MEGA Flex 8
MEGA Flex 8 is a lovely retirement choice, offering a flexible premium deferred annuity service. Its selling point is its capacity to accept additional deposits throughout the policy's duration, with no reset penalty period. Deposits range from $10,000 to $1M. On your first anniversary, you can withdraw up to 10% of your cash value!
What's comforting is, upon your demise, it assures payout to your loved ones of your contract cash value. This is calculated from your paid premiums, interest credits, any added dividends, and less any withdrawals. Simply put, MEGA Flex 8 offers peace of mind and financial protection for your golden years!
MEGA Flex 8
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 8 | 6% | 3.38% | 6% |
A fixed annuity is a contract whereby for the premium or multiple premiums received, ISDA agrees to pay the Owner income from this annuity at a later date. Annuities are meant to provide funds for retirement and are considered to be long term.
Note: If an Owner other than the annuitant purchases the annuity, that Owner shall have control of the annuity contract issued until ownership is transferred to the annuitant.
Minimum Deposit
$10,000 – Maximum $1,000,000 (Q/NQ)
Additional deposits are accepted through the life of the policy with decreasing surrender charges.
Issue Age
0-95
Free Withdrawals
- Interest W/D After 30 Days
- 10% of cash value at 1st anniversary (contractual)
- RMD for qualified plans
- Death of annuitant
- Annuitization
- Additional deposits do not reset penalty period
The death benefit payable at the death of the Annuitant shall be the contract cash value as of the date of death. The contract cash value is (1) the sum of premiums paid plus (2) interest credits plus (3) any dividends added less (4) any withdrawals.
Riders
No Riders for MEGA Flex 8 annuity.
Waivers
Death
Free Withdrawals Without ISDA Surrender Charges: Death of annuitant
Nursing Home
Annuity withdrawals for nursing home expenses for the annuitant if we have been provided with proof that the annuitant is confined to a licensed skilled nursing facility, and that the annuitant has been confined for a continuous period of 90 days or more. Proof shall consist of itemized statements or receipts for medical expenses incurred during the annuitant’s confinement in a licensed medical care facility.
Annuitization
Free Withdrawals Without ISDA Surrender Charges: Annuitization – 8 year minimum
- A.M. Best -
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