Guaranteed Income Annuity 10 Legacy Rider
The Guaranteed Income Annuity 10 Legacy Rider is a sure win for those seeking stability and predictable income in retirement. It's a safe and secure plan - no more playing guessing games with your future income!
Its biggest selling point? You can pass on benefits to your loved ones after you pass, offering you peace of mind and a legacy of financial security. A thoughtful choice for a worry-free retirement!
Guaranteed Income Annuity 10 Legacy Rider
About Product
Please note the Legacy Benefit Rider is inbuilt into this product.
With the Legacy Benefit Rider you place the focus on making sure those you care about are taken care of. Each year on your contract anniversary your Legacy Benefit Base will increase by the interest rates applied to your accumulation value, plus a guaranteed 4% stacked on top. Your death benefit has the potential to grow to 250% (varies by state) of the amount of your purchase payments! This rider is available for a fee.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 2-Year Fixed Account with 3 Month SOFR Participation Rate |
SOFR
Annual
|
3%
Fixed
55%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Legacy Rider | Yes | 1.25% annually (1.60% after 5 years) |
| Legacy Rider (FL, SD, ND) | Yes | 1.25% annually (1.60% after 5 years) |
Waivers
Nursing Home
Unavailable in states: FL, and PA
Must be confined to a nursing home for a period of at least 90 consecutive days. There is a waiting period of either one or two years, depending on the state contract is issued. If the owner is confined to a nursing home during the waiting period, this benefit would not be available in certain states. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: FL, and PA
Terminal illness is defined as any medical condition which a physician certifies that the policy owner’s expected life span is twelve months or less. Proof of the terminal illness is required by a certified licensed physician that is not the owner, annuitant, or a family member to the owner or annuitant. The owner cannot be terminally ill during the waiting period. There is a waiting period of either one or two years, depending on which state the contract is issued.
Premium Notes
The Guaranteed Income Annuity allows for Subsequent Premiums in the First Contract Year only.
There is no minimum for additional contributions. There is a maximum of $1 million total premium without prior approval.
Subsequent Premiums can be made non-uniformly, monthly, or as a lump sum— there are not any restrictions on that.
Withdrawal Provisions
Withdrawal Provisions Required Minimum Distribution (RMD) is available Penalty-free during the first contract yearRMD or up to 10% of the Purchase Premium is available penalty Free after the first Policy Year A maximum of two withdrawals are allowed each Policy Year Minimum withdrawal amount of $250; Minimum Accumulation Value after withdrawal is $2,500
- A.M. Best B++
