American Select 7
The American Select 7 Annuity lets you relax, knowing your money is growing safely for your golden years. It offers impressive interest rates, ensuring your hard-earned savings multiply stress-free.
Plus, the annuity's flexibility is a real advantage - you can customize your payouts, perfect for planning ahead. A fantastic choice for a secure, worry-free retirement!
American Select 7
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Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.9%
Fixed
|
| 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
|
45%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
| 2-Year Janus SG Guidance Index Value Lock PTP Participation Rate |
Point to Point
Biennial
|
115%
Participation
|
| 1-Year S&P 500 Scored & Screened PTP Cap |
Point to Point
Annual
|
6.5%
Cap
|
| 1-Year S&P 500 Scored & Screened 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
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 1-Year Nasdaq-100 Intraday Elite 15% PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 5% | 4% |
Hypothetical Projection
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Riders
No Riders for American Select 7 annuity.
Waivers
Nursing Home
The benefit is automatically included at no extra charge from the contract date. It becomes accessible starting in year 2 but cannot be used during the first contract year. The owner must be confined to a nursing home for at least 90 consecutive days before utilizing the benefit. If eligible, the owner can request up to 100% of the contract value or Minimum Guaranteed Value, whichever is higher, without incurring any surrender charges, recovery amounts (specific to MaxGrowth 10), or market value adjustments. To qualify, the owner must be in a Medicare-certified skilled nursing facility and provide a physician's statement along with any required additional proof. This benefit can only be used once and will terminate after it has been exercised, if there is a change in the beneficial owner, upon contract termination, or if the owner requests it in writing.
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
LiquidityBeginning 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. If a Partial Withdrawal or full Surrender exceeds the above limitation, the Surrender Charge and the Market Value Adjustment will apply to the excess amount.
- A.M. Best B++
