Safe Income Advantage
Highlights
Eligible ages
Non-qualified: 0-80
Qualified: 18-80
If joint owner, eligibility is based on older owner’s age
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
10 Years |
|
Surrender schedule
|
12%11%10%9%8%7%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
07/21/2021 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Safe Income Advantage is the right product for you.
Premium Notes
Any additional premium (the amount of money you may add at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $2,000,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
You may withdraw your money at any time. You’ll have penalty-free access to 10% of the total account value in years 2 through the end of the surrender period. Any withdrawals over this amount will incur surrender charges and MVA.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1%
Cap
|
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread |
Point to Point
Annual
|
75%
Participation
1%
Spread
|
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread |
Point to Point
Biennial
|
100%
Participation
1%
Spread
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Biennial
|
125%
Participation
|
| 1-Year BlackRock Market Advantage PTP Participation Rate with Spread |
Point to Point
Annual
|
50%
Participation
|
| 2-Year BlackRock Market Advantage PTP Participation Rate with Spread |
Point to Point
Biennial
|
70%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
2.25%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 12% | 11% | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Safe Income Advantage: EGMWB Level | Yes | 1.15% annually (1.50% max) |
| Safe Income Advantage: EGMWB Increasing | Yes | 1.15% annually (1.50% max) |
| Safe Income Advantage: EGMWB Inflation-Adjusted | Yes | 1.15% annually (1.50% max) |
Waivers
Nursing Home
Unavailable in states: MA
Nursing Home Care (in a licensed nursing home): access to account value with no surrender charge or MVA -Confinement must begin at least 1 year after policy effective date (In AK, AL, CT, ID, MN, MS, MT, OR, PA or WA, confinement must begin after the contract effective date.) -Must be confined to nursing home for at least 60 days
Terminal Illness
Terminal Illness: access to account value with no surrender charge or MVA -Diagnosis must be made at least 1 year after policy effective date and certified by licensed physician -Life expectancy must be less than 1 year
ADL
Unavailable in states: MA
Home Health Care (provided by licensed home health care provider): access to account value with no surrender charge or MVA -Care must begin at least 1 year after policy effective date (In AK, AL, CT, ID, MN, MS, MT, OR, PA or WA, care must begin after the 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)
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