The WealthQuest Citadel 7 - Diamond Series is a flexible premium deferred annuity. The minimum initial contribution is $5,000 for non-qualified funds and $2,000 qualified. 10% of the accumulated value is available for withdrawal. Surrender charges are seven years in length and are waived in the event of death, disability, entrance into a nursing home or hospital, or diagnosis of a terminal illness.
Flexible Premiums Once you establish your annuity with the initial premium payment, you can make additional premium payments either on a scheduled basis or alternately, whenever you have the available funds to do so.
Additional Premium Payments
$1,000 non-scheduled check
Electronic Fund Transfer (EFT): $100 monthly, $300 quarterly, $600 semiannually, or $1,200 annually
Interest Rate Enhancement All premium payments made within the first 36 months of issuance of the contract may receive a 2% interest rate enhancement above the current declared interest rate for the first year.
Surrender Charge Free Withdrawals Starting in the first contract year, you can withdraw up to 10% of your annuity value as of the beginning of your annuity’s contract year, free of any surrender charges.
Full Withdrawal You may surrender the contract for the full surrender value, which will terminate the contract upon payment.
Partial Withdrawal You may take a partial withdrawal from the surrender value, which will keep the contract in force. You can specify the withdrawal amount, subject to a minimum value of $250.
Systematic Withdrawals You can also make systematic payments for a fixed amount or interest only payments on a monthly, quarterly, semi-annual or annual basis. (Fixed amount payments can be as low as $50.00 if directly deposited.) The systematic withdrawal feature may also be used for mandatory distributions on IRA policies once you reach age 70½.
Note: We will accept the following Inherited IRA:
Non-Spouse ONLY if the original owner passed away prior to 01/01/2020.
If the DOD is on or after 01/01/2020 we will only accept Spousal Inherited IRAs.