LibertyMark Freedom 7 (Legacy Marketing Group)
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Highlights
With no built-in fee and strong earnings potential driven by a diverse selection of index options, LibertyMark Freedom fixed indexed annuities give clients the freedom to choose their earnings potential—and to upgrade it by buying higher caps and participation rates. The backing of a highly rated carrier, protection of an industry-leading minimum guarantee, and optional 30% death benefit bonus on the full Accumulation Value help to reassure clients.
Fee/No-Fee Index Options
Fee/No-Fee Index Options
- Accumulation free of mandatory fees.
- Ability to buy higher caps and par. rates for upgraded earnings potential. The charge on optional indexed options with a fee is 1.50% on LibertyMark Freedom 7 product, deducted at the end of each contract year during the index period.
Please note this product is developed and marketed exclusively with Legacy Marketing Group.
For more information about submitting New Business applications, please contact the Legacy Marketing Group sales desk directly at 800-395-1053, Ext 4002
For more information about submitting New Business applications, please contact the Legacy Marketing Group sales desk directly at 800-395-1053, Ext 4002
Available in states:
AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation & Legacy |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8.5%8%7%6%5%4% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
05/16/2022 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, and Inherited IRA |
Brochure
|
Open brochure |
Find out if the LibertyMark Freedom 7 (Legacy Marketing Group) is the right product for you.
Premium Notes
Premium
- $10,000 minimum, Q and NQ.
- $2 million maximum per owner without Home Office approval or commission reduction ($1 million for issue ages 75+).
- Additional premium payments not allowed.
- $50 minimum interest crediting option allocation.
Markets
- Non-qualified money.
- 403(b)/TSA plan/Roth 403(b)—non-contributory only.
- Rollover IRA (traditional).
- Inherited IRA—spousal only.
- SEP IRA.
- Roth IRA.
- Roth IRA conversion (full).
- Spousal Roth IRA—living spouse assumes deceased spouse’s Roth IRA.
- Charitable Remainder Trust.
- Corporation.
- Irrevocable Trust.
- Revocable Trust.
- Special Needs Trust.
- Net Income with Make-up Charitable Remainder Unitrust.
Withdrawal Provisions
Penalty-Free Withdrawals
Contractually, one penalty-free withdrawal is allowed per year after the first year, equal to 10% of the Accumulation Value as of the most recent contract anniversary. The minimum withdrawal amount is $500, with a minimum remaining surrender value of $2,000. Withdrawals will be taken from the Declared Interest Option on a last-in first-out (LIFO) basis first, and then any additional amounts will be taken from the index options on a LIFO basis.
Contractually, one penalty-free withdrawal is allowed per year after the first year, equal to 10% of the Accumulation Value as of the most recent contract anniversary. The minimum withdrawal amount is $500, with a minimum remaining surrender value of $2,000. Withdrawals will be taken from the Declared Interest Option on a last-in first-out (LIFO) basis first, and then any additional amounts will be taken from the index options on a LIFO basis.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.1%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.05%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
12.25%
Cap
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
95%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
70%
Participation
|
| 1-Year SG Columbia Adaptive Risk Allocation PTP Participation Rate |
Point to Point
Annual
|
167%
Participation
|
| 1-Year SG Columbia Adaptive Risk Allocation PTP Participation Rate |
Point to Point
Annual
|
227%
Participation
|
| 2-Year SG Columbia Adaptive Risk Allocation PTP Participation Rate |
Point to Point
Biennial
|
311%
Participation
|
| 2-Year SG Columbia Adaptive Risk Allocation PTP Participation Rate |
Point to Point
Biennial
|
229%
Participation
|
| 1-Year SG Laser PTP Participation Rate |
Point to Point
Annual
|
165%
Participation
|
| 1-Year SG Laser PTP Participation Rate |
Point to Point
Annual
|
226%
Participation
|
| 2-Year SG Laser PTP Participation Rate |
Point to Point
Biennial
|
310%
Participation
|
| 2-Year SG Laser PTP Participation Rate |
Point to Point
Biennial
|
227%
Participation
|
| 1-Year S&P 500 IQ PTP Participation Rate |
Point to Point
Annual
|
98%
Participation
|
| 1-Year S&P 500 IQ PTP Participation Rate |
Point to Point
Annual
|
72%
Participation
|
| 1-Year S&P 500 IQ PTP Cap |
Point to Point
Annual
|
13.45%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Heritage Maximizer | No | 0.30% annually |
Waivers
Hospital
Unavailable in states: MA
Surrender charges are waived if after contract issue any owner is confined to a qualified nursing home or hospital for at least 90 consecutive days.
Nursing Home
Unavailable in states: MA
Surrender charges are waived if after contract issue any owner is confined to a qualified nursing home or hospital for at least 90 consecutive days.
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