Retirement Planning in the 21st Century

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Index Annuities and Income Riders

• Retirement Planning in the 21st Century
• or
• These Arent Your Fathers Annuities

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1930 - 2008
He 62 She 30
He 63 She 37
Rod Stewart Penny Lancaster
American Gothic
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Retire

• Re-tire, noun
• To withdraw, or go away or apart, to a place of
  privacy, shelter, or seclusion He retired to his
  study
• To go to bed He retired at midnight
• To withdraw from office, business or active life,
  usually because of age to retire at the age of
  60
• To fall back or retreat in an orderly fashion and
  according to plan, as from battle, an untenable
  position, danger, etc.
• To withdraw or remove oneself After announcing
  the guests, the butler retired.

Source www.dictionary.com
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Retirement in the News
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Retirement in the News
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Retirement Are we ready?

• Brinker Retirement Indicator Survey, March 2008
• TYPICAL RETIREMENT AGE AN ARCHAIC NOTION
• Do you think the concept of a typical
  retirement age is still relevant in the US today?
• 86 of financial advisors weighed in with a
  resounding NO
• When asked why
• 59 said traditional retirement is just an
  outmoded concept people will work as long as
  they feel physically and mentally able
• 17 said serious retirement saving began too
  late for most Americans
• 8 said people are living longer, therefore
  theyre working longer
• When asked if their clients expect to work past
  65
• 54 said Yes
• 46 said No

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Retirement Are we ready?

• Americans view financial risk adversely. Majority
  of working and retired Americans say they are
  most interested in financial products that yield
  some minimum return without risk
• Among already retired Americans, 81 say their
  standard of living has decreased or stayed the
  same
• 85 of working Americans overwhelmingly feel
  their living standards will remain the same or
  decrease
• 75 of retirees report that their retirement
  income is lower than their most recent salary
• Workers in all age groups think Social Security
  is in serious trouble

Axa Equitable survey Senior Market Advisor,
April 2008
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Among Leading Edge Boomers
69 worry about OUTLIVING financial resources
80 are concerned about having ADEQUATE
INCOME during retirement
Boomers will collectively LIVE LONGER than any
other generation
Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
For agent use only.
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LONGEVITY RISK HOW LONG WILL YOUR CLIENTS NEED
INCOME?
On average, whats the life expectancy of
todays 65-year old?
Male Age 65
Female Age 65
Couple Age 65
Source Annuity 2000 Mortality Table. Figures
assume client is in good health.
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LONGEVITY RISK HOW LONG WILL YOUR CLIENTS
REALLY NEED INCOME?
But their plan will fail 50 of the timeif they
play the averages!
1 out of 2 will outlive this age
Male Age 65
94
Female Age 65
97
Couple Age 65
Source Annuity 2000 Mortality Table. Figures
assume client is in good health.
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Among Leading Edge Boomers
48 were not sure of what their best choices were
for saving for retirement
41 admitted they were not completely confident
that their retirement savings and investments
were diversified sufficiently
Many still shaken by recent stock market
turmoil- 57 concerned that stock market
volatility would DECREASE their retirement
INCOME.
Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
For agent use only.
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National Underwriter Life Health December
18/25, 2006
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Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
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Fed Chairman Ben Bernanke Keeps Personal Finance
Portfolio Simple Tuesday , July 31, 2007
WASHINGTON   Federal Reserve Chairman Ben
Bernanke has a complex job manning the world's
largest economy, but when it comes to his own
finances he keeps it pretty simple. The
chairman's financial disclosure form, released
Tuesday, showed that Bernanke is a millionaire,
with holdings last year in no-frills investments,
including U.S. Treasury securities, mutual funds
and annuities. Bernanke, 53, took over the
central bank in February 2006, succeeding
longtime chairman Alan Greenspan, who also played
it safe when it came to his own investments while
at the Fed. An economist who spent most of his
career in academia, including teaching at
Princeton, Bernanke also is receiving royalties
on two textbooks he wrote. Royalty income was
listed at between 50,001 and 100,000 for each
textbook, the document showed. The Fed chief's
largest assets last year were two annuities
TIAA Traditional and CREF Stock Large Cap Blend,
which were each valued at between 500,001 to
1,000,000.
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Boomers
FOR INSTANCE When asked their opinion of
certain Product benefits
71 liked the idea of a retirement vehicle That
provides a steady stream of income Once they
retire And 69 liked the idea of a vehicle that
GUARANTEES THE PRINCIPAL !!
Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
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Boomers
Boomers are attracted to investments with
certain Guaranteed features but dont always
recognize That they can get those features by
buying ANNUITIES !
Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
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Boomers
YET The study found
86 of leading Boomers DONT own Annuities 70
say they have not thought of buying an Annuity
because
They dont know enough about the product !!!
Leading Edge Boomers Rethinking Retirement and
Exploring Annuities. Harris Interactive Inc., for
Guardian Life Insurance Company of America.
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Fixed Indexed Annuities for Boomers?
Steady Stream of Income Upside Potential CONTROL
of retirement savings Safety of Principal
(assumes no withdrawals) Safety of the
Income CONTROL of the Income
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Driving Innovation
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RESULTS COUNT!

