Product

A group payout annuity policy pays a monthly income benefit to each annuitant in the group while the annuitant is alive.

A group payout annuity is a monthly income benefit protected under Assuris protection.

Assuris Protection

If your life and health insurance company fails, Assuris guarantees that you will retain up to $5,000/month or 90% of your promised monthly income benefit, whichever is higher.

Note: Assuris protection is applied to pre-tax amounts.

Example 1

Monthly income benefit

$3,500
/month

Original
benefit amount

Since your monthly income benefit is less than $5,000/month, you will retain your full benefit amount.

$3,500
/month

Protected benefit amount

Example 2

Monthly Income Benefit

$6,500
/month

Original
benefit amount

Since your monthly income benefit is more than $5,000/month, you will retain 90% of your benefit amount.

 

$5,850
/month

($6,500 × 90%)
Adjusted benefit amount

Questions and Answers

1. What if my group payout annuity policy is a defined benefit plan?

If your group policy is a defined benefit plan, the plan sponsor is considered the covered person. This means that you will retain 90% of your monthly benefit amount.