What will we go over in this annuity review?
In this review of the Lifetime Income Plus Multiplier, we will be discussing the following details about adding a living benefit rider to an American General Power Select Plus Index annuity series:
- Type rider
- How it works
- Pros and cons
- Charges and fees
- Where it may work well
- Where it may not work very well
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.
If you’ve been considering the purchase of an American General Power Select Plus Index series annuity, you know that your funds will have the opportunity to grow, while at the same time remaining safe from market volatility. You can also receive a guaranteed stream of income in retirement.
But, before you get too excited, it is first necessary to determine whether or not an index annuity is right for you – and if so, if a living benefit rider is worth the added cost in return for the benefits it can provide for you.
The good news is that the Annuity Gator specializes in providing annuity reviews, which can help you to either feel better about a purchase decision, or in turn, avoid what could end up being a costly mistake.
Annuity and Retirement Income Planning Information that You Can Trust
If this is the first time you’ve visited our website, then please allow us to personally welcome you here to Annuity Gator. We are a team of experienced annuity and retirement income specialists who focus on offering very in-depth, and unbiased, annuity reviews online.
We’ve been doing this for quite some time now – longer than many of our competitors…even though there are some websites that offer “copycat” information, based on our reviews.
If you’ve spent any amount of time online looking for information about annuities, then it’s likely that you have run across some highly conflicting details about these financial tools. That really isn’t all that surprising to us, though, as there are many varied opinions about these income-generating, tax-advantaged financial vehicles.
There are also a fair number of annuity-related websites that will try to “lure” you in for the purpose of giving them your contact information. They’ll oftentimes do so by stating some pretty bold claims, like:
- Lowest fees
- Highest income payouts
- Top-rated annuity carriers
- A guaranteed income stream for life
Yet, while these claims might sound truly enticing, it’s important to be aware of whether or not they are actually true.
Annuities can have a great deal of “fine print,” so reading up on the ins and outs of how they work can be somewhat time consuming. These products can also offer you the option of adding additional features – or riders – usually at an added cost, that provide additional benefits.
That being said, if you are here to obtain more details about the American General Power Select Plus Index annuity series, along with additional add-on features like the Lifetime Income Plus Multiplier Flex, then you are certainly in the right place.
In fact, dare we say that Annuity Gator is the only website where you will find all of the information that you need – which includes the good, as well as the not-so-good. This, however, is really the only way for you to make a realistic and well-informed decision about whether or not this annuity add-on is right for you.
So, if you’re ready to get started, let’s jump in!
American General Lifetime Income Plus Multiplier Flex at a Glance
|Product Name||Lifetime Income Plus Multiplier Flex|
|Issuer||American General / AIG|
|Type of Product||Living Benefit Rider|
|A.M. Best Rating||A++ (Superior)|
|Phone Number||(800) 445-7862|
Opening Thoughts on the Lifetime Income Plus Multiplier Flex Rider
American General Life Insurance Company initially began offering its products more than 160 years ago. Throughout that time period, the company has paid out in excess of $38 billion in claims and it has served more than 13 million customers. The firm is headquartered in New York City, NY.
The company has a long and vast history of providing both insurance and investment products across the U.S. – and it has built up a very wide and strong network of distributors. The mission of American General is to be the “premier provider of protection, investment, and income solutions that are needed for both financial and retirement security.” The company is highly committed to providing better and more innovative ways of helping their policy holders and clients protect their savings and financial security. Today, American General Life Insurance is a part of the AIG (American International Group) network.
American General’s Power Select Plus Index Series annuities can help you with protecting your principal from market downturns, while at the same time earning potential interest from your choice of index accounts (as well as a fixed interest option). You can choose from two guaranteed living benefit riders with these annuities. These added features provide retirement income that you won’t outlive.
Before we get into the gritty details, here are some legal disclosures…
This is an independent product review, not a recommendation to buy or sell an annuity. American General has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. Prior to purchasing any type of investment or insurance product, it is important that you do your own due diligence and that you consult a properly licensed professional if you should have any specific questions that relate to your individual circumstances. All names, marks, and materials that were used for this review are the property of their respective owners.
For more information on how to compare annuities in order to determine which one may be right for you, click here to obtain our free annuity report.
How American General Describes the Lifetime Income Plus Multiplier Rider
On its website, American General describes the Lifetime Income Plus Multiplier Flex as a guaranteed living benefit rider that provides income for life and the potential for the income base to rise by an annual income credit that is equal to double (x2) the interest that is earned (if any) before withdrawals, and that matches (x1) the interest earned (again, if any) after the first withdrawal.
It is important to note, though, that while this rider might sound like a great way to increase your retirement income over time, there are a few items to consider before you add this to a Power Select Plus Index Series annuity from American General.
