The American Freedom Aspire 5 is a flexible premium deferred annuity. A fixed annuity offers:
Growth with an increasing interest rate The American Freedom Aspire 5 offers an increasing interest rate to help build your retirement savings. A base interest rate will be set for each purchase payment you make. Each year during the purchase payment’s five-year term, the interest rate will increase by 0.10%.
Return of premium guarantee If the unexpected occurs, you can surrender your American Freedom Aspire 5 without penalty after contract year three. You’ll receive your purchase payments, minus withdrawals and any applicable taxes.
Safety of principal Regardless of market conditions, you won’t lose the money you contribute to your annuity unless you take a withdrawal or surrender your contract during its early withdrawal charge period.
Guaranteed retirement income When you’re ready to turn the money you’ve accumulated in your annuity into retirement income, you can select from a variety of payout options, including an income stream that will last for the rest of your life.
Inherited IRA: 0–75
Inherited non-qualified: 0–75
Purchase payment You can purchase this annuity with an initial purchase payment of $2,000 or more. You can add to your annuity at any time with additional purchase payments of at least $2,000. Great American only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Penalty-free withdrawals During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. Amounts withdrawn in excess of the penalty-free withdrawal allowance may be subject to early withdrawal charges.