Issue ages 0-89 (qualified); 0-89 (non-qualified): 0-75 (inherited IRA); 0-75 (inherited non-qualified) Issue age is defined as owner’s current age upon contract effective date. For joint owners, the older age will be used as the issue age.
Purchase payment This product accepts a single purchase payment for non-qualified, 403(b) (Traditional and Roth), Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Inherited IRA, inherited non-qualified and 457 plan funds.
Maximum: $1 million for ages 0-85, $500,000 for ages 86+ without prior Home Office approval
Maximums apply to the total purchase payments made to all annuities from the companies of Great American Life Insurance Company with the same owners or the same annuitants.
MVA During the initial five-year term and any renewal term, a market value adjustment will apply to withdrawals or surrenders.
Penalty-free withdrawals The following amounts may be withdrawn without deduction of an MVA or early withdrawal charge:
First contract year: up to 10% of the purchase payment
Subsequent contract years: up to 10% of the account value as of the most recent contract anniversary
Income Payout Options Fixed period: You receive payments for a fixed period of time that you select. Life or life with a minimum fixed period: You receive payments for life. If you select a minimum fixed period of time and pass away before the end of the period, the remaining payments are paid to the person you designate. Joint and one-half survivor: Payments are guaranteed for your life and the life of a designated joint annuitant. If you are survived by the joint annuitant, he or she will receive 50% of the payment for life.