The Oak ADVantage is a single premium, multi-year guarantee annuity. This annuity provides an accumulation value that earns interest through a fixed account with a guaranteed interest rate that is set for a 3-, 5-, or 7-year period. This annuity also provides several options for accessing funds. You may cancel this annuity within 30 days of your receipt to receive a refund of your premium, less any withdrawals you have taken.
Tax deferral benefits Funds grow on a tax-deferred basis, meaning no taxes are owed until you access them. This allows more time for growth potential. Work with your tax advisor to find out how this might work for you.
Issue ages Available for issue ages up to 90. Minimum premium amount Minimum premium is $50,000 for qualified and non-qualified. Additional premium is not accepted.
Renewal and payout options At the end of your guarantee period, you have 30 days to choose your next steps:
you can surrender your policy, free from penalties,
you can elect an available payout option, or
you can re-enter into a new 3-, 5-, or 7- year guarantee period.*
Without action, your policy will be re-entered into the same guarantee period.* * Cannot renew into a guarantee period that extends beyond the maturity date. For full details on re-entry and maturity dates, see the product disclosure
Surrender charges There is a 3-, 5- or 7-year surrender charge period. During this period, a charge is assessed on any amount withdrawn that exceeds the available penalty-free amount. Surrender charges are a level 3.0% in each contract year.
Penalty-free withdrawals Beginning in year two, an amount up to the prior year’s interest credited may be withdrawn without penalty. By current company practice, you may take a penalty-free withdrawal in the first contract year equal to interest earned in the first year. You may elect to receive interest withdrawal payments on a monthly, quarterly, semi-annual or annual basis, called a systematic withdrawal, these scheduled payments are penaltyfree but must be at least $50 each. IRS-required minimum distributions (RMDs) are not subject to surrender charges or market value adjustments. Withdrawals may be treated by the government as ordinary income. If taken prior to age 59 1/2, a withdrawal could also be subject to a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly.
Advisory fees You can authorize your financial advisor to take up to 1.0% of the accumulation value each year to pay advisory fees; these withdrawals will reduce the penalty-free withdrawal amount. Advisory fees on non-qualified multi-year guarantee contracts will be treated as normal distributions and taxed accordingly. Advisory fees on qualified contracts are not subject to taxes. Fees are treated as standard partial surrenders subject to surrender charges and market value adjustments to the extent they exceed any penalty-free partial surrender allowance available.
Annuitization options You can choose to receive annuity payments based on your choice of several annuity options. Once you elect an annuitization option, it cannot be changed, and all other rights and benefits under the annuity end. The payment amount and number of payments will be based on your annuity’s surrender value* and the annuitization option you choose. See the product disclosure for annuity options available. * In FL, the payments are based on the accumulation value and the annuitization options may be limited.
Death Benefit The death benefit is payable when any individual owner dies or when all annuitants have died, whichever is earlier. If the owner dies and his or her spouse is the sole beneficiary, the spouse may elect to continue the Contract as its owner. The death benefit equals the accumulation value. The death benefit will never be lower than the Contract’s minimum surrender value. A death benefit is not available if you have already elected an annuity payout option.