CL Sundance (2-Year)

CL Sundance is a single premium tax-deferred annuity that guarantees an interest rate for 2, 3, and 5 years. 

Lifetime Income Option(s)
A valuable feature of annuity contracts is the ability to create a life-long paycheck to yourself. Providing you with an option for certain income payments that you cannot outlive, CL Life and Annuity offers you a guaranteed income stream with the purchase of your tax-deferred annuity, through the ability to annuitize, which turns the deferred account into a regular stream of payments. You will have the ability to choose when to start the income stream and you have several different annuity payout options that may meet your future income needs; to include a payout for a certain period of time, for your entire lifetime with a guaranteed period.

May Avoid Probate
You have the ability to name a beneficiary(s) (other than your estate). Your deferred annuity will be paid directly to any such named beneficiary, thereby avoiding inclusion in a probated estate. This benefit may minimize the delays, expenses and publicity often associated with probate. Your designated beneficiary can then choose how they receive death proceeds based on their personal financial situation.

Market Value Adjustment
A Market Value Adjustment (MVA) will only be applied any time a surrender charge is incurred. The MVA does not apply to the penalty-free withdraws. The purpose of the MVA is, in case of an early withdrawal, to adjust the value of your funds for the change in interest rates. The change is measured by comparing the base interest rate credited in your contract, with the base interest rates being credited by the company on current sales of the same contract form.
The MVA does not apply to penalty-free withdrawals, to the payment of a death benefit or at the end of the guarantee period. At time of withdrawal or surrender, the MVA will reduce the surrender amount when the interest rates for new contracts is greater than the current crediting rate of your contract less .25%. Oppositely, the MVA will increase the surrender value when the interest rate for new contracts is less than the current rate credited to your contract less .25%. Please refer to the section of the contract for the MVA provision. This only applies to withdrawals that exceed the penalty-free withdrawal amount during a guarantee period. 

Death Benefit
The named beneficiary(ies) of the CL Sundance Annuity will receive per your specified allocation on the contract, a death benefit that is equal to the account value. From the time CL Life receives the notification of the first owner's death until the funds are distributed, the death benefit will accrue interest at a rate required by the state in which the contract is issued. Alternatively, if the contract is continued by a surviving spouse who is the sole beneficiary on the contract, the account value will continue according to the terms of the contract. Your beneficiary may choose to receive the payouts in either a lump sum or a series of income payments. In the case of joint owners, the death benefit is paid on the death of the first owner. Fixed annuities are insurance products that serve a variety of needs. They provide guaranteed growth, are not subject to market risk and can be used to ensure that you will never outlive your retirement money. These features are key components in building a retirement plan that will last a lifetime.