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IQumulate with Partial Withdrawal Charges Waiver

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About Product

Premium Type

Single Premium

Fee withdrawal:

10%

Market Value Adjustment

Yes

Return Of Premium

Minimum Contribution

$5,000

Maximum Contribution

$1,000,000

Min Age Qualified

Max Age Qualified

Types Of Funds

Non-Qualified, Traditional IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, and Inherited IRA

MYGA Interest Rates

Term	Rate Annual percentage yield (APY) earned over the investment term
3 years	5.2%
5 years	5.6%
7 years	5.65%

IQumulate is a single premium, tax-deferred annuity product that offers competitive, multi-year guaranteed interest rates. It is meant for individuals who are looking for an additional source of income to supplement existing retirement income.

Issue Ages
18-90 age last birthday

Funding Options

Qualified (IRA, Roth, SEP IRA, Inherited IRA and Roth)
Non-qualified

Contract Guaranteed Periods
3, 5, or 7 years

Ownership

The Owner is the person whose death determines the Death Benefit.
For qualified contracts, only a single Owner is allowed and is also considered the Annuitant.
An Authorized Request requires the consent of both Joint Owners, when applicable.
To change the Annuitant at any time, a written request is required and Baltimore Life must receive the request at least 30 days before the Income Payout Date.

Single Premium

Minimum: $5,000
Maximum: $1,000,000
Premiums from multiple sources can be combined and issued as a single premium.
Once issued, additional premium is not allowed.
Greater than $1 million requires a Home Office review. Baltimore Life will collect state premium tax at issue, where applicable.

Rate Lock Period
45-Day rate lock for fund transfers necessitating a transfer form:

Eligible Transfer Forms: 1035, qualified, or institutional funds transfer.
eApps: 45-day rate lock begins when the eApp and the transfer form are completed and signed.
Paper Applications: 45-day rate lock begins when the signed application and the signed transfer form are received.
If the application and transfer form are not received together, the rate lock begins when both are received.
The initial guaranteed interest rate is the higher of the rate in effect on the application/transfer date, or the rate in effect within 45 days following the application/transfer date, as defined for eApps and paper applications.

EFT single premiums (eApps and paper):

EFT authorization must be completed and accompany the application.
EFT payment will be immediate on the application received date.
The rate is locked as of the application received date. Personal check mailed or sent by express mail (eApp or paper)
The rate is locked on the date when the check is received.

Market Value Adjustment (MVA)
With an interest rate guaranteed over multiple years, there is investment risk of gain or loss in a fluctuating interest rate environment. This gain or loss may affect the value of the annuity or withdrawal.

The Market Value Adjustment (MVA) is a factor that adjusts the Contract Value upon a partial or full withdrawal to reflect this gain or loss.
The MVA is based on the constant maturity treasury (CMT) rate.
MVA is waived when a full or partial withdrawal is requested and is received in our Administrative Office on or before 11:59 p.m. of the last day of the month within thirty (30) calendar days after the end of the Contracted Guaranteed Period.

When taking a withdrawal, the amount received may be increased or decreased by the MVA.

If interest rates go up after the Contract Guaranteed Period began, the MVA likely will decrease the amount received.
If interest rates go down, the MVA will likely increase the amount received.

Income Payout/Annuitization

The default Income Payout Date is the Contract Maturity Date.
After the first contract year, the amount available to annuitize is the Contract Value with an MVA adjustment. At Contract Maturity, Withdrawal Charges and MVA are waived.
The Owner may change the Income Payout Date any time before the start of the annuity payments.
Payments cannot be replaced for a single cash value payment.

Death Benefit

Upon the death of an Owner, the Withdrawal Value is paid to the Beneficiary(ies).
If the Enhanced Death Benefit Rider is included with the Contract, the death benefit is the Contract Value paid to the Beneficiary(ies).
A surviving Joint Owner who is a Spousal Beneficiary becomes the Primary Beneficiary; and the Primary Beneficiary of record becomes the Contingent Beneficiary.
The Spouse Beneficiary assumes ownership of the annuity and becomes the new Annuitant/Owner.

Partial Withdrawal Charges Waiver Rider
Form ICC24-9109 (or state-specific Form 9109)

Allows the Owner to make partial withdrawals up to 10% of the Contract Value after the first contract year.
Waives the MVA and Withdrawal Charges on the amount withdrawn.
The amount available is 10% of the Contract Value as of the most recent policy anniversary. This rider will also cover free RMD distributions (even if they exceed 10%).
Can be used for interest only withdrawals (i.e. withdraw the lesser of 10% or interest earned). Any unused portion of the 10% each year does not carry forward to future years.
The “free” amount is applied to one withdrawal in each eligible policy year the rider is active. The withdrawal must not exceed the free-out amount, otherwise charges will not be waived that policy year.
Any partial withdrawals after the first one each policy year is not eligible for a free amount.

Election of this optional rider will reduce the interest rate by 0.20%

Riders

Name	Inbuilt	Fee
Partial Withdrawal Charges Waiver Rider	Yes

Waivers

Nursing Home

Waives the Withdrawal Charges if the Owner becomes confined to a Qualified Nursing Facility on or after the first contract anniversary for a consecutive 90 days (or longer). This benefit can only be used once.

Terminal Illness

Waives the Withdrawal Charges only if the Owner is diagnosed with a terminal illness and a life expectancy of 12 months or less after the first contract anniversary. This benefit can only be used once.

Surrender Window

The Withdrawal Charges and MVA shown on the Contract Data Page will be waived when a full or partial withdrawal is requested and is received in our Administrative Office on or before 11:59 p.m. of the last day of the month within thirty (30) calendar days after the end of the Contracted Guaranteed Period.

Company Founded: 1882

Good Rated Company

Baltimore Life Insurance Company

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