Give clients the two key features they are looking for in an income product

NWL® Income+ is a new single premium immediate annuity (SPIA) with a highly competitive initial annual payment and an innovative growth component — presenting a unique opportunity for increasing Income Payments to help policyholders keep pace with inflation. Payments can never decrease, they can only increase.

Increase payments

Offset the impact of inflation or unplanned expenses, with increases becoming the guaranteed floor.

Stable lifetime income

Provide a guaranteed steady stream of income to help cover unexpected bills or monthly recurring expenses.

Protection from loss

Guarantee a series of regular payments that can never decrease as a result of market volatility.

Tax Advantages

Spread Income Payments out over time in a steady stream, helping to level taxable distributions.

Have you taken the Product Specific Training?

If you have not completed the NWL Income+ product training, use code nwlincomeplus and go to the RegEdsite to start training.

NWL Income Plus State Approvals
Product Availability
Are you approved to offer NWL Income+?

This innovative product is still going through the process of being approved at the broker-dealer level. Call your home office representative to ask if they can add National Western Life to your approved carriers or add NWL Income+ to your product portfolio.


As of November 2022, NWL Income+ is currently approved in 42 states and territories. State approval does not indicate an approval by your broker-dealer.

Not yet

It is not currently available in American Samoa, California, D.C., Idaho, Illinois, Iowa, Maryland, New York, Pennsylvania, Puerto Rico or Wyoming.

NWL Income Plus Income Calculation
Increasing Income
Calculating the annual Income Payment

During the first three policy years, the initial Income Payment is determined at issue and will be level.

Beginning in year four, NWL will review the account annually to determine the new Income Payment. The floor each year is the prior year’s Income Payment. If the Annual Income Payment increases over the previous year, that total becomes the new guaranteed Annual Income Payment floor, which new payments will never drop below. This is all done to potentially help offset the impact of inflation.

NWL Income Plus Cover Image
Product Highlights
NWL Income+ Product Features

• Minimum Premium Allowed: $25,000

• Maximum Premium Allowed: $1,500,000 (with prior approval)

• Issue Ages: Up to age 85

• Index Option: S&P® MARC 5% Excess Return Three Year Point-to-Point with Participation Rate

Income Payment Start Date: No sooner than 30 days from purchase and no later than one year from purchase

Income Payment Mode: Monthly, Quarterly, Semi-Annually, or Annually

Income Payment Options: Life Only or Joint and Last Survivor

Death Benefit: Equals the greater of (1) the Single Premium less the sum of Income Payments or (2) zero

Free Look Period: 30 days

NWL Income Plus Product Features
Case Study
Learn how Leonard is using the NWL Income+ to help keep up with inflation
NWL Income Plus Case Study
Let us be your guide

This is a great opportunity for those nearing retirement in income-now and income-sooner situations. With inflation around to stay, give your Retirement Income Consultant a call to discuss how to make NWL Income+ work for your clients.

Ash Skyline Plaza Building Rising Into Clouds In Downtown Fort Wayne
Consumer prices are up 8.5%

According to the Bureau of Labor Statistics, for the year ended July 2022, what cost you $20,000 in 2021 will now cost you $21,170 in 2022. Source:

Ash Instant Apply on Mobile Achaean Financial
Developed with Achaean Financial. Distributed by Ash Brokerage.

National Western Life Insurance Company ( NWL®), entered into a strategic alliance with Achaean Financial Holdings (Achaean Financial), an intellectual property and product development company, to launch NWL® Income+.

NWL® will be the first life insurance company to use the Achaean product technology, which because of its novel and pioneering structure will present new and creative solutions for the financial marketplace.

NWL® Income+ is currently a stand-alone product. Ash Brokerage is one of a handful of firms selected to bring this new income stream product to market.

Put an expert to work for you

It’s our job to make sure that everything works — both now and in retirement. Let us show you that whatever the question, whatever the need, Ash Answers.

Frequently Asked Questions
Questions? Ash Answers.

