American General Power Select Plus Income - Lifetime Income Plus Flex Review

Power Select Plus Income with Lifetime Income Plus Flex is a deferred fixed indexed annuity (FIA) offered by Corebridge Financial, an independent provider of retirement and insurance solutions.

About Corebridge Financial

Corebridge Financial is a leading provider of retirement solutions with a legacy dating back to 1850. Headquartered in New York, Corebridge Financial is known for its commitment to customer service and its broad suite of annuity and insurance products. One standout offering is the Power Select Plus Income annuity, designed to provide a balanced approach to growth and lifetime income.

The Lifetime Income Plus Flex rider enhances this annuity by offering a guaranteed lifetime income stream, with the flexibility to adjust future income based on changing retirement needs.

Corebridge Financial Rating

Rating Company

Rating

Moody’s

A2

S & P

A+

A.M. Best Rating

A

Comdex

80

Power Select Plus Income - Lifetime Income Plus Flex Highlights

10-Year Fixed Index Annuity

This is a 10-year fixed index annuity. This means it offers the potential for growth tied to a specific stock market index while providing principal protection.
Guaranteed Income

With Lifetime Income Plus Flex, your Income Base - the amount used to calculate lifetime withdrawals - will increase by 8.5% annually until you begin lifetime withdrawals.
Free Withdrawals

After the first year of your contract, you can withdraw up to 10% of its value (based on the previous anniversary value) without incurring any company-imposed fees.
Increased Withdrawal Flexibility

The Lifetime Income Plus Flex rider guarantees a lifetime income stream of up to 9.30% a year with the flexibility to adjust the amount and change the number of individuals protected under the rider.
Nursing Home Waiver

Withdrawal charges and Market Value Adjustments (MVAs) might be waived if you are confined to a nursing home or an assisted living facility. However, restrictions and limitations apply, and this may not be available in all states.
Terminal Illness Waiver

Like nursing home charges, withdrawal charges and MVAs may be waived if you are diagnosed with a terminal illness. Again, please note that restrictions and limitations apply, and this option may not be available in all states.

Lifetime Income Plus Flex Annuity Overview

🔔 Important Information

Annuity Term

10 years

Type of Annuity

Fixed Index

Interest Rate

1.9% (fixed)

Premium Type

Single Premium Annuity

Maximum Issue Age

78

Withdrawal Charge Schedule

9% 9% 8% 7% 6% 5% 4% 3% 2% 1%

Minimum Premium

$25,000

Maximum Premium

$2,000,000

Market Value Adjustment

Possible

Fees and Charges

The Lifetime Income Plus Flex rider costs 1.10% annually. Besides that, this General Power Select Plus Income annuity doesn’t charge any additional fees.

Index Options

Power Select Plus Income - Lifetime Income Plus Flex allows you to take advantage of numerous indexing opportunities, including:

1-Year Russell 2000 PTP
1-Year AB All Market PTP
2-Year AB All Market PTP
1-Year Dimensional US Foundations PTP
2-Year Dimensional US Foundations PTP
1-Year S&P 500 PTP
1-Year PIMCO Global Optima PTP
1-Year ML Strategic Balanced PTP
2-Year ML Strategic Balanced PTP
2-Year PIMCO Global Optima PTP
2-Year S&P 500 PTP
1-Year S&P 500 Performance Triggered

Crediting Methods

When it comes to crediting methods, your assets can grow depending on the following available index interest accounts:

Fixed: Provides a guaranteed interest rate for a specified period, ensuring predictable returns.
PTP Annual: Point-to-Point Annual credits interest based on the performance of an index measured annually from the start to the end of the contract year.

PTP Biennial: Point-to-Point Bilennial credits interest based on the performance of an index measured over a two-year period from the start to the end of the biennial period.
Performance Triggered: Credits interest if the chosen index meets or exceeds a specified performance threshold during the contract period.

Annuity Surrender Charge Schedule

Lifetime Income Plus Flex comes with a 10-year annuity surrender charge schedule. It means that if you decide to withdraw your funds earlier than stated in the contract, you will be charged a fee called the surrender charge, which is a percentage of your withdrawal amount that gradually decreases annually.

Lifetime Income Plus Flex Features

Lifetime Income Plus Flex Rider

This rider provides an income stream for life, with the flexibility to adjust your income amount in the future.
The Lifetime Income Plux Flex rider costs 1.10% annually.
It offers the flexibility to take withdrawals prior to activating the rider, the ability to change the number of individuals protected by the rider, and the opportunity to increase your income with the Enhanced Income Benefit.

Waivers

The annuity offers its annuitants three possible waivers - Terminal Illness, Nursing Home, and Extended Care waiver.
The Nursing Home waiver is available in all states where this annuity can be purchased. The Terminal Illness waiver isn’t available in CA, MA, and WA, whereas the Extended Care waiver isn’t available in CA and MA.

Power Select Plus Income - Lifetime Income Plus Flex Pros & Cons

Has the potential to earn higher returns than traditional fixed annuities.
The Lifetime Income Plus Flex rider provides a steady income stream for life.
You can adjust your income amount in the future to meet your changing needs.
No additional fees besides the Lifetime Income Plus Flex rider.
Numerous index and crediting options.
Available in most states.

A 10-year surrender schedule isn’t overly beneficial to the annuitant.
The $25,000 minimum premium is quite high.
MVA not applicable in all states.

About the Product

Product Name

Power Select Plus Income - Lifetime Income Plus Flex

Product Type

Fixed Indexed Annuity

Product Information

Power Select Plus Income - Lifetime Income Plus Flex is a versatile financial product designed to provide a steady income stream for life with added flexibility.

It features the Lifetime Income Plus Flex option, which allows your Income Base to grow by 8.5% annually before lifetime withdrawals begin. This product offers various crediting options, such as fixed-interest and index-based strategies, ensuring diverse growth opportunities.

Product Brochure

Account Types

Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP

Available In

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Annuity Expert

Jeremiah Konger

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Other American General Power Select Plus Income Products

Lifetime Income Plus Flex is only one of two available Power Select Plus products. Another, Lifetime Income Plus Multiplier Flex, can also be a valid option to consider:

Power Select Plus Income - Lifetime Income Plus Multiplier Flex

The Lifetime Income Plus Multiplier Flex option offers the potential for your Income Base to increase through a combination of growth factors before beginning lifetime withdrawals.

Read Review

Key Takeaways

All in all, Power Select Plus Income - Lifetime Income Plus Flex is a versatile financial product designed to provide a steady lifetime income stream with added flexibility. It features an option that allows your Income Base to grow by 8.5% annually until lifetime withdrawals begin.

Additionally, the product offers various crediting options, including fixed interest and index-based strategies, ensuring diverse growth opportunities. It also provides benefits like potential waivers for withdrawal charges and Market Value Adjustments under certain conditions, such as terminal illness or nursing home confinement.

So yes, overall, we’d say it’s a solid choice for an annuity. Whether it aligns with your personal retirement investment plan, however, depends on your circumstances and situation, so be sure to consider it before making your decision.

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