Select Choice

Select Choice is an excellent choice to diversify your retirement portfolio.  This single premium, tax- deferred annuity is a great way to provide you with a steady income during retirement.  With flexible income options, you can elect to receive income payments throughout your lifetime or for a period of time you select.  You’ll pay no taxes on your earnings until you withdraw funds or start to draw on your annuity, thus making your money grow faster.

Enjoy peace of mind knowing your beneficiaries will receive the full contract value of your annuity should you die before receiving your payments.

Key Features*


  • Competitive interest rates with initial guarantee period of 5 or 7 years
  • Tax-deferred accumulation
  • Flexible Income Options
  • Available to individuals up to age 85 (18-85 qualified)
  • Optional Guaranteed Return of Premium (ROP) - Feature allows you to receive at least your full initial investment, less any previous withdrawals and premium taxes, should you surrender your policy
  • Optional Penalty-Free Withdrawal Feature: 
    1. 10% Free Waiver: In any contract year after the first, we will waive the withdrawal charge and MVA on the amount of one withdrawal per year up to 10% of the contract value.
    2. Confinement Waiver:  In any contract year after the first contract anniversary, we will waive the withdrawal and the MVA on the full amount up to the amount of the Accumulation Value if the owner is confined to a Long Term Care Facility, Intermediate Nursing Facility or hospital due to injury or sickness if the confinement lasts for 90 consecutive days.
    3. Terminal Illness Waiver: In any Contract Year after the first, we will waive the Withdrawal Charge and the MVA if the owner has a Terminal Illness and is expected to live no more than 12 months as of the Contract Date of the Contract. 
    4. SEPP Waiver:  We will waive the withdrawal charge and MVA on partial withdrawals of a series of SEPP payments made annually and continuing until the later of 5 years or until age 591/2.
  • No withdrawal charge or MVA for withdrawals taken in the last 30 days of each guarantee period

 

Withdrawal Charge Schedule

 

Policy Year

Initial Guarantee Period  

1

2

3

4

5

6

7

5 Year

7%

6%

5%

4%

3%

 

 

7 Year

7%

6%

5%

4%

3%

2%

1%

Subsequent Guarantee Period

1

2

3

4

5

 

 

All Plans

5%

4%

3%

2%

1%

 

 

 
* Unless an exception applies, a Market Value Adjustment (MVA) will also apply to any withdrawal. The MVA may be positive or negative.  Withdrawals may be subject to regular income tax, and, if taken before age 59 1/2 , may be subject to a 10% IRS penalty. Any discussion of taxes is for general information only based on our understanding and interpretation of current tax laws. Please consult your legal or tax advisor as appropriate.

 

This is a summary only.  The contracts contain conditions, terms, limitations and exclusions.  Contact an agent or review the contract for full details.

 

Product issued in New York by SBLI USA Life Insurance Company, Inc. (Form #'s SPAPSENY15, SPBPSENY16, SPRPSENY16, SPWPSENY16), and in other states by S.USA Life Insurance Company, Inc. (Newark, NJ) (Policy Form #’s ICC16SPAPUECS16, ICC16ROPRUECS16, ICC16PFWRUECS16 and state specific versions), members of Prosperity Life Group. Not available in all states; features may vary by state. Within the state of New York, only SBLI USA Life Insurance Company, Inc. is licensed and its products issued. All guarantees are subject to the financial strength and claims-paying ability of the issuing company.