MarketValue Index
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Highlights
The Market Value Index is a Flexible Premium Deferred Annuity Contract with fixed and indexed interest accounts is issued by EquiTrust Life Insurance Company. This contract is intended for retirement funding or other long-term accumulation needs. Substantial contract-imposed penalties may apply to full and partial withdrawals in the first 10 years.
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 | Lifetime Income |
|
Term
|
10 Years |
|
Surrender schedule
|
12%12%12%12%11%10%8%6%4%2% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
07/07/2004 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, 1035 Exchange, Stretch IRA, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the MarketValue Index is the right product for you.
Premium Notes
Initial Premium
Minimum Allocation of $2,000 in each account. Can select any combination of accounts subject to the minimum requirements. Indicate initial allocation above the Owner’s signature section of the Disclosure Form. The initial premium allocation must be completed to issue the contract. Must be whole percentages. The applicant may authorize to hold an issue in the event of multiple premiums.
Additional Premium
Automatically added to the 1-Year Interest Account at the time of receipt. On each contract anniversary, automatically reallocated between accounts according to most recent allocation instructions. Subsequent Premium can be contributed multiple times in a year. Subsequent annual maximum premium after year 1: $250,000.
Notes:
SIMPLE IRA Transfers only
If the IRA owner dies on or after 1/1/20, the new SECURE Act rules apply.
Applicable beneficiaries now fall under two categories: Eligible and Ineligible Designated Beneficiaries.
Stretch IRA is available only to Eligible Designated Beneficiaries.
Inherited IRA is available to Ineligible Designated Beneficiaries – withdrawal or taxation of funds by 12/31 of the 10th year following the IRA owner’s death now applies to Ineligible Designated Beneficiaries.
TSP funds have to be transferred or rolled over into an IRA.
Minimum Allocation of $2,000 in each account. Can select any combination of accounts subject to the minimum requirements. Indicate initial allocation above the Owner’s signature section of the Disclosure Form. The initial premium allocation must be completed to issue the contract. Must be whole percentages. The applicant may authorize to hold an issue in the event of multiple premiums.
Additional Premium
Automatically added to the 1-Year Interest Account at the time of receipt. On each contract anniversary, automatically reallocated between accounts according to most recent allocation instructions. Subsequent Premium can be contributed multiple times in a year. Subsequent annual maximum premium after year 1: $250,000.
Notes:
SIMPLE IRA Transfers only
If the IRA owner dies on or after 1/1/20, the new SECURE Act rules apply.
Applicable beneficiaries now fall under two categories: Eligible and Ineligible Designated Beneficiaries.
Stretch IRA is available only to Eligible Designated Beneficiaries.
Inherited IRA is available to Ineligible Designated Beneficiaries – withdrawal or taxation of funds by 12/31 of the 10th year following the IRA owner’s death now applies to Ineligible Designated Beneficiaries.
TSP funds have to be transferred or rolled over into an IRA.
Withdrawal Provisions
Systematic Withdrawal
Single withdrawals can be requested at any time but must be at least $250 per request. Systematic withdrawals are available monthly, quarterly, semiannually or annually, and must be taken EFT.
Free Withdrawals
By current company practices, systematic withdrawals of interest are allowed in the first year from the Fixed Rate Account without Surrender Charge or MVA. Interest withdrawals must be taken via electronic funds transfer (EFT). After the first contract year, up to 10% of the Accumulation Value on the previous contract anniversary may be withdrawn each contract year without Surrender Charge or MVA, either systematically or as a single withdrawal. Single withdrawals can be requested at any time but must be at least $250 per request. Systematic, withdrawals are available monthly, quarterly, semiannually or annually, and must be taken EFT.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.5%
Fixed
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
11%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Participation Rate |
Point to Point
Annual
Monthly average
|
80%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.15%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 2-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Biennial
Monthly average
|
18%
Cap
|
| 1-Year Barclays Focus50 PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
190%
Participation
|
| 2-Year Barclays Focus50 PTP Participation Rate |
Point to Point
Biennial
|
215%
Participation
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
7%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 12% | 12% | 12% | 12% | 11% | 10% | 8% | 6% | 4% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Market Value Income Rider | No | 0.95% annually (0.95% max) |
Waivers
Nursing Home
Available for all applicant ages at no charge. After the first contract year, access up to 100% of the Accumulation Value in the event of nursing home confinement of owner for 90 days. The nursing home waiver does not include home health care.
Terminal Illness
Available for all applicant ages at no charge. Access up to 75% of the Accumulation Value in the event of the owner’s terminal illness.
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