SPDA with Free Withdrawal and Withdrawal Charges Waivers
The SPDA wants to give you financial security in your sunset years. This Single Premium Deferred Annuity lets you set your guaranteed rate period, ensuring reliability. With no annual maintainance fees or front-end sales loads, your peace of mind is closer than ever.
Adding a cherry on the top, SPDA provides Death Benefits equal to the account value. RMD withdrawals are free of all charges. Additionally, optional riders like Free Withdrawal Waiver and Withdrawal Charges Waiver could ensure you more flexibility in fluid financial situations. Invest in SPDA today for a worry-free tomorrow!
SPDA with Free Withdrawal and Withdrawal Charges Waivers
Ratings:
- A.M. Best B++
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 5.5% | 2.7% | 5.5% |
Death Benefits
Death Benefits are equal to the account value upon death of the owner.
If the owner's spouse is the sole beneficiary, the spouse may continue the policy in his or her own name.
No Sales Charges or Fees
There are no annual maintenance fees and no front-end sales loads.
Market Value Adjustment
When you make a withdrawal, we also may increase or decrease the amount you receive based on a market value adjustment (MVA). If interest rates went up after you bought your annuity, the MVA likely will decrease the amount you receive. If interest rates went down, the MVA will likely increase the amount you receive.
Exceptions to Surrender Charges & MVA
- You may withdraw 100% of your accumulated interest and RMD free of all charges at any time.
By selecting this rider, the 10% annual free withdrawal included in the policy will be waived and any withdrawal of the Single Premium Payment amount will incur withdrawal charges as detailed below
Withdrawal Charges Waiver
By selecting this rider, the interest rate on your annuity may be changed on each anniversary date of your policy to no less than 1% on the 5-year, 7-year, and 10-year terms. If the rate is reduced below the initial rate, you will be able to fully withdraw your annuity balance with no withdrawal charges or MVA.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| SPDA Free Withdrawal Waiver Rider | No | |
| SPDA Withdrawal Charges Waiver Rider | No |
Waivers
Bail-Out
The Policyowner has a Bail-Out option to get full withdrawal with no fees/MVA/surrender charges.
Death
In the event of owner death, withdrawal charges and MVA are waived and benefits equal the account balance
Annuitization
You may elect to annuitize at any time after the first year from a number of options. Surrender charges and MVA are waived with a payout period of 5 years or longer
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