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WealthQuest Citadel 7 Diamond NY

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The WealthQuest Citadel 7 Diamond Annuity NY is a flexible premium deferred annuity. The minimum initial contribution is $2,000 for qualified and $5,000 for non-qualified funds. 10% of the accumulated value is available for withdrawal. Surrender charges are seven years in length and are waived in the event of death, disability, or entrance into a nursing home or hospital. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.

Flexible Premiums
Once you establish your annuity with the initial premium payment, you can make additional premium payments either on a scheduled basis or alternately, whenever you have the available funds to do so.
Additional Premium Payments 
  • $1,000 non-scheduled check 
  • Electronic Fund Transfer (EFT): $100 monthly, $300 quarterly, $600 semiannually, or $1,200 annually
Surrender Charge Free Withdrawals
Starting in the first contract year, you can withdraw up to 10% of your annuity value as of the beginning of your annuity’s contract year, free of any surrender charges.

Full Withdrawal
You may surrender the contract for the full surrender value, which will terminate the contract upon payment.

Partial Withdrawal
You may take a partial withdrawal from the surrender value, which will keep the contract in force. You can specify the withdrawal amount, subject to a minimum value of $250.

Systematic Withdrawals
You can also make systematic payments for a fixed amount or interest only payments on a monthly, quarterly, semi-annual or annual basis. (Fixed amount payments can be as low as $50.00 if directly deposited.) The systematic withdrawal feature may also be used for mandatory distributions on IRA policies once you reach age 70½.

We will accept the following Inherited IRA: 
  • Non-Spouse ONLY if the original owner passed away prior to 01/01/2020. 
  • If the DOD is on or after 01/01/2020 we will only accept Spousal Inherited IRAs. 

Traditional Fixed Annuity Interest Rates

Surrender Years First Year Yield Term Guaranteed Yield Term Current Yield
7 5.1% 3.14% 3.39%

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