WealthChoice 5
WealthChoice 5
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Ratings:
- A.M. Best A-
- Comdex 59
About Product
Type
Fixed Index
Purpose
Accumulation
Term
5 Years
Surrender schedule
9%8%7%6%5%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
Yes
Minimum Contribution
$20,000
Maximum Contribution
$1,000,000
Max Age Qualified
90
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, and IRA-Roth
Launch Date
10/01/2019
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
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year Horizon Ascend 5% PTP Participation Rate |
Point to Point
Annual
|
135%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% |
Riders
No Riders for WealthChoice 5 annuity.
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.
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 75.
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 75.
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
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