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IncomeSource® Select

From Integrity Life

IncomeSource® Select, also known as a “longevity annuity”, is a deferred income annuity designed to help younger investors pre-fund a personal pension or older investors mitigate longevity risk in their later years.


The Market

Deferred Income Annuity sales totaled $2.5B in 2019, up 8% from 20181 . As interest rates are expected to slowly increase and equity markets are expected to become more favorable, income-focused annuity sales are predicted to continue to increase through 20232. For clients seeking deferred income without the market exposure of a variable annuity, a DIA provides a more predictable solution.


Why DPL Likes IncomeSource® Select

IncomeSource Select, also known as a “longevity annuity”, is a deferred income annuity designed to help younger investors pre-fund a personal pension or older investors mitigate longevity risk in their later years. It offers flexible premiums (initial $10,000 and $1,000 thereafter), a one-time emergency withdrawal,flexible income start dates, and QLAC eligibility for qualified accounts.


How to Think About Commission-Free DIAs

When your client needs:

GUARANTEED LIFETIME INCOME: DIAs are explicitly designed to manage longevity risk by generating an income stream that clients cannot outlive. 

FIXED INCOME: With interest rates at historic lows, DIAs can provide a higher rate of consistent income payments than a fixed income strategy.

TAX MANAGEMENT: QLACs can help control RMDs for tax sensitive clients.

What's Next?

Learn more about how IncomeSource® Select can make a difference for your clients. Use our calculator or contact your DPL consultant.

More Materials from Integrity Life

Product information sourced directly from: www.gaconnect.com

1 ”Annuity Sales Hit 11-Year High in 2019: LIMRA”; Annuity News; LIMRA Secure Retirement Institute (LIMRA SRI); February 18, 2020; https://insurancenewsnet.com/innarticle/annuity-sales-hit-11-year-high-in-2019-limra#.XmEfoKhKjIU

2”LFIA Sales Will Continue to Surge Into 2023, LIMRA Predicts”; Annuity News: LIMRA Secure Retirement Institute (LIMRA SRI); April 4, 2019; https://insurancenewsnet.com/oarticle/fia-saleswill-continue-to-surge-into-2023-limra-predicts#.XmEia6hKjIU

The purchase of an annuity within a retirement plan that already provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefits. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations, and costs should be considered prior to recommending the purchase of an annuity within a tax-qualified retirement plan. In addition to surrender charges, withdrawals are subject to income tax.

Withdrawals prior to age 59 1/2 may also be subject to a 10% federal tax penalty.

DPL


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