ClearFlex
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
10 Years |
|
Surrender schedule
|
10%9%8%7%6%5%4%3%2%1% |
|
Free withdrawal
|
10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
07/05/2023 |
|
Minimum contribution
|
Qualified: $5,000 Non-Qualified: $10,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, and Inherited IRA |
Brochure
|
Open brochure |
Find out if the ClearFlex is the right product for you.
Premium Notes
- Minimum Qualified – $5,000
- Minimum Non-Qualified – $10,000
- Maximum – $1,000,000 per life (without Company approval)
- Additional Deposits – Minimum $1,000 for a one-time deposit or $250 for monthly, systematic deposits for up to 10 years
Subsequent premiums will be deposited in the 1-year Fixed Strategy and can be reallocated at the next contract anniversary. Policyholders may switch between at the end of each contract year. Notice of reallocation must be given within 10 business days of the anniversary.
Withdrawal Provisions
Other than withdrawals of earned interest, the minimum withdrawal amount is $500. The account value must not be less than $5,000 following any withdrawal.
10% Penalty-Free Withdrawal
A penalty-free withdrawal of up to 10% of the initial Premium payment is available in the first Contract Year. In years 2+, a withdrawal of up to 10% of the Account Value calculated as of the last Contract Anniversary is available. Surrender charges and market value adjustment (MVA) will be waived on the penalty-free amount withdrawn.
Market Value Adjustment
Any amounts payable that are assessed a surrender charge will also be subject to a MVA, which may increase or decrease the amount payable. The MVA generally increases the contract withdrawal value when interest rates fall, and decreases the contract withdrawal value when interest rates rise. MVA is waived at death.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.25%
Fixed
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
| 1-Year S&P 500 Sector Rotator Daily RC2 5% ER PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year BNP Paribas Technology Balanced 7 PTP Participation Rate |
Point to Point
Annual
|
155%
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
No Riders for ClearFlex annuity.
Waivers
Nursing Home
Unavailable in states: MA
This contract provides access to the full account value, without a surrender charge or MVA, should the Owner become confined to a nursing home for a period of 90 consecutive days after the first contract year. Must be issued prior to the Owner’s age of 76.
Terminal Illness
If the Owner becomes terminally ill one year after the issue date, the full Account Value may be accessed without a surrender charge or MVA. Must meet certain criteria.
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