Ceres Life Graybar IncomePlus
The Ceres Life Graybar IncomePlus Fixed Indexed Annuity, issued by Ceres Life, is designed to help convert retirement savings into reliable lifetime income while still providing growth potential tied to market index performance. Unlike traditional market investments, this annuity is built around protection first — meaning it is structured so negative market performance does not directly reduce credited interest. That combination of downside protection, tax-deferred growth potential, and lifetime income access is why fixed indexed annuities are often used as the “income stability” portion of a retirement plan.
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The product is structured as a single premium deferred annuity that includes an optional Guaranteed Lifetime Withdrawal Benefit rider (GLWB). This rider allows you to create income that can continue for life, even if the underlying accumulation value is reduced to zero over time due to withdrawals.
For many retirees and pre-retirees, the appeal is simple: market participation potential during accumulation years combined with contractual income protection later. This is especially useful when building a retirement income floor alongside Social Security, pensions, or other guaranteed sources.
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How the Graybar IncomePlus Annuity Is Built
This annuity combines three core retirement planning components: principal protection from market loss, index-linked growth potential, and guaranteed lifetime income optionality. It allows allocation between a declared fixed interest account and multiple index-linked crediting strategies, letting you balance stability and growth potential.
Interest crediting is tied to index performance but subject to caps or participation limits depending on the strategy selected. If the index declines, the credited interest is zero — not negative — which protects principal from market downturns.
Available index options include major market and risk-controlled index strategies such as S&P 500®, S&P MARC 5%, and the S&P 500 Dynamic Intraday TCA index. These allow diversification across equity and multi-asset exposure while still operating within a structured crediting framework.
Guaranteed Lifetime Withdrawal Benefit (GLWB)
The GLWB rider is designed to generate lifetime income withdrawals regardless of market performance. Income is calculated using a Benefit Base value that is separate from the accumulation value/account value and is used solely to determine income eligibility and payout amounts.
The rider fee is charged as a percentage of the Benefit Base and deducted from the accumulation value. The initial rider fee is approximately 1.10%, with a maximum rider cap specified in the contract.
The Benefit Base can receive a premium bonus and may grow at a roll-up rate for a specified period until income is activated. Once income begins, the benefit base stops growing and is used to determine payout percentages based on age and contract terms.
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Premium Bonus and Benefit Base Growth
The annuity may include a premium bonus applied at issue. The brochure example shows how a 20% benefit base bonus can increase the starting income calculation value above the initial premium deposit.
The benefit base may also grow through a roll-up rate for a defined period. This is not market growth — it is a contractual income calculation tool. The benefit base cannot be withdrawn and exists strictly to determine income withdrawal calculations.
Liquidity and Withdrawal Flexibility
After the first contract anniversary, the annuity typically allows penalty-free withdrawals up to 10% of the accumulation value annually during the surrender charge period.
Withdrawals beyond this amount during the surrender period may incur surrender charges and potentially market value adjustments depending on interest rate movement since purchase.
Surrender Period and Long-Term Design
This annuity is designed as a long-term retirement solution. Surrender charges typically decline over a multi-year period, commonly around 10 years depending on contract version.
Premium bonus recapture schedules may also apply during early surrender years to ensure the bonus supports long-term income objectives rather than short-term withdrawals.
Tax Treatment
Growth inside the annuity is tax deferred. Taxes are generally owed only when funds are withdrawn. Withdrawals prior to age 59½ may be subject to IRS penalty tax in addition to ordinary income tax.
Who This Annuity May Be Best For
This type of annuity often fits investors seeking retirement income stability, principal protection, and controlled market exposure. It may be especially attractive for retirees looking to cover essential expenses with guaranteed income while allowing other assets to remain invested for growth.
It may be less suitable for investors needing high liquidity, short-term investment horizons, or aggressive market growth strategies.
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Ready to explore this annuity in more detail—or compare it with other carriers to see if even higher rates are available? With guaranteed income, principal protection, and long-term growth potential on the line, making the right choice is essential. The experienced advisors at Diversified Insurance Brokers will guide you through the options and design a strategy tailored to your retirement goals.
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Graybar IncomePlus FAQ
What type of annuity is Graybar IncomePlus?
It is a fixed indexed annuity designed to provide index-linked growth potential with principal protection and optional lifetime income via a GLWB rider.
Does it guarantee lifetime income?
Yes, when the GLWB rider is elected and activated according to contract rules.
Is my principal protected from market loss?
Yes. Indexed crediting will not credit negative interest due to market declines.
How much can I withdraw penalty free?
Typically up to 10% annually after the first contract anniversary, subject to contract terms.
Is there a rider fee?
Yes. The GLWB rider has an annual fee based on the Benefit Base.
Can I lose money in a downturn?
You may not earn interest in a down index year, but principal is protected from market losses.
Is this good for short-term investing?
No. It is designed for long-term retirement income planning.
About the Author:
Jason Stolz, CLTC, CRPC and Chief Underwriter at Diversified Insurance Brokers (NPN 20471358), is a senior insurance and retirement professional with more than two decades of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, Group Health, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient. Visitors who want to explore current annuity rates and compare options across multiple insurers can also use this annuity quote and comparison tool.
