Future Flex Preferred 5
Highlights
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Premium Type
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Flexible Premium
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|---|---|
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Max age Qualified
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95
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Minimum Contribution
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$1,000
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Maximum Contribution
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$3,000,000
|
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Market value adjustment
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|
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Return of premium
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|
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Free withdrawal
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10% |
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Launch date
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09/19/2022 |
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Types of funds
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Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, KEOGH, IRA-Roth, SIMPLE IRA, 1035 Exchange, and Inherited IRA |
Brochure
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Open brochure |
The main purposes of a deferred annuity are: (a) to save money for retirement; and (b) to receive retirement income for life. It is not meant for short-term financial goals.
Issue Age
The Future Flex Preferred will be issued to Owners age 18-95 and Annuitants age 0-95.
Premium
An annuity may be established with an initial premium of $1,000. Additional premium payments must be at least $1,000.
Maximum first-year deposits: $3,000,000 (without pre-approval).
Future deposits accepted up to $1,000,000 per contract year without starting a new surrender period
Safety and Guarantees
GBU guarantees that the Owner will never receive less than: (a) 87½% of the total premium payments, net of any withdrawals; accumulated at (b) an annual interest rate no less than 1.00%.
Surrender Benefits
You may take money out of your annuity any time before annuity benefit payments begin. You may take out all of your annuity’s Surrender Value (full surrender) or part of it (partial surrender). Withdrawals must be $500 or more. At least $2,000 must remain in the annuity for the Contract to remain in force. A 10% IRS penalty may apply to withdrawals made before you reach age 59½.
Free WIthdrawals
10% penalty-free annual withdrawals of the account value each Contract Year. During any Contract Year in which this waiver is not used for the preceding year, 20% of the account is available without incurring a surrender charge.
Find out if the Future Flex Preferred 5 is the right product for you.
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 3% | 1.92% | 3% |
Riders
No Riders for Future Flex Preferred 5 annuity.
Waivers
Nursing Home
There are no surrender charges associated with the Nursing Home Confinement or Home Health Care. Your: (a) continuous confinement in a Nursing Home for at least 30 consecutive days which began after the Contract Effective Date; or (b) undergoing Home Health Care for at least 30 consecutive days which began after the Contract Effective Date.
Terminal Illness
There are no surrender charges associated with the Terminal Condition. An illness or physical condition: (a) that is reasonably expected to result in your death within 12 months; and (b) of which the initial diagnosis occurs after the Contract Effective Date. There are no surrender charges associated with the Critical Illness. Your Cancer, End-Stage Renal Failure, Heart Attack or Stroke of which the initial diagnosis occurs after the Contract Effective Date.
ADL
There are no surrender charges associated with the Inability to perform two or more Activities of Daily Living or Severe Cognitive Impairment. Your: (a) inability to perform two or more Activities of Daily Living without Substantial Assistance of which the initial diagnosis of such inability occurs after the Contract Effective Date; or (b) Severe Cognitive Impairment that requires Substantial Supervision of which the initial diagnosis occurs after the Contract Effective Date.
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