SecureGain 7

SecureGain 7
The SecureGain 7 is a single premium deferred index annuity with a market value adjustment. The minimum single premium is $10,000 for qualified and non-qualified money. 10% of the purchase payment may be withdrawn during the first policy year and 10% of the account value as of the prior anniversary may be withdrawn after the first policy year without a surrender charge.

Systematic Withdrawal
Is an option. Surrender charges are seven years in duration (9,8,7,6,5,4,3) and are waived in the event of annuitization, death, entrance into a nursing home, or diagnosis of a terminal illness. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.

Penalty Free Withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payment. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. 

Market Value Adjustment
A market value adjustment (MVA) will apply if you surrender your contract during the initial term. The MVA is calculated by comparing the interest rate environment when you purchase your contract to the environment when you choose to surrender your contract. The calculation also takes into account the time remaining in the initial term. An MVA can result in an increase to your surrender value during a period of decreasing rates, or a decrease to your surrender value during a period of increasing rates. The MVA will also apply to withdrawals in excess of the 10% free-withdrawal allowance during the initial term.