Prosperity Elite 7 Protection
Prosperity Elite 7 Protection annuity is a real gem for retirees worried about their financial future. It offers a comforting blend of growth, safety, and income potentials you rarely see. The growth potential comes from diverse lucrative market-linked options.
This annuity goes a step further to protect your hard-earned money. Its downside market protection is an assurance you won't lose your money. Comfort, security, and peace of mind - it doesn't get any better. Prosperity Elite 7 Protection is truly a smart choice for those wanting to secure their sunset years.
Prosperity Elite 7 Protection
About Product
The Prosperity Elite 7 Protection is a flexible premium deferred annuity with a 7-year surrender charge period offering multiple index options and one fixed interest rate option. It is designed to be a long-term retirement savings tool with a variety of options to help you achieve the standard of living you want during your retirement.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.75%
Fixed
|
| 1-Year Gold PTP Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 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
|
230%
Participation
|
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Annual
|
165%
Participation
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread |
Point to Point
Biennial
|
235%
Participation
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Biennial
|
275%
Participation
|
| 1-Year GS Global Factor PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate with Spread |
Point to Point
Biennial
|
250%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate |
Point to Point
Biennial
|
290%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
5.5%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Prosperity Elite Protection Package | Yes | 0.35% annually (1.00% max) |
| Prosperity Elite Protection Package (HI, IL) | Yes | 0.35% annually (1.00% max) |
Waivers
Nursing Home
Unavailable in states: MA, and SD
Confinement must begin at least 1 year after contract effective date. Must be confined to nursing home for at least 60 days. Home Health Care is an acceptable option.
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.
ADL
Unavailable in states: FL, MA, SD, and WI
Care must begin at least 1 year after contract effective date. Must be unable to perform at least 2 of 6 activities of daily living (for at least 60 days and expected to continue for at least 90 days after requesting withdrawal).
Premium Notes
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 $1,000,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
All GMDB Rider values are reduced proportionately by withdrawals previously taken. If there are joint annuitants, the GMDB Rider benefit is only available upon the death of the first owner. Annuitization You must begin receiving annuity payments no later than the maturity date. The maturity date is fixed at contract issue and is no later than the contract anniversary following the annuitant’s (or the oldest annuitant’s if a second annuitant is named) 100th birthday. If annuity payments begin before the 5th contract anniversary, annuity payments are based on the surrender value. If annuity payments begin after the 5th contract anniversary, annuity payments are based on the greater of the account value and the MGSV. An annuity option may be changed any time before annuity payments begin. If your annuity was issued in connection with a tax-qualified plan, you may be required to take minimum distributions beginning at age 72½. Free Withdrawals Each contract year, after the end of the first contract year, the free partial surrender of up to 10% of the vested account value as of the prior anniversary.
- A.M. Best A
- Fitch A-
- S&P A-
- Moody's A3
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