Here are some of the most common questions we get asked about Income+. We're your go-to annuity product experts — ready to walk you through the process of getting your client a suitable solution.

What is the Market Value Adjustment (MVA) rider?

An MVA may increase or decrease the amount of the Cash Surrender Value. In general, as the MVA Index increases, the Cash Surrender Value amount decreases. As the MVA Index decreases, the Cash Surrender Value amount increases. The MVA is only applied if the policy is terminated in years one through five.

How is the cash payment upon surrender determined?

The value of the cash payment upon surrender is determined based on the state of policy issue.

  • Cash Surrender Value with an MVA is used to calculate the cash payment for most states
  • Cash Surrender Value without an MVA is used in TX and CA
  • Commuted Value is used in MN and NJ

Cash Surrender Value is the greater of (1) the Single Premium less the sum of Income Payments and less the Surrender Charge, plus or minus the MVA (if applicable), or (2) zero.

Can I take partial withdrawals on the surrender value?

No, the contract does not allow for partial withdrawals because it has been annuitized for the purpose of generating a stream of income. The value of your cash payment upon surrender is determined based on the state of policy issue.

  • Cash Surrender Value with an MVA is used to calculate the cash payment for most states
  • Cash Surrender Value without an MVA is used in TX and CA
  • Commuted Value is used in MN and NJ

Cash Surrender Value is the greater of (1) the Single Premium less the sum of Income Payments and less the Surrender Charge, plus or minus the MVA (if applicable), or (2) zero.

What are the surrender charges?

The 5-Year Surrender* Charge Period starts at 5% and decreases 1% for each policy year:

  • Policy Year 1 — 5.00%
  • Policy Year 2 — 4.00%
  • Policy Year 3 — 3.00%
  • Policy Year 4 — 2.00%
  • Policy Year 5 — 1.00%
  • Policy Year 6+ — 0.00%

*Surrender charges will not apply for the states that use the commuted value method. No Partial Surrenders permitted. A Market Value Adjustment (MVA) will apply to Surrenders in some states. See Policy for details.

What is the commuted value?

During the Commutation Period, as defined in your Policy, the present value of the current Income Payment over the expected life of the Annuitant(s), discounted at interest and mortality, but not greater than the Single Premium less the sum of Income Payments. The Commuted Value is no longer available after the Commutation Period ends or if the sum of Income Payments paid is at least as great as the Single Premium.

How is the future Income Payment determined?

Any Income Payment increase is based on three key components.

  • CPI-U index — This index measures the cost of goods and services in urban areas. A rise in the CPI-U is an indicator that prices of goods and services are becoming more expensive and your cost of living may increase. This is the inflation component.
  • S&P® MARC 5% — Increases, if any, in this index over each three-year Option Term Period can contribute to increases to future Income Payments. This is the index component.
  • Surplus Amount — In periods where the CPI-U rises at a rate higher than that of the Option Growth Rate based on the S&P® MARC 5% Excess Return calculated performance rate, a portion of the funds within the Surplus Amount, if greater than zero, may be used to help increase payments and offset the impact of cost of living increases. The Surplus Amount will grow when the index component calculation is greater than the inflation component.
How is the Annual Income Payment calculated?

In Years 1-3, the initial Income Payment is determined at issue and will be level for the first three policy years.

Beginning in Year 4, NWL will review your account annually to determine your new Income Payment. The floor each year is the prior year’s Income Payment. If your Annual Income Payment increases over the previous year, this becomes your new guaranteed Annual Income Payment. This payment will never decrease, it can only increase.

