WealthChoice 10 with Bonus
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Highlights
WealthChoice is a tax-deferred Fixed Index Annuity (FIA) designed with competitive growth options with protection from market downturns. Premiums may be added during the first contract year.
Available in states:
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, IA, KS, KY, LA, 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 | Lifetime Income |
Premium Bonus
|
5% |
Term
|
10 Years |
Surrender schedule
|
10%9%8%7%6%5%4%3%2%1% |
Free withdrawal
|
10% |
Market value adjustment
|
|
Return of premium
|
|
Launch date
|
10/01/2019 |
Minimum contribution
|
$20,000 |
Maximum contribution
|
$1,000,000 |
Max Age Qualified
|
80 |
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, and IRA-Roth |
Brochure
|
Open brochure |
Find out if the WealthChoice 10 with Bonus is the right product for you.
Premium Notes
WealthChoice can be purchased for a 5-, 7- or 10-year period with a single premium payment from $20,000 to $1,000,000. Throughout the first contract year, additional premiums may be applied (at a minimum of $5,000 and not to exceed $1,000,000 total). Additional premiums can be reallocated at the next contract anniversary.
GILICO only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Maximum Age
If adding GLBR, the maximum issue age is 80.
GILICO only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Maximum Age
If adding GLBR, the maximum issue age is 80.
Withdrawal Provisions
Free Partial Withdrawals
10% of the prior anniversary’s accumulation value is available free of surrender charge, and MVA applies in all years. During the first year, it is 10% of the initial premium
10% of the prior anniversary’s accumulation value is available free of surrender charge, and MVA applies in all years. During the first year, it is 10% of the initial premium
Allocation Accounts
Name | Type | Rates |
---|---|---|
1-Year Fixed Account |
Fixed
|
5.25%
Fixed
|
1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
3.5%
Cap
|
1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10.75%
Cap
|
1-Year Horizon Ascend 5% PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
Name | Inbuilt | Fee |
---|---|---|
Wealth Choice GLBR - Increasing | No | 0.95% annually |
Wealth Choice GLBR - Level | No | 0.95% annually |
Waivers
Terminal Illness
A health condition or injury experienced, which to a reasonable degree of medical certainty, confirmed by a Physician, will result in that person’s death within one year.
Confinement
Receiving continuous care for at least 30 days from a hospital or long-term care facility.
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