1. The surrender value is guaranteed to be at least equal to purchase payments less prior withdrawals, including any applicable deferred sales charge.
2. A variable license may be required to sell SecureOption Select in AL, AR, CA, CT, IN, MI, MN, MO, NJ and WI.
Products are issued by Minnesota Life Insurance Company. In New York, products are issued by Securian Life Insurance Company. Some products and optional features may not be available in all states and features may vary by state. Not all products, features and optional benefits are available from all selling firms or broker dealers.
An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. There are charges and expenses associated with annuities, such as surrender or deferred sales charges for early withdrawals.
SecureOption Focus may pay an interest rate enhancement or bonus interest on certain purchase payments. Renewal rates may be reduced as a result of the interest rate enhancement such that the additional interest may or may not increase the total amount of interest your contract earns over the life of the contract. Whether or not it does depends on multiple factors, including the length of time you hold the contract. We consider many factors when setting interest crediting rates for your contract including the cost of the interest rate enhancement or bonus interest, sales commissions paid to sales representatives, administrative costs, and current investment and market conditions.
SecureOption Select contains a Market Value Adjustment. A Market Value Adjustment adjusts the annuity's value to reflect the changes in interest rates since the contract was purchased. Depending on the direction interest rates have taken since the contract was opened, the MVA can have a positive or negative impact on the value of the annuity. The MVA will never be greater than the amount of interest equal to the difference between the interest earned at the current rate for the current guarantee period less the interest earned at the contract's minimum guaranteed rate.
Annuity income payments are required to begin at the contract maturity date. If clients with SecureOption Select choose an annuity income option prior to the end of the interest rate guarantee period, the Market Value Adjustment could increase or decrease the amount available to provide annuity income.
This information should not be considered as tax or legal advice. Clients should consult their tax or legal advisor regarding their own tax or legal situation.
Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.