• 5.2 Billion! in 2007
• 48 Growth over 3.5B in 2006

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Planned Rollout in 2008
2008

• 10 Premium Bonus, 10-yr product
• Addition to Income Series (not 70/10 States)
• Credited day 1, vests over 10 years
• Wellness Revolution
• First phase for annuities
• Income Rider with Wellness Benefits
• AND Double withdrawals for confinement!
• Guaranteed Caps
• Initial guaranteed multiple yrs (5)
• No more renewal time hassles
• Limited products to start
• International Indices
• Heng Sang and EuroStoxx50
• Annual Point-to-Point

• Institutional Designs
• 3, 5 and 7 FIA along with SAA6
• Complete term guarantees
• One Aviva some universal availability
• New York
• Cracking the code
• Payout Portfolio
• Universal Availability
• Refresh Traditional Fixed
• And more

Strategic focus drives the product calendar
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Your Toolbox

• Recent Launches and the 1st Quarter 2008

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Income Select Platinum

• 12 / 12 / 12 / 11 / 10 / 9 / 9 / 7 / 6 / 4 / 0
• Simple - 3 Interest Crediting Strategies
• BIG rates 1 Fixed, 2.25 Cap, 10 Par

For agent education only. Not intended to
solicit annuity or life sales to public. Income
Select Platinum form FPIAR (10/07) or state
variation is issued by American Investors Life
Insurance Company, Inc., Topeka, KS. Product
features, limitations and availability vary by
State see disclosure for details.
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Income Select Bonus

• Addition to the Income Series
• Industry-Leading Liquidity
• Innovative Crediting Strategies
• Income Edge/Income Edge Plus Withdrawal Rider
• Walk-away 10-YEAR 10 Premium Bonus Product
• Credited day 1, vests over 10 years
• Competitive commission

For agent education only. Not intended to
solicit annuity or life sales to public. Income
Select Bonus form FPIAX (1/08) or state
variation is a fixed indexed annuity issued by
American Investors Life Insurance Company, Inc.,
Topeka, KS. Product features, limitations and
availability vary by State see disclosure for
details.
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Product Symmetry
Income Select Plus 5 Bonus Core Product
Income Select Platinum No Bonus Higher Crediting
Income Select Bonus 10 Bonus Lower Crediting
Choices for YOUR Clients!
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Income Edge Rider (Rev. 09/07)

• Guarantees lifetime income without annuitization!
• Prior to any withdrawals under the Income Edge
  benefit, the Income Account Value is guaranteed
  to increase at least 6 per year for the first 10
  years.
• Three Choices for Withdrawals
• Free withdrawals
• Elect Income Withdrawals
• Elect Lifetime Income Withdrawals
• Automatic Step-ups

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Income Edge Rider (Rev. 09/07)

• Issue Ages 40-85
• 105 Income Account Multiple
• Immediate Rider Withdrawals
• Percentage ONLY 0.50 less for Joint Annuitants
• Non-natural Owners
• Rider charge begins immediately

Must be age 50 for Lifetime Income W/ds
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Income Select Series

• Non-Bonus Annuities
• 5 Year Withdrawal Schedule
• Income Select 5
• 7 Year Withdrawal Schedule
• Income Select 7
• 10 Year Withdrawal Schedule
• Income Select 10
• Income Select Platinum

May not be available in all states, check for
your states approval on www.Aviva.com/agents
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Income Select Series

