Power Index Preferred
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
7 Years |
|
Surrender schedule
|
8%7%6%5%4%3%2% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
03/01/2016 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, Stretch IRA, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Power Index Preferred is the right product for you.
Premium Notes
- Initial: $25,000 minimum (qualified and non-qualified)
- Subsequent: Only in the first 30 days after contract issue
- Requires prior company approval if total of all contracts issued to the same owner and/or annuitant exceeds $2 million
- TSP funds have to be rolled into an IRA.
- We allow inherited IRA/NQ assets so long as it is being stretched and provided no GLB is elected. We will not write any inherited fixed business and we will not write new business on inherited assets subject to either the 5-year or the 10-year rule.
Withdrawal Provisions
Can be taken at any time (minimum $1,000 per withdrawal), or you can set up a systematic withdrawal program to receive regular, scheduled amounts (minimum of $100 per withdrawal). The minimum remaining contract value after any withdrawal must be $2,500.
Free Withdrawals
After the first contract year, you can withdraw up to 10% of your contract value (based on your prior anniversary value) without incurring any company-imposed charges.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.6%
Fixed
|
| 1-Year ML Strategic Balance PTP Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
44%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
7.6%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.85%
Fixed
|
| 1-Year ML Strategic Balance PTP Participation Rate |
Point to Point
Annual
|
110%
Participation
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
47%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
8.6%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 8% | 7% | 6% | 5% | 4% | 3% | 2% |
Riders
No Riders for Power Index Preferred annuity.
Waivers
Terminal Illness
Unavailable in states: CA, MA, and WA
To utilize this rider, an owner must be diagnosed with a Terminal Illness as defined in the rider. One partial or full withdrawal is permitted. The Terminal Illness must be diagnosed by a Qualified Physician in writing supported by clinical, radiological or laboratory evidence and must not have been diagnosed before the contract issue date.
Extended Care
To utilize this rider, an owner, after a 1-year deferral period, must receive qualifying Extended Care, which is treatment prescribed by a Qualified Physician, given by a Qualified Medical Professional and received by the owner while staying in a Qualified Institution for at least 90 consecutive days. The rider terminates when the owner turns age 86.
ADL
Unavailable in states: CA, CT, and MA
To utilize this rider, an owner, after a 1-year deferral period, must be unable to perform two of six Activities of Daily Living for at least 90 consecutive days, as certified by a Licensed Health Care Practitioner. The six Activities of Daily Living are Bathing, Continence, Dressing, Eating, Toileting and Transferring; they are detailed in the rider.
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