Safe Anchor
The Atlantic Coast Life Insurance Company is nearing a century of experience in the field of retirement planning, being founded in 1925. The company has been known to serve funeral homes and families by providing end of life funding and solutions. With a focus on speed of claim payments, Atlantic Coast strives to be a ‘beacon of integrity’ when it comes to dealing with clients and agents alike. Of late, it has been committed to developing its preneed and annuity distribution systems, while always protecting stakeholder interests. Being acquired by Advantage Capital in 2015 helped this process, leading to a nationwide expansion and launching of its annuity sales division.
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Safe Anchor
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Ratings:
- A.M. Best B++
About Product
Type
Fixed Index
Purpose
Accumulation & Legacy
Term
5 Years
Surrender schedule
10%9%8%7%5%
Fee withdrawal:
None
Market Value Adjustment
Yes
Return Of Premium
No x
Minimum Contribution
$5,000
Maximum Contribution
$1,000,000
Max Age Qualified
90
Types Of Funds
Non-Qualified, 401k, IRA, IRA Rollover, 401a, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, 1035 Exchange, Stretch IRA, Inherited IRA, and TSP
Launch Date
07/24/2017
Atlantic Coast Life’s Safe Anchor Market Guarantee annuity provides flexibility by allowing the selection of optional riders to a 5 year, single premium, a deferred annuity with three different indexing strategies, in addition to a fixed account. These riders eliminate possible Surrender Charges or Market Value Adjustments (MVA) in certain situations. The owner selects only the riders that fit his/her needs without paying for features that he/she doesn’t require.
30 Day Option
30 days prior to the end of any guarantee period, the following options are available:
30 Day Option
30 days prior to the end of any guarantee period, the following options are available:
- Continue the contract for another guarantee period
- Apply the Accumulation Value to a Settlement Option
- Take a withdrawal, with no MVA or Surrender Charges, and apply the remaining value to another guarantee period
- Surrender the contract without MVA or Surrender Charges Settlement Options Option 1 – Life Income Only Option 2 – Life Income with Guaranteed Period Certain Option 3 – Period Certain Only Death Benefit The amount payable if the Owner, or the Annuitant if the Owner is not a Natural Person, dies before annuity payments being are equal to the Cash Surrender Value. The following options are available to each beneficiary:
- Lump Sum
- Distributed within five years
- Installment payments using a Settlement Option (Surrender Charges and MVA are waived)
- Enhanced Death Benefit Option - Receive the Benefit Base payable in equal periodic payments over 5 years. - Benefit Base receives a Rollup Rate equal to 150% of the Net Interest Rate
Surrender Charges Attained Age: 90-93: 5%, 94: 4%, 95: 3%, 96: 2%, 97: 1%, 98-100: 0%
Available in states:
AL, AZ, AR, CO, GA, HI, IL, IN, IA, KS, KY, LA, MD, MA, MS, MO, MT, NE, NV, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
4.1%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
4.2%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.75%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Death Benefit Feature | No | 0.25% rate reduction |
| Preferred 10% Free Withdrawal | No | 0.15% rate reduction |
| Accumulated Interest Withdrawal | No | 0.05% rate reduction |
| Optional Required Minimum Distribution - 0.16% fee | No | 0.16% annually |
Waivers
Death
Basic Death Benefit Feature
Withdrawal Provisions
Preferred 10% Free Withdrawal Optional Rider
Waives the Surrender Charges and Market Value Adjustment (MVA) for the first withdrawal per year after the first contract year. The annuitant may withdraw up to 10% of the account value or the required minimum distribution, whichever is greater. Surrender charges and MVA may apply if the withdrawal exceeds the 10% or the RMD, whichever is greater, or if there are multiple withdrawals during the contract year. Accumulated Interest Withdrawal Waives the surrender charge and Market Value Adjustment (MVA) associated with accumulated interest withdrawals.
Required Minimum Distribution Optional Rider
Waives the Surrender Charge and Market Value Adjustment (MVA) on any Required Minimum Distribution (RMD)
Accumulated Interest Withdrawal Optional Rider
Waives the surrender charge and Market Value Adjustment (MVA) associated with accumulated interest withdrawals.
Waives the Surrender Charges and Market Value Adjustment (MVA) for the first withdrawal per year after the first contract year. The annuitant may withdraw up to 10% of the account value or the required minimum distribution, whichever is greater. Surrender charges and MVA may apply if the withdrawal exceeds the 10% or the RMD, whichever is greater, or if there are multiple withdrawals during the contract year. Accumulated Interest Withdrawal Waives the surrender charge and Market Value Adjustment (MVA) associated with accumulated interest withdrawals.
Required Minimum Distribution Optional Rider
Waives the Surrender Charge and Market Value Adjustment (MVA) on any Required Minimum Distribution (RMD)
Accumulated Interest Withdrawal Optional Rider
Waives the surrender charge and Market Value Adjustment (MVA) associated with accumulated interest withdrawals.
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