ForeIncome II 10 Income Multiplier Benefit
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Highlights
ForeIncome is a single premium fixed index annuity designed with a guaranteed lifetime withdrawal benefit to help meet the need for predictable lifetime income in retirement.
Available in states:
AL, AK, AZ, AR, 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, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
10 Years |
|
Surrender schedule
|
9%9%8%7%6%5%4%3%2%1% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
08/27/2018 |
|
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, and TSP |
Brochure
|
Open brochure |
Find out if the ForeIncome II 10 Income Multiplier Benefit is the right product for you.
Premium Notes
Premium amount
- $25,000 minimum premium
- $1,000,000 maximum premium for ages 45-80 (as measured by total contribution per person for all annuities with the company)
- $500,000 maximum premium for ages 81-85 (as measured by total contribution per person for all annuities with the company)
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Guaranteed Minimum Surrender Value (GMSV)
The GMSV is equal to the Premium Payment less withdrawal proceeds. If GLWB income activation has not occurred, the GMSV is used for determining the following after the withdrawal charge period when greater than the contract value:
The GMSV is equal to the Premium Payment less withdrawal proceeds. If GLWB income activation has not occurred, the GMSV is used for determining the following after the withdrawal charge period when greater than the contract value:
- Death Benefit;
- Surrender value;
- Contract value for annuitization purposes.
Death Benefit
Remaining contract value passes to beneficiaries at no additional charge.
Withdrawal charges
Up to 10% of the beginning-of-year contract value may be withdrawn annually without incurring a withdrawal charge. Withdrawal charges apply to amounts withdrawn in excess of the free withdrawal amount during the withdrawal charge period.
Taxable distributions (including certain deemed distributions) are subject to ordinary income taxes, and if made prior to age 59½, may also be subject to a 10% federal income tax penalty. Payments from IRAs are taxable in accordance with the normal rules surrounding taxation of payments from an IRA. Early withdrawal charges may also apply. Withdrawals may reduce any optional guaranteed amounts in an amount more than the actual withdrawal.
Withdrawal Charge Schedule availability may vary by firm.
Remaining contract value passes to beneficiaries at no additional charge.
Withdrawal charges
Up to 10% of the beginning-of-year contract value may be withdrawn annually without incurring a withdrawal charge. Withdrawal charges apply to amounts withdrawn in excess of the free withdrawal amount during the withdrawal charge period.
Taxable distributions (including certain deemed distributions) are subject to ordinary income taxes, and if made prior to age 59½, may also be subject to a 10% federal income tax penalty. Payments from IRAs are taxable in accordance with the normal rules surrounding taxation of payments from an IRA. Early withdrawal charges may also apply. Withdrawals may reduce any optional guaranteed amounts in an amount more than the actual withdrawal.
Withdrawal Charge Schedule availability may vary by firm.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.25%
Fixed
|
| 1-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 1-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Annual
|
110%
Participation
|
| 2-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year BlackRock Diversa Volatility Control PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 1-Year Franklin US PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
0.5%
Spread
|
| 2-Year Franklin US PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 2-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Biennial
|
160%
Participation
|
| 1-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
5%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
3.25%
Fixed
|
| 1-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Biennial
|
160%
Participation
|
| 2-Year Franklin US PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year Franklin US PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 1-Year BlackRock Diversa Volatility Control PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 1-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Annual
|
110%
Participation
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
0.5%
Spread
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
5%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Income Multiplier Benefit | Yes | 1.05% annually |
Waivers
Nursing Home
Unavailable in states: CA
At any time on or after the Issue Date of the policy, if your client 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. State variations apply. The nursing care waiver does not include home health care.
Terminal Illness
Unavailable in states: CA
If your client has 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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