Heritage Growth Advantage 7
The Heritage Growth Advantage 7 annuity offers a brilliant way to ensure your golden years shine bright. This annuity guarantees solid yearly returns, providing a steady income stream into retirement.
Its key benefit is the peace of mind it brings, knowing your future is secure. No more market uncertainties, just pure financial comfort for tomorrow's plans. Heritage truly gives advantage to your growth!
Heritage Growth Advantage 7
Ratings:
- A.M. Best B++
- Fitch BBB-
- Comdex 39
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 7-Year Fixed Account (Most States) |
Fixed
|
3.45%
Fixed
|
| 1-Year Fixed Account (CA Only) |
Fixed
|
3.45%
Fixed
|
| 1-Year Morgan Stanley Dynamic US Equities PTP Participation Rate Guaranteed for Term |
Point to Point
Annual
|
100%
Participation
|
| 2-Year Morgan Stanley Dynamic US Equities PTP Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
155%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate Guaranteed for Term |
Point to Point
Annual
|
145%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
185%
Participation
|
| 1-Year SG Entelligent Agile 6% VT PTP Participation Rate Guaranteed for Term |
Point to Point
Annual
|
125%
Participation
|
| 2-Year SG Entelligent Agile 6% VT PTP Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
160%
Participation
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Cap Guaranteed for Term |
Point to Point
Annual
|
9.5%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for Heritage Growth Advantage 7 annuity.
Waivers
Nursing Home
Unavailable in states: CA, and SD
Up to 50% of the Account Value is Available Penalty-Free after first Contract Year. If on a Physician's written recommendation, the Annuitant is confined in an Eligible Nursing Home due to: medical necessity, the Annuitant being unable to perform two of the six Activities of Daily Living (ADL), or the Annuitant having a cognitive impairment. The six ADLs are: eating, bathing, dressing, transferring (walking), toileting, continence. Nursing home confinement must last for 90 days before Annuitant is eligible for the benefit. The Waiver benefit is not available if the annuitant was confined to nursing home when the policy was issued. Certain restrictions apply, see contract for details.
Premium Notes
Single premium product. Multiple transfers accepted. No subsequent premiums accepted after issue. Premium exceptions require approval.
Some states may impose a premium tax at purchase or upon annuitization.
- Single Annuitant only.
- Single Owner: Owner and Annuitant must be the same person.
- Joint Owner: Must be lawfully wedded spouses. Beneficiary will be, “Surviving Joint Owner.”
- Grantor Trust: Grantor must be named Annuitant.
- Trust: Only one owner at a time, no Joint Owner. Must be an agent for a natural person. Natural Person must be named as Annuitant.
- Custodial (UGMA, UTMA)
- Inherited IRA: Secure Act eligible beneficiaries only
Withdrawal Provisions
- RMD: Penalty-free after first 6 months.
- Free Withdrawals: Up to 10% of the Beginning of Year Account Value penalty-free after 1st year. Must be taken in a single transaction per contract year.
- Nursing Home Waiver: Up to 50% of Account Value available penalty-free after 1st year
Applies during the Withdrawal Charge period to withdrawals over the Free Withdrawal amounts and to certain annuitization options. The MVA is based on the change in the leading bond index yield from the close of business on the day prior to the contract being issued and the close of business the day prior to the withdrawal.
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