Growth Pathway 5 Precision Portfolios with Enhanced GMAV
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Highlights
Growth Pathway Fixed Index Annuity is an insurance product that offers protection for your money against a market downturn—with the opportunity for it to capture gains. It enables you to earn interest based on the performance of a specific market index, or a combination of indexes.
- Market Downside Protection – Your gains are locked in each year, meaning you can’t lose any of your payments or any credited interest due to market downturns or sudden market swings.
- Tax-deferred growth – You’ll have access to crediting strategies to help your money grow - four index options and one fixed account option. You can diversify your annuity by choosing one or a combination of strategies. And you won’t pay taxes on gains until you withdraw them. And the combination of compounded gains and a potentially lower tax bracket after you retire can help make your retirement savings go farther.
Preset Allocation Option
In lieu of manually selecting individual interest crediting strategies and the percentages allocated to them, you may choose a preset allocation “Precision Portfolio” option. A Precision Portfolio option is a preset combination of interest crediting strategies and allocation percentages, determined by us, that we make available for selection when you purchase this annuity. We may offer more than one Precision Portfolio option at a time; however, you may only select one Precision Portfolio to allocate 100% of your premium payment. Precision Portfolio options are only available at issue.
If you select a Precision Portfolio option and an additional premium payment is made after contract issue, it will be allocated to the Fixed Account. At renewal, you will have the option to transfer the entirety of that amount to the same Precision Portfolio option previously elected or keep it in the Fixed Account.
You may opt out of a Precision Portfolio option on any contract anniversary by instructing us to reallocate Account Value that is different from the allocation percentages or interest crediting strategies in the Precision Portfolio option. Then, you will no longer be considered allocated to a Precision Portfolio option.
Precision Portfolio Option 1
S&P 500 1-year Point-to-Point with Cap: 10%
S&P 500 1-year Performance Trigger: 20%
Invesco QQQ ETF: 25%
Janus Henderson Adaptive Market Leaders U.S. Index: 30%
Fixed Account : 15%
Precision Portfolio Option 2
S&P 500 1-year Point-to-Point with Cap: 10%
S&P 500 1-year Performance Trigger: 10%
Invesco QQQ ETF: 15%
Janus Henderson Adaptive Market Leaders U.S. Index: 20%
First Trust Capital Strength Barclays 10% Index: 15%
Franklin SG Select Advantage Index: 15%
Fixed Account : 15%
In lieu of manually selecting individual interest crediting strategies and the percentages allocated to them, you may choose a preset allocation “Precision Portfolio” option. A Precision Portfolio option is a preset combination of interest crediting strategies and allocation percentages, determined by us, that we make available for selection when you purchase this annuity. We may offer more than one Precision Portfolio option at a time; however, you may only select one Precision Portfolio to allocate 100% of your premium payment. Precision Portfolio options are only available at issue.
If you select a Precision Portfolio option and an additional premium payment is made after contract issue, it will be allocated to the Fixed Account. At renewal, you will have the option to transfer the entirety of that amount to the same Precision Portfolio option previously elected or keep it in the Fixed Account.
You may opt out of a Precision Portfolio option on any contract anniversary by instructing us to reallocate Account Value that is different from the allocation percentages or interest crediting strategies in the Precision Portfolio option. Then, you will no longer be considered allocated to a Precision Portfolio option.
Precision Portfolio Option 1
S&P 500 1-year Point-to-Point with Cap: 10%
S&P 500 1-year Performance Trigger: 20%
Invesco QQQ ETF: 25%
Janus Henderson Adaptive Market Leaders U.S. Index: 30%
Fixed Account : 15%
Precision Portfolio Option 2
S&P 500 1-year Point-to-Point with Cap: 10%
S&P 500 1-year Performance Trigger: 10%
Invesco QQQ ETF: 15%
Janus Henderson Adaptive Market Leaders U.S. Index: 20%
First Trust Capital Strength Barclays 10% Index: 15%
Franklin SG Select Advantage Index: 15%
Fixed Account : 15%
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
5 Years |
|
Surrender schedule
|
9%8%7%6%5% |
|
Free withdrawal
|
10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
09/13/2021 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, and IRA-Roth |
Brochure
|
Open brochure |
Find out if the Growth Pathway 5 Precision Portfolios with Enhanced GMAV is the right product for you.
Premium Notes
Minimum initial purchase payment
$10,000 for both qualified and nonqualified money; flexible premium deferred annuity.
Subsequent payments
Minimum: $500
Maximum: Total purchase payments cannot exceed $1M without prior approval.
Additional premiums can be added systematically, monthly, quarterly, annually.
