Power Select Builder Review
Finding the right annuity that fits your retirement investment goals can often be difficult. There are numerous products available, each offering its own unique advantages and opportunities. In today’s annuity review, we’ll uncover the features and performance of Power Select Builder, a fixed index annuity from Colbridge Financial (previously American General Life Insurance Company).
About Corebridge Financial
Corebridge Financial, an affiliate of American International Group (AIG), has been delivering reputable retirement solutions to individuals and families since 1850.
While not as long-established as AIG, Corebridge Financial has built a solid reputation in the industry. Headquartered in New York, the company is known for its outstanding customer service and offers a comprehensive range of products and services.
Corebridge Financial Rating
Rating Company
Rating
Moody’s
A2
S & P
A+
A.M. Best Rating
A
Comdex
80
Power Select Builder Highlights
-
10-Year Fixed Index Annuity
This is a 10-year fixed index annuity. It allows you to earn returns based on market index performance while protecting your principal from market downturns. The interest credited to your annuity will never be zero, even in flat or down markets. -
Penalty-Free Withdrawals
Starting from the second contract year, you can withdraw up to 10% of the contract value without penalties. Additionally, the annuity waives withdrawal penalties in the event of death, allowing beneficiaries to receive the full accumulation value. -
Beneficiary Protection
Your designated beneficiary will receive either your contract value, including any applicable interest, or the Minimum Withdrawal Value, whichever is greater, upon your death, thus avoiding potential probate delays and costs.
Power Select Builder Annuity Overview
🔔 Important Information
Annuity Term
10 Years
Type of Annuity
Fixed Index
Interest Rate
4.65% (fixed)
Premium Type
Single Premium
Maximum Issue Age
78
Minimum Premium
Maximum Premium
$25,000
$2,000,000
Withdrawal Charge Schedule
9% 9% 8% 7% 6% 5% 4% 3% 2% 1%
Market Value Adjustment
Possible
Power Select Builder Historical Rate of Return
The hypothetical historical performance provided herein showcases the annualized return of allocation strategies, representing the investment's annual growth rate considering compounding effects. Similar analyses can be found for each account in official fixed index annuity illustrations provided by insurance carriers.
What's not reflected:
The annualized return does not encompass rider charges, strategy fees, or applicable premium bonuses.
Notes on rates:
The information presented assumes the annuities' current caps, spreads, participation rates, and other related rates, without guarantee.
No guarantees:
These actual elements are subject to change over time, resulting in potentially higher or lower outcomes. Additionally, no single index consistently outperforms in every scenario. It is advisable to consult with a properly licensed and educated annuity professional before making any decisions.
Fees and Charges
Since there are no riders available, there are no additional charges or fees you’d have to pay.
Index Options
As the Power Select Builder annuity’s beneficiary, you can choose to earn income based on six different indices:
- Two equity market indices: S&P 500 and Russell 2000.
- Four multi-asset, risk-managed indices: AB All Market Index, Dimensional US Foundations Index, ML Strategic Balanced Index, and PIMCO Global Optima Index.
Crediting Methods
Regarding crediting methods, your assets can grow based on the following index interest accounts available:
- Fixed: Offers a guaranteed interest rate for a specified period, ensuring predictable returns.
- PTP Annual (Point-to-Point Annual): Credits interest based on the performance of an index measured annually from the beginning to the end of the contract year.
- PTP Biennial (Point-to-Point Biennial): Credits interest based on the performance of an index measured over a two-year period from the start to the end of the biennial period.
- Performance Triggered: Credits interest if the selected index meets or exceeds a specified performance threshold during the contract period.
Annuity Surrender Charge Schedule
Power Select Builder comes with a 10-year surrender charge period. This means that the provider will charge you for withdrawals made before the 10-year period stated in the contract ends. Surrender fees are a percentage of the withdrawal amount decreasing annually.
Power Select Builder Features
Cash Surrender Value
- The cash surrender value of an annuity is the amount you receive if you decide to terminate the annuity contract before it matures or begins paying out.
- If you fully surrender your annuity, you will receive the greater of the contract value (adjusted for any MVA, living benefit fee and withdrawal charge) or the Minimum Withdrawal Value.
Market Value Adjustment
- Withdrawals exceeding the free withdrawal limit or amounts annuitized within the first 10 years are subject to a Market Value Adjustment (MVA).
- This adjustment, which can either increase or decrease the amount you receive, is calculated using a formula in the contract that accounts for changes in the yield of an external index since the contract's issuance.
- Note that this adjustment may not apply in all states.
Minimum Withdrawal Value
- The minimum withdrawal amount in an annuity is the smallest sum that you are allowed to withdraw from your annuity account as specified by the contract.
- Upon full surrender, payment of the death benefit, or annuitization, you will receive at least 87.5% of your premium, minus any withdrawals (excluding withdrawal charges and MVA), growing at an annual rate specified in your contract. State-specific variations may apply.
Power Select Builder Pros and Cons
- As a fixed index annuity, it offers the opportunity to earn higher returns than traditional fixed annuities.
- Multiple indices and crediting methods to choose from.
- Guarantees a minimum withdrawal value of at least 87.5% of the premium.
- Several penalty waivers, including Death, Terminal Illness, Extended Care, and Nursing Home.
- A minimum premium of $25,000 can be considered high.
- No income riders available.
- 10-year surrender schedule.
Company Information
Company Name
Corebridge Financial
Website
Phone Number
800-448- 2542
A.M. Best Rating
A (excellent)
Moody’s Best Rating
A2 (sixth-highest)
S&P’s Best Rating
A+ (middle of the investment grade)
About the Product
Product Name
Power Select Advisory
Product Type
Fixed Index Annuity
Product Information
The Power Select Builder annuity is a fixed index annuity offered by American General Life Insurance Company, designed to provide growth potential tied to market indices while ensuring principal protection.
This annuity allows you to allocate premiums across various index interest accounts, including fixed, annual point-to-point, biennial point-to-point, and performance-triggered options. It features a premium banded product structure, where the rates you earn depend on the amount of premium deposited.
Account Types
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, Stretch IRA, Inherited IRA, NQ Stretch, and TSP
Available In
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Annuity Expert
Jeremiah Konger
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1. Watch Videos on How to Identify The Highest Paying Protected Income & Growth Annuities.
2. Watch Videos That Reveal What to Look For When Buying A Protected Growth Annuity.
3. Click Here To Access Our Annuity Review Vault To Compare The Pro's and Con's of Dozens of Annuities.
Other Available Power Select Builder Products
Besides the primary Power Select Builder annuity, Corebridge Financial also offers an 8-year fixed index annuity called Power Select Builder 8.
Power Select Builder 8
The Power Select 8 annuity is an 8-year fixed indexed annuity offered by American General Life Insurance Company, designed to combine growth potential with principal protection.
Wrapping Up
Overall, the Power Select Builder is a solid option for individuals looking for a reliable annuity to match their retirement investment goals.
Its most notable benefits include the ability to make penalty-free withdrawals up to a certain percentage each year and a death benefit provision ensuring beneficiaries receive the greater of the contract value or the Minimum Withdrawal Value.
Additionally, the annuity includes a Market Value Adjustment (MVA) that can affect the payout based on interest rate changes. The product is backed by Corebridge Financial’s strong financial ratings, ensuring reliability and security for your investment.
Annuity Association is the leader in providing Independent Annuity recommendations for protected income, safe growth and other benefits in retirement.
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