For instance, the interest credited rate is the rate of interest that you earn on your interest crediting options. It is adjusted for provisions such as index rate caps, participation rates, and spread – which could reduce or limit the amount of interest earned.
Also, in a year when no interest is earned in the annuity’s account, no income credit will be applied to the rider’s income base for that year. You can check out more details regarding the Lifetime Income Plus Multiplier Flex rider here.
How an Insurance or Financial Advisor Might “Pitch” this Rider to an Annuity Purchaser
While today’s annuities have a lot of nice features that allow you to “customize” them for better fitting specific needs, all of these “moving parts” can be confusing – both for consumers and financial advisors.
In any case, it is likely that a financial salesperson would remind you how the biggest fear on the minds of retirees today is running out of income while they still need it. So, the ability to continue receiving income – as well as to potentially double your interest earned, is probably where an advisor would point your focus.
The advisor may, however, gloss over the added amount of premium that is charged for this rider. The Lifetime Income Plus Multiplier Flex is available at the time you purchase a qualifying Power Select Plus Index Series annuity from American General, and the cost is 1.0% per year of the income base.
For more details, or to check out the full Lifetime Income Plus Multiplier Flex brochure, you can go here.
The Annuity Gator’s End Take on the Lifetime Income Plus Multiplier Flex Rider
Where it works best:
This rider may be a good option for those who want to:
- Ensure that they have a lifetime income stream that won’t run out
- Have a long life expectancy
- Have income rise over time to help keep pace with inflation
Where it works the worst:
The Lifetime Income Plus Multiplier Flex guaranteed living benefit rider (GLB) might not be an ideal option for some who:
- Does not want to pay the added rider cost
- Is looking for uncapped growth with their annuity funds
- Does not intend to use the lifetime income feature
If you are still considering the purchase of the American General Life Insurance Company/AIGs Power Index Plus fixed indexed annuity and the additional Lifetime Income Plus Multiplier Flex guaranteed living benefit rider, but you’re still on the proverbial fence regarding whether or not it will be right for you, we can help you to “test” it, based on your specific scenario, at no cost or obligation.
Just let us know if this is something that you are interested in doing, and we’ll get on the case right away!
There is a long list of factors that need to be considered when you are planning for your future retirement income. And, when it comes to using annuities for either your primary income stream or even for filling in any retirement income “gaps,” it is essential that you know just exactly what you can anticipate. That’s because a different amount of income than you were planning on can make a big difference in your retirement lifestyle and in your life!
In terms of the Power Index Plus annuity series from American General and its additional living benefit rider, you can be assured that you will have an income for life. But at the same time, depending on your other goals and needs, this product may still fall a bit short – and there quite frankly may be something else out there that is a better fit for you.
If you do have any questions on this, or other income-related products, we are here to help. So please feel free to contact us directly via our secure online contact form here.
Do You Have Any Additional Questions? Did You Happen to Notice Any Mistakes on this Annuity Review?
We realize that this review of the Lifetime Income Plus Multiplier Flex rider may have been a tad bit longer than usual. But, we would much rather that you have too much information on this product than to not have enough.
So, if you found this annuity review to be beneficial, please feel free to pass it on and to share it with other people who could also find value in it. (And, if you found it to be confusing, please also let us know that, too.)
In addition, we are aware that information regarding annuities can – and often does – change. So, if you happened to notice anything in this review that should be updated or revised, let us know and we will be happy to make the necessary edits.
Any other annuities that you would like to learn more about?
If so, just give us a shout and let us know, and our team will get to working on them right away.
The Annuity Gator
P.S. If you would like to read more of our AIG annuity reviews here are some links to check out.
- AIG – Polaris Choice IV Variable Annuity
- AIG – Polaris Platinum III Variable Annuity
- AIG – Power Index Plus Annuity
- AIG – Power Index Plus Income Annuity
- AIG – American Pathway 7 Fixed Annuity
- AIG – Choice Index 10 Annuity
- AIG – American Pathway 5 Fixed Annuity
- AIG – Assured Edge Income Builder Fixed Annuity
- AIG – American Pathway Solutions MYG Fixed Annuity
- AIG – American General Power Advantage 10 Fixed Index Annuity
- AIG – American General Power Select Fixed Index Annuity
- AIG – American General Life Insurance Company QLAC
- AIG – American Pathway Annuity
- AIG – Pathway SolutionsMYG Annuity
- AIG – American General Power Select Plus Income Annuity – April 2018 Update
- AIG – American General Life Insurance Company Power 10 Protector Index Annuity
- Independent Review of the American General Power Select Plus Fixed Index Annuity