Choice Accumulation II Edge 5
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Highlights
The Choice Accumulation II Edge 5 is a single premium fixed index annuity that offers both upside opportunity and downside market protection. The Enhanced Accumulation Strategy (EAS) offers a Guaranteed Participation Rate during the Withdrawal Charge Period.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation & Legacy |
|
Term
|
5 Years |
|
Surrender schedule
|
8%8%7%6%5% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
06/22/2020 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Choice Accumulation II Edge 5 is the right product for you.
Premium Notes
Min. issue
$25,000
$25,000
Max. Issue
$1 million 0-80
$500,000 81-85
NQ stretch and Inherited/Beneficiary IRA Requires use of systematic Withdrawal Program (life expectancy option) and has a maximum issue age of 75. Additionally, the Optional Enhanced Death Benefit is not allowed on these plan types. Beneficiary must be either spouse of original owner at time of death or less than 10 years younger than original owner.
Note: TSP funds have to be rolled into an IRA.
$1 million 0-80
$500,000 81-85
NQ stretch and Inherited/Beneficiary IRA Requires use of systematic Withdrawal Program (life expectancy option) and has a maximum issue age of 75. Additionally, the Optional Enhanced Death Benefit is not allowed on these plan types. Beneficiary must be either spouse of original owner at time of death or less than 10 years younger than original owner.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Death Benefit
Remaining contract value passes to beneficiaries at no additional charge.
Remaining contract value passes to beneficiaries at no additional charge.
Optional Enhanced Death Benefit
Optional enhanced death benefit will be available at an annual cost of 0.50%, assessed at the end of the contract year, based off of the Enhanced Death Benefit amount. The benefit will be comprised of a guaranteed roll-up of 7.00% simple interest for 15 years based off of premiums, less withdrawals. All withdrawals will reduce the benefit. A minimum issue age of 0 and maximum age of 75 will apply.
Free Withdrawals
Withdrawals during the Withdrawal Charge Period may be subject to Withdrawal Charges and any applicable Market Value Adjustment. You may make cumulative withdrawals each Contract Year of up to 10% of the Contract Value at the beginning of each Contract Year without incurring Withdrawal Charges or Market Value Adjustments. If you withdraw less than the available Free Withdrawal Amount in any Contract Year, your available Free Withdrawal Amount in future Contract Years will not increase.
The free withdrawal amount is the greater of:
The free withdrawal amount is the greater of:
- 10% of beginning-of-year contract value
- Any Required Minimum Distribution (RMD) imposed by the IRS on this contract
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Janus SG Global Trends PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
140%
Participation
|
| 1-Year Franklin US PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
90%
Participation
|
| 1-Year Morgan Stanley Inflation Aware PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
100%
Participation
|
| 1-Year Fixed Account |
Fixed
|
4.4%
Fixed
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 1-Year Janus SG Global Trends PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
145%
Participation
|
| 1-Year Franklin US PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
95%
Participation
|
| 1-Year Morgan Stanley Inflation Aware PTP EAS Participation Rate |
Threshold Part Rate Next Year Enhanced
Annual
|
105%
Participation
|
| 1-Year Fixed Account |
Fixed
|
4.5%
Fixed
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.75%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Optional Enhanced Death Benefit (ages 0-70) | No | 0.50% annually |
| Optional Enhanced Death Benefit (ages 71-80) | No | 0.95% annually |
Waivers
Nursing Home
Unavailable in states: CA
At any time on or after the Issue Date of the policy, if you should become confined to an approved nursing facility for at least 90 consecutive days, withdrawal charges and MVA on any portion of the contract value withdrawn will be waived. The nursing care waiver does not include home health care.
Terminal Illness
Unavailable in states: CA
If you have been diagnosed with a terminal illness after the first contract anniversary, withdrawal charges and MVA will be waived on any portion of the contract value withdrawn.
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