WealthLock Accumulator 7
Highlights
QuarterLock
A unique feature of the 2- and 5-year High Watermark Participation Rate Crediting Strategy is QuarterLock. The QuarterLock feature provides owners four opportunities a year to automatically lock in rising index values. This ensures you earn interest if the index decreases towards the end of your index option term.
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8%7%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
06/15/2022 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
90 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the WealthLock Accumulator 7 is the right product for you.
Premium Notes
May be issued as Non-Qualified or Traditional or Roth IRAs.
Accepts rollovers from qualified plans, 457 plans, IRAs, Simplified Employee Pension (SEP) plans, 403(b) plans, and SIMPLE IRAs.
Note: Inherited IRA would be rolled over into a New Traditional IRA. If you already have an IRA, you can roll over the inherited assets to another traditional IRA in your name or convert the assets to a Roth IRA. The simplest way to do that is through a direct, trustee-to-trustee transfer from one account to the other or between one IRA custodian and another.
Withdrawal Provisions
Required Minimum distribution from your tax-qualified IRA available after 30 days, all other withdrawals available beginning year two.
Penalty-Free Withdrawals
Up to 10% of the Contract Value may be withdrawn without any Withdrawal charges or Market Value Adjustment (MVA) after the first contract anniversary.
Market Value Adjustment (MVA)
Subject to the exceptions stated in the contract, an MVA will be applied if part or all of the Contract Value is withdrawn. The MVA can be positive or negative.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year Janus SG Lighthouse High Water Mark Participation Rate |
High Water Mark
5-Year
|
155%
Participation
|
| 2-Year Janus SG Lighthouse High Water Mark Participation Rate |
High Water Mark
Biennial
|
115%
Participation
|
| 5-Year Franklin Factors US High Water Mark Participation Rate |
High Water Mark
5-Year
|
235%
Participation
|
| 5-Year Invesco Peak High Water Mark Participation Rate |
High Water Mark
5-Year
|
260%
Participation
|
| 2-Year Franklin Factors US High Water Mark Participation Rate |
High Water Mark
Biennial
|
175%
Participation
|
| 2-Year Invesco Peak High Water Mark Participation Rate |
High Water Mark
Biennial
|
190%
Participation
|
| 1-Year Fixed Account |
Fixed
|
4.75%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
62%
Participation
|
| 1-Year Invesco Peak PTP Participation Rate |
Point to Point
Annual
|
205%
Participation
|
| 1-Year Franklin Factors US PTP Participation Rate |
Point to Point
Annual
|
210%
Participation
|
| 1-Year Janus SG Lighthouse PTP Participation Rate |
Point to Point
Annual
|
125%
Participation
|
| 5-Year Janus SG Lighthouse High Water Mark Participation Rate |
High Water Mark
5-Year
|
165%
Participation
|
| 2-Year Janus SG Lighthouse High Water Mark Participation Rate |
High Water Mark
Biennial
|
120%
Participation
|
| 5-Year Invesco Peak High Water Mark Participation Rate |
High Water Mark
5-Year
|
275%
Participation
|
| 2-Year Invesco Peak High Water Mark Participation Rate |
High Water Mark
Biennial
|
200%
Participation
|
| 2-Year Franklin Factors US High Water Mark Participation Rate |
High Water Mark
Biennial
|
185%
Participation
|
| 5-Year Franklin Factors US High Water Mark Participation Rate |
High Water Mark
5-Year
|
250%
Participation
|
| 1-Year Fixed Account |
Fixed
|
5%
Fixed
|
| 1-Year Janus SG Lighthouse PTP Participation Rate |
Point to Point
Annual
|
130%
Participation
|
| 1-Year Franklin Factors US PTP Participation Rate |
Point to Point
Annual
|
220%
Participation
|
| 1-Year Invesco Peak PTP Participation Rate |
Point to Point
Annual
|
215%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11.25%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
No Riders for WealthLock Accumulator 7 annuity.
Waivers
Death
If you are the owner/annuitant and die before the maturity date, your named beneficiaries will receive the full Contract Value, with no Withdrawal Charges or MVA.
Nursing Home
You can withdraw up to 100% of your annuity’s Contract Value if you are confined to an eligible Nursing Home. This benefit is available if you are confined for at least 90 consecutive days any time after your first Contract Anniversary and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. To receive the Nursing Home Waiver, you cannot be confined on the Contract Effective Date. The nursing home waiver does not include home health care.
Terminal Illness
You can withdraw up to 100% of your annuity’s Contract Value if you are diagnosed with a terminal illness that is expected to result in death within one year and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. This waiver is available after your first Contract Anniversary and the initial diagnosis of terminal illness must be made after the Contract Effective Date.
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