Accumulator Plus 7
The Accumulator Plus 7 annuity is pure genius! It offers financial security in retirement with steady, guaranteed income stream. Bravo for protecting our nest egg from market downturns!
The extra benefits, like the death benefit options, add the perfect touch. This annuity is a win - financial confidence, income for life, and peace of mind!
Accumulator Plus 7
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.75%
Fixed
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
7.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.3%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.25%
Cap
|
| 2-Year Barclays Trailblazer Sectors 5 PTP Participation Rate with Spread |
Point to Point
Biennial
|
225%
Participation
|
| 1-Year S&P 500 PTP Participation Rate with Charge |
Point to Point
Annual
|
45%
Participation
|
| 2-Year Barclays Trailblazer Sectors 5 PTP Participation Rate with Spread with Charge |
Point to Point
Biennial
|
265%
Participation
|
| 1-Year S&P 500 PTP Cap with Charge |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap with Charge |
Point to Point
Annual
Monthly sum
|
3.1%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap with Charge |
Point to Point
Annual
Monthly average
|
14%
Cap
|
| 1-Year GS Global Factor PTP Participation Rate with Charge |
Point to Point
Annual
|
225%
Participation
|
| 1-Year GS Global Factor PTP Participation Rate with Spread |
Point to Point
Annual
|
165%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate with Charge |
Point to Point
Biennial
|
285%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate with Spread |
Point to Point
Biennial
|
245%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
5.25%
Performance triggered
|
| 1-Year S&P 500 Performance Trigger with Charge |
Performance Triggered
Annual
|
7%
Performance triggered
|
| 2-Year Morgan Stanley US Equity Allocator PTP Participation Rate with Spread with Charge |
Point to Point
Biennial
|
125%
Participation
|
| 2-Year Morgan Stanley US Equity Allocator PTP Participation Rate with Spread |
Point to Point
Biennial
|
105%
Participation
|
| 1-Year Morgan Stanley US Equity Allocator PTP Participation Rate with Spread with Charge |
Point to Point
Annual
|
100%
Participation
|
| 1-Year Morgan Stanley US Equity Allocator PTP Participation Rate with Spread |
Point to Point
Annual
|
75%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for Accumulator Plus 7 annuity.
Waivers
Death
Available
Nursing Home
Unavailable in states: MA
Nursing Home Care (in a licensed nursing home): 1. Confinement must begin at least 1 year after contract effective date; 2. Must be confined to nursing home for at least 60 days. In AK, AL, CT, ID, MN, MS, MT, OR, PA, PR and WA, care or confinement must begin after the contract effective date.
Terminal Illness
Diagnosis must be made at least 1 year after contract effective date and certified by licensed physician. Life expectancy must be less than 1 year. Limitations and considerations may vary from state to state.
ADL
Unavailable in states: MA
Home Health Care (provided by licensed home health care provider) • Care must begin at least 1 year after contract effective date • Must be unable to perform at least 2of 6 activities of daily living (for at least 60 days and expected to continue for at least 90 days after requesting withdrawal) In AK, AL, CT, ID, MN, MS, MT, OR, PA, PR and WA, care or confinement must begin after the contract effective date.
Premium Notes
Non-qualified: 0-85
Qualified: 18-85
If joint owner, eligibility is based on older owner’s age
Initial Premium and Transfers
Flexible Premium
Any additional premium will be placed initially into the fixed interest option. On the annuity anniversary, the client may reallocate any portion of the account value between any of the options.
Any additional premium (the amount of money you may at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $2,500,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Death benefit Prior withdrawals reduce benefit amounts. Interest rates are subject to change. Partial index credit, if applicable, paid up to the date of death. Paid as a lump sum, greatest of: Account value Minimum guaranteed surrender value Annuitization If annuitization occurs in the first five contract years, we will apply the greater of the surrender value and MGSV. If annuitization occurs after the fifth contract year, we will apply the greater of the account value and MGSV.Some states allow waiver of surrender charges upon annuitizing prior to the fifth contract year. For FG AccumulatorPlus 10 some states allow annuitization at the surrender value, not at the account value. Free WithdrawalsYou’ll have penalty-free access to 10% of the total account value in years 2-7. Any other withdrawals will incur withdrawal charges. These consist of surrender charges and MVA.
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