American Select 7
The American Life & Security Corp., founded in 1960, is a life insurance and annuity provider devoted to delivering best-in-class products and services. By merging their industry-leading methods with avantgarde digital innovations, the company offers a range of retirement products, yet is particularly known for its ‘American Classic’ fixed deferred annuity and ‘American Select’ fixed indexed annuity. With a comprehensive customer experience, competitive rates, and a streamlined business model, American Life challenges the status quo in the insurance industry by responding to the ever-changing markets and investor needs.
American Select 7
Ratings:
- A.M. Best B++
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
5%
Fixed
|
| 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
|
45%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
150%
Participation
|
| 2-Year Janus SG Guidance Index Value Lock PTP Participation Rate |
Point to Point
Biennial
|
115%
Participation
|
| 1-Year S&P 500 ESG PTP Cap |
Point to Point
Annual
|
6.5%
Cap
|
| 1-Year S&P 500 ESG PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year GS Xenith PTP Participation Rate |
Point to Point
Annual
|
200%
Participation
|
| 2-Year GS Xenith PTP Participation Rate |
Point to Point
Biennial
|
275%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 5% | 4% |
Riders
No Riders for American Select 7 annuity.
Waivers
Annuitization
After the fifth Contract Anniversary, no Surrender Charge will be applied to a withdrawal or surrender that is applied to an Annuitization with a payout of at least 5 years. MVA will still apply. For the Bonus and Bonus Plus plans, only the portion of the Enhanced Interest Credit that has vested, and any interest accured on the vested portion, will be included in the Contract Value applied to Annuitization.
Withdrawal Provisions
Beginning in the first contract year, during the Surrender Charge Period, We will waive any Surrender Charge and Market Value Adjustment on Partial Withdrawals or Surrenders in a contract year up to a cumulative amount that does not exceed the greater of:
- 10% of the Contract Value as of the last Contract Anniversary date; or
- The Required Minimum Distribution, as calculated under the Internal Revenue Code, as if the Contract were the only assets in Your Traditional IRA Program.
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