Trailhead Income

Carrier will waive the surrender charges and the Market Value Adjustment will not apply if the contract owner is: (1) confined to an eligible nursing home for a period of at least 90 consecutive days prior to becoming eligible for this benefit, and if the owner was not confined to an eligible nursing home before the contract date; and, (2) if you have been the owner continuously since the contract date; and (3) you were less than 80 years old on the contract date. Proof of confinement must be provided and must be accompanied by a written statement. Any written request for a withdrawal under this provision must be given to Axonic Insurance within 90 days of the last day of confinement in an eligible nursing home or earlier, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible.

If you become terminally ill, which shall mean, if any medical conditions which a physician certifies has reduced your expected life span to 12 months or less, you may request by written notice to make a full surrender or partial withdrawals ($500 minimum) and Axonic Insurance will waive the surrender charges and the Market Value Adjustment will not apply in accordance with the conditions set out in this rider, if (1) you have been the owner continuously since the contract date and (2) you were less than 80 years old on the contract date.

Fixed annuities held within a separate IRA, 401(k), or other retirement account are subject to RMD rules. RMDs are a federal tax law that requires annuity owners to withdraw a minimum amount each year. Beginning in 2023, the SECURE 2.0 Act for RMDs raised the age that you must begin taking RMDs to age 73. Individuals born in 1950 or earlier are unaffected by this change and must take any RMDs due for 2022 and later years. RMD withdrawals are free as long as they are less than the free withdrawal amount asdescribed above.