proportionally
- Cost-of-living Adjustment
- Income will automatically increase annually by 1, 2, 3, 4, or 5% compounded annually
- Option must be elected at issue and increases will continue for the life of the contract
For more information or to make a case, contact your Nationwide wholesaler at 1-877-877-2716.