MaxGrowth 10
Ratings:
- A.M. Best B++
About Product
Type
Fixed Index
Purpose
Accumulation
Term
10 Years
Surrender schedule
12%12%11%10%9%8%7%6%5%4%
Fee withdrawal:
5%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$20,000
Maximum Contribution
$1,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and 1035 Exchange
Launch Date
08/19/2024
MaxGrowth 10 Fixed Indexed Annuity is a deferred individual annuity with a 10- year term, fixed interest rate guaranteed periods, index-linked crediting options and the opportunity to reallocate the Contract Value annually. It also offers an option to annuitize the full Contract Value after year 5 for a 5-year period certain term, with no Surrender Charge, Recovery Amount or MVA if no withdrawals other than RMD’s have been taken.
Available in states:
AZ, CO, DC, FL, GA, HI, IL, IA, KS, KY, MI, MO, NE, NV, NM, ND, OK, SD, and UT
Allocation Accounts
Name | Type | Rates |
---|---|---|
1-Year Fixed Account (Most States) |
Fixed
|
5%
Fixed
|
1-Year Fixed Account (KY Only) |
Fixed
|
4.75%
Fixed
|
1-Year Fixed Account (UT Only) |
Fixed
|
4.5%
Fixed
|
1-Year S&P 500 PTP Cap (Most States) |
Point to Point
Annual
|
11.5%
Cap
|
1-Year S&P 500 PTP Cap (KY Only) |
Point to Point
Annual
|
11%
Cap
|
1-Year S&P 500 PTP Cap (UT Only) |
Point to Point
Annual
|
10.5%
Cap
|
1-Year S&P 500 Market Agility 10 PTP Participation Rate (Most States) |
Point to Point
Annual
|
115%
Participation
|
1-Year S&P 500 Market Agility 10 PTP Participation Rate (KY Only) |
Point to Point
Annual
|
110%
Participation
|
1-Year S&P 500 Market Agility 10 PTP Participation Rate (UT Only) |
Point to Point
Annual
|
105%
Participation
|
1-Year Schroders Global Compass PTP Participation Rate (Most States) |
Point to Point
Annual
|
140%
Participation
|
1-Year Schroders Global Compass PTP Participation Rate (KY Only) |
Point to Point
Annual
|
135%
Participation
|
1-Year Schroders Global Compass PTP Participation Rate (UT Only) |
Point to Point
Annual
|
130%
Participation
|
1-Year S&P 500 Performance Trigger (Most States) |
Performance Triggered
Annual
|
8%
Performance triggered
|
1-Year S&P 500 Performance Trigger (KY Only) |
Performance Triggered
Annual
|
7.75%
Performance triggered
|
1-Year S&P 500 Performance Trigger (UT Only) |
Performance Triggered
Annual
|
7.5%
Performance triggered
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Penalty | 12% | 12% | 11% | 10% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for MaxGrowth 10 annuity.
Waivers
Nursing Home
If any owner is confined to a nursing home for at least 90 consecutive days, the owner may request a one-time withdrawal up to the amount of the Contract Value with any applicable Surrender Charges, Market Value Adjustment and Recovery Amount waived. This benefit is not available during the first contract year and necessary documentation must be provided. Please refer to the contract for more information.
Premium Notes
Qualification & Ownership Types
- Qualified: IRA (Traditional, Roth, SEP)
- Non-Qualified: Individual, Joint, Trust, Corporate, Non-Corporate Entity
Issue Ages
- 0 – 85, Annuitant must be a natural person.
- Issue age limits apply to all Owners and Annuitants; i.e. the oldest owner/ annuitant cannot be older than the maximum issue age and the youngest owner/annuitant cannot be younger than the minimum issue age.
Premium
- Minimum Initial - $20,000
- Maximum Total Premium: Premiums largerthan $1,000,000 may receive additional review by American Life; Maximum issue amount is $5,000,000.
- Additional premium can be added within the first 6 months after policy issue. This information must be provided on initial application.
Withdrawal Provisions
Penalty-Free Withdrawals
- Year 1 : there are no penalty-free withdrawals, including RMDs.
- Years 2+ : the greater of the RMD, or 5% of the Contract Value as of the most recent contract anniversary.
Required Minimum Distributions
For Owners who are taking Required Minimum Distributions from IRAs, the annual RMD for the current year should be taken prior to qualified funds transfer to American Life. Any RMD in Year 1 is subject to a Surrender Charge and Recovery Amount and may result in a commission chargeback.
Market Value Adjustment
For Owners who are taking Required Minimum Distributions from IRAs, the annual RMD for the current year should be taken prior to qualified funds transfer to American Life. Any RMD in Year 1 is subject to a Surrender Charge and Recovery Amount and may result in a commission chargeback.
Market Value Adjustment
- Where applicable, MVA is applied on any withdrawals/full surrender in excess of the penalty-free or RMD amount during the surrender period.
- The MVA is based on the current interest rate environment at the time of withdrawal.
- In general, if interest rates (as measured by the index) have increased, an additional amount is deducted from the withdrawal. Conversely, if rates have fallen, an amount will be added to the withdrawal.
- See the contract for the MVA calculation.