• Bonus Annuities
• 10 Year Withdrawal Schedule
• Income Select Plus 5
• Income Select Bonus 10

May not be available in all states, check for
your states approval on www.Aviva.com/agents
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Premium Limits

• Minimum Initial Premium
• 5,000
• Maximum Initial Premium (w/o home office
  approval)
• 1,000,000
• Additional Premiums
• 1,000 Minimum
• 100,000 Maximum in any 12-month period

All contracts are Flexible Premium Deferred Fixed
Indexed Annuities
For Agent Use Only not for use with the General
Public. Additional premiums are automatically
deposited in to the Fixed Account if not made on
a contract anniversary and may be allocated to
indexed strategies at contract anniversary.
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Income Select Bonus
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Income Select Bonus

• Premium Bonus
• 10 applied for all premiums credited in the
  first two policy years
• Premium Bonus Recapture Charge Rate Schedule
• 10, 10, 10, 10, 8, 7, 6, 5, 4, 2, 0
• Bonus is fully vested upon death of annuitant, as
  well any free withdrawalsConfinement, Home
  Health Care and Terminal Illness Waivers, 10 or
  20 free, RMDs

For Internal and Agent Education Only Not for
use in solicitation to the general public. Bonus
annuities typically include lower cap rates,
higher spreads or other restrictions that are not
included in similar annuities that don't offer a
premium bonus feature.
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Interest Crediting Strategies

• 1 Fixed Strategy (1-Year Guar.)
• 7 Indexed Strategies
• 1-Year Point-to-Point Participation Index (No
  Cap)
• 1-Year Point-to-Point Index
• 1-Year Uncapped Average Index
• 1-Year Monthly Cap Index
• 1-Year Uncapped Multiple Index
• 1-Year Multiple Index (No Spread)
• 1-Year Average Index (No Spread)

All indexed strategies lock-in and credit any
index-linked interest credits each year.
Market Indices do not include dividends paid on
the underlying stocks, and therefore do not
reflect the total return of the underlying
stocks neither an Index nor any market-indexed
annuity is comparable to a direct investment in
the equity markets. Indexed annuities are not
registered securities or stock market investments
and do not directly participate in any stock or
equity investments. Clients who purchase
MultiChoice Income Series annuities are not
directly investing in a stock market index.
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Income Select Bonus
Issue Ages 0 80 no commission reduction for
older ages 10-Year Withdrawal Charge Schedule
Year 1 2 3 4 5 6 7 8 9 10 11
W/d Charge Schedule 12 12 12 11 10 9 8 7 6 4 0
For Internal and Agent Education Only Not for
use in solicitation to the general
public. Withdrawals in excess of the free amount
are not credited with index interest for that
term, are subject to withdrawal charges, premium
bonus recapture charges and a market value
adjustment, which are also imposed retroactively
if the contract is surrendered within 12 months
of a free withdrawal.
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Accumulated Value Floor
Year Income Select Bonus
At Issue 110,000
1 111,100
2 112,211
3 113,333
4 114,466
5 115,611
6 116,767
7 117,934
8 119,113
9 120,304
10 121,507
Provides an underlying floor that accumulates at
1.00 annually based on remaining first-year
premium. At the end of the 10th contract year,
assuming no withdrawals or additional premiums,
the guaranteed accumulated value floor will be
equal to 121.5 of initial premium.
For Agent Use Only
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Liquidity Options

• 10 Free Withdrawal
• Beginning in Year 1
• 20 Cumulative Withdrawal
• If withdrawal was not taken in the previous
  contract year
• Early Income Option
• SPIA conversion option after year 1
• Next Generation Income Edge or Income Edge Plus
  Optional Lifetime Withdrawal Rider

For Internal and Agent Education Only Not for
use in solicitation to the general
public. Withdrawals in excess of the free amount
are not credited with index interest for that
term, are subject to withdrawal charges, premium
bonus recapture charges and a market value
adjustment, which are also imposed retroactively
if the contract is surrendered within 12 months
of a free withdrawal.
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Confinement Waiver

• Waives withdrawal charges in the event of
  confinement to a qualified care facility
• 100 of Accumulated Value Available after Year 1
• Requires 60 Consecutive Days of Confinement
• No Age Restrictions
• Other restrictions may apply

