Thursday, June 30, 2011

For Emerging Retirees from UNION PLUS

              UNION PLUS NEWS

New Low-Cost Income Annuity Helps Union Members
Protect Their Spending Power in Retirement

If your pension or Social Security benefit falls short of covering your monthly living expenses, the peaceful retirement you’d anticipated can become a worrisome financial juggling act. Now, thanks to your newest union benefit, you have the opportunity to convert some of your savings into guaranteed income that can continue for the rest of your life (1).  In exchange for higher payments, an income annuity permanently converts principal to a guaranteed income stream.

The new Union Plus Annuity Program allows you to convert a sum of money from your savings (the premium) into a lifelong series of steady, guaranteed income payments, depending upon option chosen. Union members pay no agent fees or commissions, maximizing the annuity income they will receive. In fact, you may benefit from higher monthly income than your savings would generate outside an annuity.

Fixed-income annuities are a reliable and affordable way to help ensure enough income to cover living expenses in retirement. You have the option to schedule payments for the rest of your life, your and a loved one’s life, or a specified number of years. Income will vary depending on which option you choose. Payments can begin immediately or within a short period of time.

The income guarantees are made by issuers belonging to American General Life Companies (“American General”), one of the nation’s oldest and largest providers of income annuities, which distributes more than 100,000 monthly income payments each quarter and has been in business for more than 150 years.

Four reasons to consider the Union Plus Annuity Program:
1. Consistency. The payment is guaranteed, and you can count on being paid every month.
2. Stability. Your income won’t depend on the stock market and its ups and downs.
3. Simplicity. You don't have to study financial reports, monitor a portfolio, or buy and sell investments. Look for your monthly deposit into your checking/savings account each month.
4. Control. An American General income annuity purchased through the Union Plus Annuity Program isn’t exposed to market risk, since it is a fixed annuity product purchased by you.(2) It’s like having a retirement paycheck.

To find out how much income an annuity purchased through the Union Plus Annuity Program might provide, visit UnionPlus.org/Annuities or call an experienced, non-commissioned annuity specialist at 1-877-244-1539.

1 Guarantees are subject to the claims-paying ability of the life insurance company.

2 American General Life Companies, www.americangeneral.com, (“American General”) is the marketing name for a group of affiliated domestic life insurers.

American General Life Companies insurers offer a full line of life insurance, annuities, accident & health products and worksite benefits to serve the financial and estate planning needs of its customers throughout the United States. 

This contract is not insured by the FDIC, the Federal Reserve Board or any similar agency. The contract is not a deposit or other obligation of, nor is it guaranteed or endorsed by, any bank or depository institution. 

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