Heritage Income Advantage
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Highlights
Heritage Income Advantage is a single premium deferred fixed-indexed annuity (FIA) that provides growth potential with protection from market downturns. An FIA is purchased as part of your retirement strategy, but also offers the flexibility to access your funds. It includes an optional rider that provides a guaranteed income stream.
Owner/Annuitant Information and Restrictions
Owner/Annuitant Information and Restrictions
- Single Annuitant only.
- Single Owner: The owner and Annuitant must be the same person.
- Joint Owner: Joint Owners must be lawfully wedded spouses. The beneficiary will be, “Surviving Joint Owner.”
- Trust: Only one owner at a time. Trust cannot be a Joint Owner. Trust must be an agent for a natural person. Natural Person must be named as Annuitant.
- Grantor Trust: Trust Grantor must be the named Annuitant.
- Custodial (UGMA, UTMA): Minimum age for GLWB is 55.
- Inherited IRAs: Secure Act eligible beneficiaries only Secure Act Eligible Beneficiaries: Death of IRA owner on or after 1/1/2020: accepted beneficiaries: spouse, disabled, chronically ill, minors, not 10 years younger than the IRA owner, and trust created for the benefit of any of those listed above. Death of IRA owner before 01/01/2020: spouse and non-spouse beneficiaries. Not eligible for GLWB.
Available in states:
AL, AK, AZ, AR, CA, CO, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index
|
|---|---|
|
Premium Bonus
|
7% |
|
Term
|
10 Years |
|
Surrender schedule
|
9.3%9.3%8.3%7.3%6.3%5.3%4.2%3.2%2.1%1% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$25,000 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, and Inherited IRA |
Brochure
|
Open brochure |
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.25%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
18%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
2.5%
Cap
|
| 2-Year S&P MARC 5% PTP Participation Rate |
Point to Point
Biennial
|
80%
Participation
|
| 1-Year S&P MARC 5% PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 2-Year SG Entelligent 6% VT PTP Participation Rate |
Point to Point
Biennial
|
80%
Participation
|
| 1-Year SG Entelligent 6% VT PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 1-Year Morgan Stanley Dynamic US Equities PTP Participation Rate |
Point to Point
Annual
|
37%
Participation
|
| 2-Year Morgan Stanley Dynamic US Equities PTP Participation Rate |
Point to Point
Biennial
|
64%
Participation
|
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 |
|---|---|---|
| Heritage Income Advantage GLWB rider | No | 1.25% annually |