Liberty Choice
The Liberty Choice annuity truly feels like a friend when it comes to retirement planning. This product knows every retiree's anxiety about outliving their assets and offers a perfect solution - regular & worry-free income that potentially lasts a lifetime, just like traditional pensions. Even more enticing, you can access your interest accumulations without any financial penalties. Feel free to sit back and enjoy a regular paycheck in your golden years.
This annuity goes beyond simple income payments too. After the surrender charge period ends, you can make lump-sum withdrawals whenever you want - giving you financial freedom when you need it most. And if you want to pass on a secure income to your spouse or beneficiary, there's an option for annuity payments to continue even after your time. The Liberty Choice annuity is not just a financial product, it’s your ticket to stress-free & secured retirement.
Liberty Choice
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 5.4% | 3.48% | 4.6% |
How Interest is Credited
Each premium received during the first policy year is credited at the interest rate in effect at the time of purchase. This rate is guaranteed for the first policy year and includes an additional 1.00% for the first policy year. At the end of each policy year, a new rate will be declared for the following year which can never be less than the policy’s minimum guaranteed rate. Your interest is credited and compounded daily to yield our declared annual rate. There are no front-end sales charges or on-going administrative fees. 100% of your money works for you.
Liquidity
You may have access to your annuity at any time permitted by law. Your interest earnings are available when you need them. Without surrender charges or MVA, you may withdraw all of your accumulated interest two times per policy year. Alternatively, you may also elect to receive monthly checks of your entire accumulated interest earnings, subject to a minimum check of $100. Monthly checks of only a portion of accumulated interest earnings are not available. Withdrawals in excess of these amounts are subject to a MVA and surrender charges. Charges are applied from the original policy issue date, not the date of future additional premiums. Penalty free withdrawals do not apply to full surrenders. A 10% IRS penalty may apply on amounts withdrawn before the owner reaches age 59½.
Market Value Adjustments (MVA)
The Market Value Adjustment is an amount by which we adjust the Accumulated Value. An MVA will apply to a full surrender or to a partial withdrawal subject to a surrender charge made before the fifth policy anniversary. The MVA may increase or decrease your Accumulated Value, depending on whether interest rates have fallen or risen from the time of purchase. If interest rates have declined, your Accumulated Value could be higher. If interest rates have increased, your Accumulated Value could be lower. The MVA is not assessed after the fifth policy anniversary or upon the death of the Annuitant/Owner.
Note: we take TSP as a rollover to IRA.
Riders
No Riders for Liberty Choice annuity.
Waivers
Nursing Home
Available after the first policy year; 90 day elimination period. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: TX
Terminal Illness Waiver: Available after the first policy year; 12 month life expectancy. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only.
Disability
Disability Waiver: Available after the first policy year; 90 day elimination period. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only.
- A.M. Best A-
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