For Agent Use Only not for use with the General
Public. May not be available in all States. In
Texas, this benefit is available in the first
year waiver not available in Massachusetts.
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Terminal Illness Waiver

• Waives withdrawal charges in the event of
  terminal illness
• 100 of Accumulated Value Available after Year 1
• Requires Statement from Doctor stating that death
  will result within one year of diagnosis
• No Age Restrictions
• Other restrictions may apply

For Agent Use Only not for use with the General
Public. Waiver not available in Massachusetts in
Texas, waiver is available in the first year in
Pennsylvania, waiver is referred to as the
Terminal Condition Waiver.
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Home Health Care Waiver

• Waives withdrawal charges in the event of
  qualifying home health care
• 20 of Accumulated Value available annually after
  year 1
• Requires Statement from Doctor regarding
  inability to perform 2 of 6 activities of daily
  living (ADLs)
• No Age Restrictions
• Other restrictions may apply

For Agent Use Only not for use with the General
Public. May not be available in all States. In
Texas, this benefit is available in the first
year.
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Death Benefit

• Full Accumulated Value Upon Death of Annuitant
  for All Ages
• No Commission Chargeback Upon Death

For Agent Use Only not for use with the General
Public.
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Premier Guaranteed Minimum Withdrawal Rider for
Life We are the original! We have now made it
even better!
Income Edge Rider form AIR (Rev. 09/07) or state
variation, an optional Rider for which an annual
Premium is charged, is issued by American
Investors Life Insurance Company, Topeka, KS.
Product features, limitations, and availability
vary by state.
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Income Edge Income Edge Plus

• Now Two Great Choices to Offer Your Clients

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Choice 1

• Income Edge Rider (Rev. 09/07)
• 105 Income Account Multiple
• 6 Guaranteed Growth on the Income Account Value,
  prior to withdrawals

105 is applied to the Adjusted Accumulated Value
and Income Account Value for all Premium the
Accumulated Value of the Base Contract is applied
at 100.
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Guaranteed Accumulation
Years of Income Deferral Income Account Value
1 111,300
2 117,978
3 125,056
4 132,560
5 140,514
6 148,945
7 157,881
8 167,354
9 177,395
10 188,039
100,000 Premium 6 Guaranteed Accumulation Regard
less of Actual Index Performance
Assumes 100 allocated to the Indexed Strategies
and no withdrawals. Rider withdrawals will stop
the 4 guaranteed growth in the Income Account
Value.
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Initial Premium 100,000  
Income Select Bonus both with a 10 Premium Bonus Income Select Bonus both with a 10 Premium Bonus 110,000  
105 Indexed Strategy Income Account Percentage 105 Indexed Strategy Income Account Percentage 105 Indexed Strategy Income Account Percentage 115,500
Income Account Value
For Agent Use Only not for use in advertising
to the public.
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Choice 2

• Income Edge Plus Rider
• Income Doubles for Confinement
• Wellness Benefits Mayo Clinic Health Risk
  Assessment, Personal Health Management Portal,
  Access to As Mayo 24-hour Nurse Line, Quarterly
  Mayo Clinic newsletter and calendar with Agent
  contact info
• 7.2 Guaranteed Growth on the Income Account
  Value, prior to withdrawals

See contract for qualifying confinement criteria.
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The Rule of 72

• What is the Rule of 72?
• A simple math shortcut that helps you estimate
  how long it takes something to double.
• 72 Interest Rate Years to Double
• 72 7.2 10 Years

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Income Edge Plus Income Account Value
100,000 Initial Premium 7.2 Guaranteed Interest
for the First 10 Contract Years
Years of Income Deferral Income Account Value
No Wait 100,000
1 107,200
2 114,918
3 123,193
4 132,062
5 141,571
6 151,764
7 162,691
8 174,405
9 186,962
10 200,423
Amounts assume 100,000 Initial Premium, no rider
Withdrawals, no additional Premium, and a restart
of the Accumulation Years after the 10th Contract
Year. Rider Withdrawals stop the guaranteed
growth.
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Restart Accumulation Years

• Step-up of Income Account Value to actual
  Accumulated Value if indexed interest credits
  outpace 6 or 7.2 guaranteed growth
• Available on or after 5th contract anniversary
• Increased Income Account Value also increases the
  guaranteed income distribution amount
• Upon restart, Rider benefit is based on the
  current charge at the time of restart.
• Re-starting begins a new 10-year accumulation
  period
• Must wait at least 5 years between Restarts

