Apollo - SP (Variation States) ages 0-59
Get an annuity today!
Learn how an annuity can provide guaranteed income for life.
Key Takeaways
- Apollo SP Annuity offers minimum initial investment of $5,000 with varied income options.
- Offers penalty-free access to funds to 10% annual withdrawals post first year.
- In spite of tax deferrals, early withdrawals are subjected to applicable taxes and potential penalties.
- Incorporates features that allow penalty-free access if confined to a qualified nursing home.
- Promises guaranteed tax-deferred growth, protection of principal and lifetime income.
- Owners and annuitants are usually the same unless a trust is named as owner.
Pros and Cons of Apollo - SP (Variation States) ages 0-59
Pros
- Initial premium of $5000 for ages 0-85.
- Flexible income options and annuity payout choices.
- Guaranteed tax-deferred growth and lifetime income.
- Allows penalty-free withdrawal in case of long-term care needs.
Cons
- Penalties and tax implications on early withdrawals.
- Annuitization bonus and cumulative withdrawal provisions not available in some states.
- Requires confinement of 90 consecutive days for nursing home benefit.
- No additional tax benefits on qualified annuities.
The Apollo - SP is a Single Premium Deferred Annuity. The minimum initial contribution is $5,000. Systematic withdrawal of interest or 10% annual withdrawal beginning in the first year. Cumulative beginning in year 3 up to a maximum of 30% of the single premium.
Minimum Premium:
Minimum Premium:
- $5,000
Maximum Premium:
- Age 0-75 - $1,000,000
- Age 76-85 - $500,000
(premium over thresholds above require prior approval.)
Income Options
Income Options
- Life annuity—A monthly income payable over the annuitant’s lifetime.
- Life annuity with payments certain—A monthly income payable over the annuitant’s lifetime with the additional guarantee that in the event of death prior to the end of the specified period (such as 5, 10 or as long as 20 years), payments will continue to your designated beneficiary for the remainder of the specified period.
- Designated period annuity—A monthly income payable in equal installments for a specified period (such as 5, 10 or as long as 20 years).
- Joint and last survivor annuity—A monthly income payable over the lifetime of an annuitant and thereafter during the lifetime of a designated surviving annuitant.
Death Benefit
Your annuity contract’s death benefit is payable to your beneficiary upon your death. If you are also the annuitant, then your policy’s death benefit will be equal to the annuity’s value. If the annuitant is someone other than you, the policy’s death benefit is equal to the annuity value less any applicable surrender charges.
Funding Your Annuity
Your annuity contract’s death benefit is payable to your beneficiary upon your death. If you are also the annuitant, then your policy’s death benefit will be equal to the annuity’s value. If the annuitant is someone other than you, the policy’s death benefit is equal to the annuity value less any applicable surrender charges.
Funding Your Annuity
- IRA rollovers & transfers -- All of our fixed annuities can be purchased as Traditional Individual Retirement Annuities with rollover funds from qualified employer plans or rollovers or transfers from existing IRA accounts with other financial institutions
- Roth IRA conversions-- All of our fixed annuities can be purchased as Roth Individual Retirement Annuities and can be used to convert Traditional IRAs to Roth IRAs
Notes:
TSP funds have to be rolled into an IRA.
Reliance Standard only issues Inherited IRA annuity contracts under the following qualifications:
TSP funds have to be rolled into an IRA.
Reliance Standard only issues Inherited IRA annuity contracts under the following qualifications:
- The Beneficiary (new owner) must be the original (1st Generation) beneficiary of the deceased Traditional/SEP IRA Owner.
- The Beneficiary (new owner) must be age 65 or younger.
- The original Traditional/SEP IRA Owner’s Date of Death may be no more than five years from the application date.
- The original Traditional/SEP IRA Owner’s Date of Death must have occurred prior to January 1, 2020.
Partial Withdrawals
During the first 12 months of your contract, you can withdraw up to 10% of the single premium paid penalty-free, and, in any contract year thereafter, up to 10% of the annuity value penalty-free. If you should withdraw more than the penalty-free amount in any contract year, the entire amount withdrawn during that contract year is subject to the applicable MVA and surrender charges.
Cumulative Withdrawal Benefit
If no penalty-free withdrawal is taken in contract year two or any contract year thereafter, the amount of that contract years penalty-free withdrawal may be carried over into the following year. If no withdrawals are made for one or more successive years, the penalty-free withdrawal will accumulate up to a maximum penalty-free withdrawal limit of 30% of the single premium paid. Any penalty-free withdrawal carry over balance will return to zero as soon as a penalty free withdrawal of any amount is taken.
During the first 12 months of your contract, you can withdraw up to 10% of the single premium paid penalty-free, and, in any contract year thereafter, up to 10% of the annuity value penalty-free. If you should withdraw more than the penalty-free amount in any contract year, the entire amount withdrawn during that contract year is subject to the applicable MVA and surrender charges.
Cumulative Withdrawal Benefit
If no penalty-free withdrawal is taken in contract year two or any contract year thereafter, the amount of that contract years penalty-free withdrawal may be carried over into the following year. If no withdrawals are made for one or more successive years, the penalty-free withdrawal will accumulate up to a maximum penalty-free withdrawal limit of 30% of the single premium paid. Any penalty-free withdrawal carry over balance will return to zero as soon as a penalty free withdrawal of any amount is taken.
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 7 | 6.45% | 3.49% | 4.74% |