Income Promise Select
Nationwide Life Insurance Company
INCOME Promise Select is a single-premium immediate fixed annuity that converts a lump sum into guaranteed monthly income for retirement. It's designed for retirees who want stable, predictable income they can't outlive, with flexibility to match their specific needs.
Key Features
Guaranteed Lifetime Income
Based on age, premium, and chosen payment optionReceive fixed income payments for your entire life regardless of market performance or how long you live
Multiple Payment Options
Choose from 10+ income options including single life, joint annuitants, term-certain periods, and cash-refund features
Cost-of-Living Adjustment (COLA)
Increases continue for life once selectedOptional annual payment increases (1%, 2%, 3%, 4%, or 5% compounded) to maintain purchasing power against inflation
Liquidity Feature
Up to 100% of liquidity value; $50 fee per withdrawal ($100 in NY)Access to lump-sum emergency withdrawals during the guarantee period (available with term-certain or cash-refund options)
Flexible Payment Frequency
Receive income monthly, quarterly, semiannually, or annually, with automatic deposit options
Customizable Beneficiary Options
Choose how remaining payments pass to beneficiaries based on your selected income option
Highlights
Creates guaranteed lifetime income that doesn't fluctuate with market conditions
Customizable payment options for individuals or couples, for life or specific periods
Optional annual cost-of-living adjustments (1-5%) to help protect against inflation
Liquidity feature allows emergency withdrawals during the guarantee period
Backed by Nationwide's 85+ years of financial stability (A.M. Best A+, Moody's A1)
Best For
Retirees age 95 or younger who want guaranteed, predictable income for life that protects against market downturns, longevity risk, and income volatility, particularly those concerned about outliving their savings.
Consider Alternatives If
Individuals who need liquidity of their full premium amount immediately, those with short life expectancy, or those seeking growth-oriented investments or high current returns.
Free Comparison Report
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