Restart initiates a new accumulation phase with
the 6 guarantee in the Income Account Value for
a new 10-year period. In addition to extending
the guaranteed period, the Restart locks-in any
indexed interest credits above the 4 guarantee
in the Income Account Value. The restart is no
longer available after taking income under the
rider. If the cost of the rider is higher at the
time of a Restart, it may be increased to the
current charge at the time of Restart, but is
guaranteed to never be more than 1.0. The
charge will never decrease even if the charge is
lower at the time of restart. A Restart will not
cause the withdrawal charge schedule to start
over.
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Power of RestartImpact on Income Account Value
Years of Deferral Income Account Value (6 Growth Rate) Hypothetical Accum. Value
1 111,300 108,000
2 117,978 115,560
3 125,056 124,804
4 132,560 133,540
5 140,514 144,223
Restart Income Account Value Accumulation Based
on 144,223
Years of Deferral Income Account Value (6 Growth Rate) Hypothetical Accum. Value
6 152,877 144,223
7 162,049 149,000
8 171,772 152,000
9 182,078 160,000
10 193,003 172,800
11 204,583 186,625
12 216,858 200,620
13 229,869 230,754
14 243,662 230,754
15 258,282 245,753
Hypothetical example assumes 100,000 initial
premium and varying annual interest credits and
no withdrawals. This example is for illustration
purposes only and is not indicative of past, nor
intended to predict future performance of the
annuity. Use of alternate premium and rate
assumptions will produce different results.
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Rider Income Withdrawal Availability

• Immediately at Issue!
• Must be gt Age 50 for Lifetime Income Withdrawals.
• Income Withdrawals can be elected at any age.
• No longer 1-year waiting period for Rider
  withdrawals!

For Agent Use Only not for use in advertising
to the public. Taxable amounts withdrawn prior to
59½ may be subject to a 10 IRS penalty.
Withdrawals in excess of the free amount are not
credited with index interest for that term, may
forfeit potential interest credits, may be
subject to withdrawal charges and a market value
adjustment. Withdrawal charges and MVA are
imposed retroactively if the contract is
surrendered within 12 months of a free withdrawal
(not applicable to the Income Select 10 or Income
Select Platinum).
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Options for Distribution 4 Choices

• Take normal distributions without starting Rider
• Annuitization
• Total loss of control over the asset for the
  client
• Irrevocable option
• Elect the Income Withdrawal under the rider and
  receive up to 8 annually of the Income Account
  Value until it reaches zero
• Elect Lifetime Income Withdrawal receive Annual
  Guaranteed Income for Life
• Maximum control over the asset for the client

Income Withdrawal percentage is 4 if attained
age 50 and increases by 0.5 every five years
until reaching the maximum 8 upon attained age
of 90. Amount is then guaranteed as long as there
are no excess withdrawals. Rider withdrawals
stop the 4 guaranteed growth in the Income
Account Value.
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Single Withdrawal PercentagesHow is the Income
Determined?
Annuitants Age at Time of Election Single Annuitant Income Percentage
50 - 54 4.00
55 - 59 4.50
60 - 64 5.00
65 - 69 5.50
70 - 74 6.00
75 - 79 6.50
80 - 84 7.00
85 - 89 7.50
90 8.00
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Joint Withdrawal PercentagesHow is the Income
Determined?
Youngest Joint Annuitant Age at Time of Election Joint Annuitant Income Percentage
50 - 54 3.50
55 - 59 4.00
60 - 64 4.50
65 - 69 5.00
70 - 74 5.50
75 - 79 6.00
80 - 84 6.50
85 - 89 7.00
90 7.50
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Automatic Step-UpDistribution

• On each contract anniversary following the first
  elected withdrawal, customers are eligible for an
  automatic step-up
• Annual benefit will be stepped-up (increased)
  if the Adjusted Accumulated Value exceeds the
  Income Account Value at the time
• Customers must notify issuing company if increase
  is not desired

