Aquila X
Aquila X
About Product
Fixed annuities are insurance products designed to INSURE that you will never lose your money and offer the ability to create an income stream that you cannot outlive.
Tax-Deferred Growth
The money in your annuity grows taxdeferred, which means you will not pay taxes until you start taking your money. Therefore, it may help your savings accumulate faster.
Lifetime Income
There are several income options once you are ready to receive your retirement income. You can receive income as a single payment, as a series of regular payments over a specific period or as income for life, even when the value of the annuity is zero.
Avoids Probate
You have the capability of naming beneficiaries to receive the death benefit upon your death. Your beneficiaries will receive a death benefit equal to the account value if you die before receiving income payment. If you are receiving income payments, your beneficiaries may still be able to get the remaining payments, depending on the type of income stream you choose.
Valuable Guarantees
If you need access to your money, you may surrender your contract and will receive at least a guaranteed minimum value as defined in your policy.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.25%
Fixed
|
| 1-Year Barclays Zorya 5% PTP Participation Rate |
Point to Point
Annual
|
140%
Participation
|
| 2-Year Barclays Zorya 5% PTP Participation Rate |
Point to Point
Biennial
|
190%
Participation
|
| 2-Year Barclays US Tech 12% PTP Participation Rate |
Point to Point
Biennial
|
105%
Participation
|
| 1-Year Barclays US Tech 12% PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 2-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Biennial
|
85%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Income Elevate rider | Yes | |
| Income Pro rider | No | 0.50% annually |
Waivers
Nursing Home
Nursing Home Rider will allow you, at any time after first policy year plus 90 days of continual confinement, to receive up to 100% of the account value. We would require annual written proof of confinement.
Terminal Illness
Terminal Illness Rider will allow you, at any time after the first policy year, to receive up to 100% of the account value when diagnosed with a terminal illness resulting in a life expectancy of twelve months or less.
ADL
Should you become unable to physically perform routine daily activities and require Home Health Care Services, you may be eligible to collect Enhanced Withdrawals (age, waiting period, and set criteria must be met to qualify). Eligibility for Enhanced Withdrawals under this rider is not triggered by cognitive impairment or dementia.
RMD
RMD can be withdrawn without surrender charge.
Premium Notes
Withdrawal Provisions
Penalty Free WithdrawalsStarting in Year TWO (2) of the contract, and continuing through year TEN (10), you may withdraw money from your annuity once a contract year without paying a surrender charge. The most you can withdraw each year during this period without paying a surrender charge is 10% of the total account value. The minimum withdrawal amount you can take is $500 and you must maintain at least $2,000 in the annuity to keep your annuity in-force. After the completion of year TEN (10) of the contract, any withdrawals taken will not be subject to surrender charges. The Cumulative Withdrawal Rider features the ability to defer the 10% penalty free withdrawal to the next policy year. The maximum deferral or penalty-free withdrawal is capped at 30%. In any policy year where any withdrawal is taken, regardless of the amount, the maximum withdrawal resets back to 10% for the following policy year. Required Minimum Distributions (RMDs) are available to be taken in the GCU Aquila X starting in Year TWO (2) of the contract. A Required Minimum Distribution from an IRA is mandated by the IRS for anyone over the age of 72 for tax qualified money each calendar year. Such withdrawals are considered part of your penalty free withdrawal and will not be subject to a surrender charge or the bonus recapture. Note: If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all your IRAs and withdraw the total from one IRA or a portion from each of your IRAs. You do not have to take a separate RMD from each IRA.
- A.M. Best A-
- Comdex 58
