New York rates are increasing on guaranteed income riders

Annuities:::

11/21/2024

For the state of New York only, effective Dec. 1, 2024, we’re increasing bonus percentages on both the Target Income Protector and Flexible Income Protector Plus riders. We’re also increasing payout rates on all three guaranteed income riders in New York.

• Payout rates are increasing across all age bands for New York only
• Increases apply to both single and joint life options for New York only

Payout rates for all other states will remain unchanged.

You can find current percentages for all states in the GMWB charges and percentages prospectus supplement effective 12/01/2024.

Please print and include this supplement in your sales kits to ensure you have the applicable GMWB charges and percentages. This supplement supersedes any previous version. It must accompany the current effective prospectus for any new applications signed between Dec. 1 and Dec. 31 for all states. 

GMWB benefit lock-in procedures
If you have pending new business submitted prior to Dec. 1, those clients may be able to receive the higher benefits. Refer to pages 21 and 22 of the Variable Annuity New Business Process Guide (RF1941) to see how those applications are affected.

Contact us at annuitysalesdesk@principal.com or call 866-309-1623 with any questions.

For financial professional use only. Not for distribution to the public.

Contract rider descriptions are not intended to cover all restrictions, conditions, or limitations. Refer to rider for full details.

Guarantees are based upon the claims-paying ability of the issuing insurance company. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. Policy guarantees and benefits are not obligations of, nor backed by, the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

Annuity products issued by Principal Life Insurance Company^®. Securities offered through Principal Securities, Inc., member SIPC, and/or independent broker dealers. Referenced companies are members of the Principal Financial Group^®, Des Moines, IA 50392.
 

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