Assumes 100 of the premium is allocated to the
Indexed Strategies and no withdrawals. Income
Withdrawal steps-up only if Accumulated Value
exceeds the Income Account Value at the time that
Income Withdrawals began.
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Automatic Step-Up 100,000 Initial Premium, 70
yr. old male
Year IAV Accumulated Value Interest Credits Accumulated Value Lifetime Income Withdrawal
Election 100,000 100,000 6,000
1 94,000 5.0 98,700 6,000
2 101,970 10.0 101,970 6,118
3 95,852 0.0 95,852 6,118
4 89,734 7.0 96,015 6,118
5 103,381 15.0 103,381 6,203
6 97,178 0.0 97,178 6,203
7 90,976 5.0 95,524 6,203
8 84,773 8.0 96,467 6,203
9 78,570 0.0 90,264 6,203
10 72,367 10.0 92,468 6,203
Hypothetical example assumes 100,000 initial
premium and varying annual interest credits as
shown. The annual Lifetime Income Withdrawal
amount is increased in years 2 and 5 since the
Accumulated Value at the end of those contract
years is greater than the Income Account Value.
This example is for illustration purposes only
and is not indicative of past, nor intended to
predict future performance of the annuity. The
use of alternate premium and rate assumptions
could product significantly different results.
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Death Benefit

• Spousal continuation benefits provided by the
  base contract will not be adversely affected by
  the Income Edge benefit
• Upon the death of the owner, if the surviving
  spouse is age 50 or older, the Income Edge
  benefit will also continue.

Surviving spouse must be age 50 or older at that
time, the sole primary beneficiary and elected
withdrawals not have started prior to annuitant's
death.
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Death Benefit

• If withdrawals under the Income Edge benefit have
  already been elected, the beneficiary is eligible
  to receive
• Current Accumulated Value in a lump sum
• or
• Remaining Income Account Value in a series of
  payments up to 7.0 per year
• Based on the beneficiarys age at the time of
  step-in until the amount is paid in full.

• The beneficiary, including a spousal beneficiary,
  does not have the option to elect Lifetime Income
  Withdrawals.
• 7.5 ages 85-89, and 8.0 ages 90

For Agent Use Only not for use in advertising
to the public.
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  Income Edge Income Edge Plus
Issue Ages 40 85 40 85
Guaranteed Income Account Interest Rate 6 7.2
Indexed Strategy Income Account Percentage 105 100
Fixed Allocation Percentage 105 100
Wellness Benefits No Yes
Income Withdrawal Multiplier (2) Upon Confinement 0 2 (after 1-Year Qualification Waiting Period)
Rider Charge 40 bps annually 50 bps annually
Income Withdrawal Available Immediately (no minimum age) Available Immediately (no minimum age)
Lifetime Income Withdrawal Available Immediately (if attained age 50) Available Immediately (if attained age 50)
Withdrawal Percentages - Joint Annuitants 0.50 less than single 0.50 less than single
Non-Natural Owner Yes Yes
For Agent Use Only not for advertising to the
public.
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Disclosure

• For internal and agent use only - not for use
  with the public.
• Income Edge form AIR Rev.(09/07) or state
  variation, an optional rider for which an annual
  premium is charged, and the Income Select Bonus
  form FPIAX (02/08) or state variation, are
  issued by American Investors Life Insurance
  Company, Topeka, KS. Product features,
  limitations and availability vary by State.
• During the Withdrawal Charge period, any
  withdrawals in excess of the free amount are not
  credited with index interest for that term, are
  subject to withdrawal charges, premium bonus
  recapture charges and a market value adjustment,
  which are also imposed retroactively if the
  contract is surrendered within 12 months of a
  free withdrawal. Excess withdrawals may result
  in the loss of principal if taken during the
  first 10 years of the Contract and may be subject
  to a 10 penalty tax assessed by the IRS on any
  withdrawal taken prior to age 59½.
• This presentation only provides product
  highlightsplease refer to the product disclosure
  for information regarding exclusions,
  limitations, reductions of benefits and terms,
  including costs and complete details of coverage.
• Market Indices do not include dividends paid on
  the underlying stocks, and therefore do not
  reflect the total return of the underlying
  stocks neither an Index nor any market-indexed
  annuity is comparable to a direct investment in
  the equity markets. Indexed annuities are not
  registered securities or stock market investments
  and do not directly participate in any stock or
  equity investments.
• Bonus annuities typically include lower cap
  rates, higher spreads or other restrictions that
  are not included in similar annuities that don't
  offer a premium bonus feature.

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