Fixed index annuity review and rates

NAC Charter Plus 14 Low Band

The Charter Plus 14 is a flexible premium annuity with a 14-year surrender charge period and an MVA provision. The Charter Plus 14 also pays a Premium Bonus on all premiums paid during the first seven years.

Annuitization
By current company practice, you may receive an income from the Accumulation Value after the first contract year (without surrender charges, premium bonus recapture, or Market Value Adjustment) if you choose a Life Income Option. You can also receive an income based on the Accumulation Value if your annuity has been in force for at least five years and payments will be over at least a ten-year period. Once a payout option is selected it cannot be changed and all other rights and benefits under the annuity end. 

With the exception of Life Income options, income options are available for:
  • A minimum of 5 years, or
  • A maximum of 20 years.
The following options are available:
  • Income for a Specified Period
  • Income for a Specified Amount
  • Life Income with a Period Certain
  • Life Income
  • Joint and Survivor Life Income
For Florida:
You may select an annuity payout option based on the accumulation value at any time after the first contract year. Choose from:
  • life income
  • life income with a 10-year period certain
  • life income with a 20-year period certain
  • joint and survivor life income
  • joint and survivor life income with 10- or 20-year period certain
Available in states: AL, AZ, AR, CA, CO, DC, FL, GA, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, NE, NH, NM, NC, ND, RI, SD, TN, VT, WV, WI, and WY

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
2.7% Fixed
1-Year Nasdaq-100 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.1% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
25% Participation
1-Year S&P 500 PTP Daily Average Spread
Point to Point
Annual
Daily average
5% Spread
1-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Annual
2% Spread
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2% Cap
2-Year S&P 500 LV DRC 8% TR PTP Spread
Point to Point
Biennial
3.5% Spread

Surrender schedule

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Penalty 12% 12% 11% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1%
North American Company for Life and Health
Founded: 1886
A.M. Best: A+
Fitch: A+
S&P: A+
Carrier details
Free withdrawal
1st year: 0%
2nd+ year: 10%
Premium bonus
7%
Surrender schedule
14 years
Return of premium
Market value adjustment
Minimum contribution
$20,000
Types of funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, 1035 Exchange, NQ Stretch, and TSP