Harbourview 5
Established in 2018, Oceanview Life and Annuity Company has grown into an admirable provider of retirement planning solutions. Committed to boosting retirement savings accounts, the company aims to meet the demands of retirees and pre-retirees. With an assorted range of income solutions for retirement, Oceanview is especially known to have prodigious multi-year guaranteed annuities and fixed indexed annuities, designed to shield against market collapses while still offering growth potential and the ultimate stability. Their mission is to be a reliable source of top-tier annuity offerings, and having witnessed a recent upgrade in their credit ratings (A from A.M. Best), Oceanview’s position in the annuity market is only growing stronger.
Harbourview 5
Ratings:
- A.M. Best A
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.5%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.25%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
5%
Cap
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
60%
Participation
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
8.25%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
8.25%
Cap
|
| 1-Year S&P 500 Daily Risk Control 10% ER PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year S&P 500 Daily Risk Control 5% ER PTP Participation Rate |
Point to Point
Annual
|
140%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% |
Riders
No Riders for Harbourview 5 annuity.
Waivers
Death
The death benefit will not be subject to a Market Value Adjustment or Surrender Charges.
Nursing Home
After the first contract anniversary, in the event that the contract owner is confined to a nursing home, any applicable MVA or surrender charges will be waived on any withdrawal. Nursing home confinement is defined as at least 90 consecutive days or at least 90 days if there is no more than a 6-month break in the confinement. Confinement must be prescribed by a qualified physician and medically necessary. Proof must be furnished to the Company during confinement or within 90 days after such confinement. Waiver of surrender and MVA charges based on the final review of the claim. The nursing home waiver does not include home health care.
Terminal Illness
After the first contract anniversary, in the event that the contract owner is terminally ill and not expected to live more than 12 months, any applicable MVA and surrender charges will be waived on any withdrawal. The terminal illness must be diagnosed by a qualified physician after the contract’s issue date. Proof of terminal illness must be provided to the Company. Waiver of surrender and MVA charges based on the final review of the claim.
Annuitization
Surrender charges can be avoided by Annuitizing the contract through one of the standard annuity options offered on this product.
Confinement
After the first contract anniversary, in the event that the contract owner is confined to a nursing home, any applicable MVA or surrender charges will be waived on any withdrawal. Nursing home confinement is defined as at least 90 consecutive days or at least 90 days if there is no more than a 6-month break in the confinement. Confinement must be prescribed by a qualified physician and medically necessary. Proof must be furnished to the Company during confinement or within 90 days after such confinement. Waiver of surrender and MVA charges based on the final review of the claim. The nursing home waiver does not include home health care.
Premium Notes
- Through age 89
- 100
- $20,000
- $1,000,000
Withdrawal Provisions
- Each year after the first contract year, clients may withdraw up to 10% of their contract value (as of the most recent contract anniversary) to provide income.
- Minimum withdrawal amount: $250.
- Free withdrawals will not be subject to surrender charges or market value adjustments.
Required minimum distributions (RMDs) are mandatory withdrawals from qualified contracts. Recently enacted federal legislation increases the required beginning age for those born on or after July 1, 1949, to age 72. If you were born before July 1, 1949, your required beginning age for taking RMDs remains age 70 ½. RMDs can begin after year one and are considered a free withdrawal, even if they exceed 10% of the account value.
Settlement Options
- Life Only. Equal monthly payments for the annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death.
- Life with 10-Year Period Certain. Equal monthly payments for the greater of 120 months or the annuitant’s remaining lifetime.
- Joint Last Survivor. This option provides payments during the lifetime of the annuitant and the lifetime of a designated second person. If at the death of the survivor, annuity payments have been made for less than 120 monthly periods, the remaining guaranteed annuity payments will be continued to the beneficiary.
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