Steps for determining the Annual Income Payment:

Step 1 - Calculating the Index Component

  1. Determine the New Calculated Payment Equation: Previous Year’s Calculated Payment x (1+ Option Growth Rate)
  2. Add Surplus Amount Equation: New Calculated Payment + (Prior Year Surplus Amount x Surplus Amount Percentage / Payment Mode)

Step 2 - Calculating the Inflation Component

  1. Equation: Prior Year Income Payment x (1 + Current Year Inflation Rate)

Step 3 - Compare new Index Component to new Inflation Component

  • If the index component happened to be less than the inflation component, the Annual Income Payment would be the index component and if the inflation component happened to be less than the index component, the Annual Income Payment would be the inflation component
  • The index component and the inflation component must be higher than the current Income Payment for an increase in Income Payments to occur
  • The Surplus Amount will increase or decrease each year based on the difference of the new Calculated Payment and the new Income Payment
What happens if the Consumer Price Index (CPI-U) is greater than index performance?

The Income Payment will grow at the Option Growth Rate plus a percentage of the Surplus Amount, if any, but again only if greater than the current Income Payment.

What is the Surplus Amount?

The greater of the sum of the Calculated Payments minus the sum of the Income Payments or zero.

Can clients withdraw the index gains at any time?

No, clients cannot withdraw the index gains. The index gains are used to determine if and how future payments will increase.

If my client dies, what does their beneficiary receive?

Upon death of the sole annuitant or last surviving Joint Annuitant, the beneficiary will receive the single premium less the sum of income payments, as long as this difference is greater than zero.

Can the Owner surrender the contract and what would they receive if they did?

Yes, the Owner can surrender the contract. The Cash Surrender Value will be determined by a surrender value calculation plus a Market Value Adjustment (MVA). This is only applicable if the contract is surrendered during the Surrender Charge Period, which is five years.

What will my client see on their annual statement?

NWL will prepare a report at the end of each Policy Year that the Contract is in force. NWL will provide this report within 60 days of the end of each Policy Year. The report will show at least the following information:

  • Beginning and end dates of the report
  • Single Premium received at the Policy Date
  • Sum of Income Payments paid by us
  • Income Payment for the previous Policy Year
  • Income Payment for the Policy Year
  • Option Growth Rate of the Policy Year
  • Inflation Rate as of the two months prior to the Policy Anniversary month
  • Surplus Amount, if any, at beginning and end of the Policy Year
  • Death Benefit at the end of the Policy Year
How is the trail compensation calculated and how often is it paid?

The trail compensation is based on a unique approach of using the present value of future Policyholder income flows, where increasing payments offset the passage of time to create a more stable balance that drives greater all-in compensation. After the first year, the trail will be paid out on a quarterly basis at the end of each quarter.

Can I elect an all-up-front commission option and not get a trail?

No, you cannot elect to get an all-up-front commission option with the NWL Income+.

What is the difference between the Consumer Price Index for All Urban Consumers (CPI-U) and the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)?

The CPI-U is a more general index that seeks to track retail prices as they impact all urban consumers. It accounts for about 93% of the United States population. The CPI-W is a more specialized index and seeks to track retail prices as they impact urban wage earners and clerical workers. It makes up about 29% of the U.S. population and is a subset of the CPI-U group.

As of July 2022. Source:

This webpage is intended for agent use only - it has not been approved under the advertising laws of your state for dissemination to individual purchasers.

NWL® Income+ base policy form ICC22 01-1192-22, 01-1192-22, and state variations. Cash surrender rider form 01-3189-22, associated forms 01-3189(5SC)-22, and state variations.

Commutation Rider ICC21 01-3188-21, and state variations. apply. MVA Rider form 01-3186-22, and state variations. Not FDIC or NCUA insured / May lose value / Not bank or CU guaranteed / Not a deposit / Not insured by any federal agency. Not available in all states. Certain limitations and exclusions apply.

NWL® Income+ is not a stock market investment and does not directly participate in any stock or equity investments. The index does not include any dividends paid on the underlying stocks. Clients who purchase this annuity are not directly investing in a stock market index.

National Western Life® does not authorize its financial professionals or employees to give tax or legal advice. Please consult with an attorney, accountant, or other tax advisor for your client's specific situation.

The S&P® MARC 5% Excess Return Index is a product of S&P® Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by National Western Life Insurance Company (NWL®). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by NWL. NWL® Income+ is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MARC 5% Excess Return Index.