Market Protector 7 (CA Only)
The Market Protector 7 is an excellent annuity product that offers retirees financial security. This product provides reliable growth, stability and, best of all works only for those in California. A unique feature just for you!
With a guaranteed return on your investment, this product adds great value to your retirement planning. Plus, their brochure is clear and easy to understand. Enjoy peace of mind with Market Protector 7.
Market Protector 7 (CA Only)
About Product
Withdrawal Charges
If you take a full or partial withdrawal exceeding contract limits prior to the end of your Indexed Option Period, it may be subject to withdrawal charges. Withdrawal charges are based on years since the contract issue and will not apply after the expiration of the Indexed Option Period. Please view the back of the Indexed Option Period Inserts for specific withdrawal charge schedules.
Maximum Maturity Age
Qualified plans may require an earlier distribution. The Maturity Date under this contract is the owner’s age 95, which is the required age to annuitize or take a lump sum.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.15%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.15%
Cap
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
10.5%
Cap
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
6.25%
Performance triggered
|
| 1-Year MSCI EAFE Performance Triggered |
Performance Triggered
Annual
|
8.45%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.45%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.15%
Cap
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
11.55%
Cap
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
7.05%
Performance triggered
|
| 1-Year MSCI EAFE Performance Triggered |
Performance Triggered
Annual
|
9.3%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 8% | 7% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Income Accelerator LIB Rider Joint | No | 1.25% annually (1.45% after 6 years) (2.50% max) |
| Income Accelerator LIB Rider Single | No | 1.10% annually (1.30% max) |
Waivers
Terminal Illness
You will be eligible for this waiver of withdrawal charge after the first contract anniversary. If you or your joint owner is diagnosed with a terminal illness that is expected to result in death within 12 months, you may access up to 100% of the Contract Value free of withdrawal charges. Limited to $250,000. All contract values will be reduced proportionately. A payment under the Terminal Illness Waiver is payable only once, regardless of any subsequent diagnosis.
Premium Notes
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Free WithdrawalsEach contract year, up to 10% of the Accumulation Value determined at the beginning of the contract year and 10% of subsequent premium payments may be taken free of withdrawal charges. Free withdrawals not taken in a contract year are not available in following contract years.RMD- FriendlyMarketProtector is required-minimum-distribution-friendly so qualified contracts may not be subject to withdrawal charges. All withdrawals, including systematic withdrawals, required minimum distributions (RMDs) and free withdrawals, apply to the total amount withdrawn in an indexed option year. The RMD withdrawal must be for this contract only and you must specify that the withdrawal is an RMD. Partial withdrawals reduce the Contract Value on a dollar for dollar basis and may be subject to applicable withdrawal charges. A reduced Contract Value results in a lower basis for future income payment calculations if the add-on benefit is elected. The RMD for this contract may be taken from a qualified MarketProtector Suite contract free of withdrawal charges, even if the amount exceeds the 10% free withdrawal provision. The RMD withdrawal value is based on the Contract Value plus the value of any additional benefits. If a withdrawal taken before the end of the initial Indexed Option Period exceeds the greater of the RMD requirement or the 10% free withdrawal benefit, the excess amount withdrawn will be subject to withdrawal charges.
- A.M. Best A
- Fitch A
- S&P A
- Moody's A3
- Comdex 74
