Flex Guard Preferred 5

The Flex Guard Preferred Annuity (FGPA) is an individual fixed flexible-premium deferred annuity. You purchase the annuity with one premium payment, but premiums are accepted thereafter, though not required. Interest is earned during the accumulation phase and annuity benefit payments are deferred until the Maturity Date or upon Annuitization. Under current tax law: (a) the principal and earnings are not subject to income taxes until funds are withdrawn or distributed; and (b) a 10% IRS early-withdrawal penalty may apply to withdrawals or distributions prior to age 59½. Tax law is subject to change. Please consult your financial or tax professional for any exceptions to the early-withdrawal penalty.
The main purposes of a deferred annuity are: (a) to save money for retirement; and (b) to receive retirement income for life. It is not meant for short-term financial goals.

Issue Age
The FGPA will be issued to Owners age 18-95 and Annuitants age 0-95.

Premium
An FGPA5 may be established with an initial premium of $1,000. Additional premium payments must be at least $1,000.
Maximum first-year deposits: $3,000,000 (without pre-approval).
Future deposits accepted up to $1,000,000 per contract year without starting a new surrender period

Safety and Guarantees
GBU guarantees that the Owner will never receive less than: (a) 87½% of the total premium payments, net of any withdrawals; accumulated at (b) an annual interest rate no less than 1.00%.

Surrender Benefits
You may take money out of your annuity any time before annuity benefit payments begin. You may take out all of your annuity’s Surrender Value (full surrender) or part of it (partial surrender). Withdrawals must be $500 or more. At least $2,000 must remain in the annuity for the Contract to remain in force. A 10% IRS penalty may apply to withdrawals made before you reach age 59½.

Free WIthdrawals
10% penalty-free annual withdrawals of the account value each Contract Year. During any Contract Year in which this waiver is not used for the preceding year, 20% of the account is available without incurring a surrender charge.