Subsequent payments not permitted after any owner/annuitant has attained age 85.
$10,000 for both qualified and nonqualified money; flexible premium deferred annuity.
Subsequent payments
Minimum: $500
Maximum: Total purchase payments cannot exceed $1M without prior approval.
Additional premiums can be added systematically, monthly, quarterly, annually.
Subsequent payments not permitted after any owner/annuitant has attained age 85.
Withdrawal Provisions
Free withdrawals
You can take 10% of the total purchase payments during the first contract year. After the first contract year, you may take 10% of the last contract anniversary value. Both options are free of surrender charges and any applicable Market Value Adjustment. You have full access to the account value in your annuity after five or seven years, depending on which product you choose.
Partial or full withdrawals
You have the flexibility, should you need it, to take more than your free withdrawal amount. If you elect to withdraw more, please note that surrender charges and a Market Value Adjustment (MVA) may apply.
Required Minimum Distributions (RMDs)
If you are required to take a RMD starting at age 72, and that RMD is more than your 10% free withdrawal, you may take the entire RMD without a surrender charge.
You can take 10% of the total purchase payments during the first contract year. After the first contract year, you may take 10% of the last contract anniversary value. Both options are free of surrender charges and any applicable Market Value Adjustment. You have full access to the account value in your annuity after five or seven years, depending on which product you choose.
Partial or full withdrawals
You have the flexibility, should you need it, to take more than your free withdrawal amount. If you elect to withdraw more, please note that surrender charges and a Market Value Adjustment (MVA) may apply.
Required Minimum Distributions (RMDs)
If you are required to take a RMD starting at age 72, and that RMD is more than your 10% free withdrawal, you may take the entire RMD without a surrender charge.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.3%
Fixed
|
| 1-Year Franklin SG Select Advantage PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
| 1-Year First Trust Capital Strength Barclays 10% PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year Janus Henderson Adaptive Market Leaders U.S. PTP Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year Invesco QQQ ETF PTP Cap |
Point to Point
Annual
|
8.25%
Cap
|
| 1-Year S&P 500 PTP Cap (5-Year Lock) |
Point to Point
Annual
|
7.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
50%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.5%
Cap
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
7.25%
Performance triggered
|
| 1-Year S&P 500 Performance Triggered (5-Year Lock) |
Performance Triggered
Annual
|
6.05%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.6%
Fixed
|
| 1-Year Janus Henderson Adaptive Market Leaders U.S. PTP Participation Rate |
Point to Point
Annual
|
130%
Participation
|
| 1-Year First Trust Capital Strength Barclays 10% PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 1-Year Invesco QQQ ETF PTP Cap |
Point to Point
Annual
|
8.75%
Cap
|
| 1-Year S&P 500 PTP Cap (5-Year Lock) |
Point to Point
Annual
|
8.5%
Cap
|
| 1-Year Franklin SG Select Advantage PTP Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
8%
Performance triggered
|
| 1-Year S&P 500 Performance Triggered (5-Year Lock) |
Performance Triggered
Annual
|
6.55%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.85%
Fixed
|
| 1-Year Franklin SG Select Advantage PTP Participation Rate |
Point to Point
Annual
|
130%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 1-Year Janus Henderson Adaptive Market Leaders U.S. PTP Participation Rate |
Point to Point
Annual
|
145%
Participation
|
| 1-Year Invesco QQQ ETF PTP Cap |
Point to Point
Annual
|
9.25%
Cap
|
| 1-Year First Trust Capital Strength Barclays 10% PTP Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 1-Year S&P 500 PTP Cap (5-Year Lock) |
Point to Point
Annual
|
9%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year S&P 500 Performance Triggered (5-Year Lock) |
Performance Triggered
Annual
|
7.05%
Performance triggered
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
8.5%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% |
Riders
No Riders for Growth Pathway 5 Precision Portfolios with Enhanced GMAV annuity.
Waivers
Bail-Out
Allows for full or partial withdrawals without surrender charge or MVA if renewal cap for the S&P 500 1-year point-to-point strategy is below the bailout cap rate. No index allocation required, and the benefit is provided to the owner at no additional cost.
Nursing Home
After a period of one year, you may withdraw money from your annuity without a surrender charge to pay for an eligible nursing home or hospice care. Contract must be purchased prior to owner’s attained age of 76 for the nursing home waiver. The nursing home waiver does not include home health care.
Terminal Illness
After a period of one year, you may withdraw money from your annuity without a surrender charge to pay for an eligible nursing home or hospice care
Annuitization
Available one year from contract issue: 1) Single-life only; 2) Single-life with 10 – 30-year period certain; 3) Joint and survivor life
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