Oak Elite ADV with Riders
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Highlights
Oak Elite is a registered index-linked variable annuity, an innovative solution designed to accumulate assets for retirement income. With unique investment strategies and flexible payout options, Oak Elite can instill confidence, supporting your pursuit for a comfortable retirement lifestyle.
Available in states:
AL, AK, AR, CT, DE, FL, GA, ID, IL, KY, LA, ME, MI, MS, NV, NH, NM, NC, ND, OH, OK, RI, SC, SD, TN, TX, UT, WA, WV, WI, and WY
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Type
|
Registered Index-Linked |
|---|---|
| Purpose | Lifetime Income & Legacy |
|
Surrender schedule
|
No Surrender Charge |
|
Free withdrawal
|
100% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
05/07/2024 |
|
Minimum contribution
|
$50,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, Inherited IRA, and NQ Stretch |
Brochure
|
Open brochure |
Find out if the Oak Elite ADV with Riders is the right product for you.
Premium Notes
Minimum initial contribution
$50,000; maximum investment is $3,000,000 if no riders are elected, or $2,000,000 with a rider elected.
Minimum additional contributions
$1,000, or $100 for premiums sent through monthly electronic funds transfer (EFT).
Type of money
Nonqualified, traditional IRA, roth IRA, nonqualified stretch, inherited IRA. Transfers and conversions are accepted.
Other information
Inherited IRA and non-qualified stretch are not available if a guaranteed lifetime withdrawal benefit (GLWB) rider is elected.
$50,000; maximum investment is $3,000,000 if no riders are elected, or $2,000,000 with a rider elected.
Minimum additional contributions
$1,000, or $100 for premiums sent through monthly electronic funds transfer (EFT).
Type of money
Nonqualified, traditional IRA, roth IRA, nonqualified stretch, inherited IRA. Transfers and conversions are accepted.
Other information
Inherited IRA and non-qualified stretch are not available if a guaranteed lifetime withdrawal benefit (GLWB) rider is elected.
Withdrawal Provisions
Withdrawals Value-aligned fee structure
We believe in clear and fair pricing. Our annuities are designed to match your advisor’s expertise, striving to make advisory fees an investment in your financial future.
Advisory fees up to 1.50% of the contract value may be withdrawn annually in installments. Your financial advisor can deduct advisory fees from the contract or a separate account.
If deducted from your annuity contract, advisory fees are treated as partial surrenders without penalties. However, if you select an optional benefit rider, advisory fees will reduce the contract value but will not impact lifetime income payments or enhanced benefits after the income start date.
Impact of withdrawals
Withdrawals may be taxed as ordinary income by the government. If taken before age 59 ½, they may also incur a 10% IRS penalty. Withdrawals will decrease your contract value accordingly.
There are no surrender charges for partial or full surrenders. However, if you elect an optional benefit rider, withdrawals may affect your income payments. Please refer to your prospectus for more information.
We believe in clear and fair pricing. Our annuities are designed to match your advisor’s expertise, striving to make advisory fees an investment in your financial future.
Advisory fees up to 1.50% of the contract value may be withdrawn annually in installments. Your financial advisor can deduct advisory fees from the contract or a separate account.
If deducted from your annuity contract, advisory fees are treated as partial surrenders without penalties. However, if you select an optional benefit rider, advisory fees will reduce the contract value but will not impact lifetime income payments or enhanced benefits after the income start date.
Impact of withdrawals
Withdrawals may be taxed as ordinary income by the government. If taken before age 59 ½, they may also incur a 10% IRS penalty. Withdrawals will decrease your contract value accordingly.
There are no surrender charges for partial or full surrenders. However, if you elect an optional benefit rider, withdrawals may affect your income payments. Please refer to your prospectus for more information.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year S&P 500 PTP Cap with 10% Buffer |
Point to Point
Annual
|
18%
Cap
|
| 1-Year S&P 500 PTP Participation Rate with 10% Buffer |
Point to Point
Annual
|
90%
Participation
|
| 1-Year S&P 500 PTP Cap with -10% Floor |
Point to Point
Annual
|
16.5%
Cap
|
| 1-Year MSCI EAFE PTP Cap with 10% Buffer |
Point to Point
Annual
|
25%
Cap
|
| 1-Year MSCI EAFE PTP Participation Rate with 10% Buffer |
Point to Point
Annual
|
90%
Participation
|
| 3-Year S&P 500 PTP Cap with 10% Buffer Uncapped |
Point to Point
Triennial
|
|
| 3-Year S&P 500 PTP Cap with -10% Floor |
Point to Point
Triennial
|
40%
Cap
|
| 6-Year S&P 500 PTP Cap with Participation Rate with 10% Buffer Uncapped |
Point to Point
6-Year
|
110%
Participation
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| 6-Year S&P 500 PTP Cap with Participation Rate with 20% Buffer Uncapped |
Point to Point
6-Year
|
105%
Participation
|
| 6-Year S&P 500 PTP Cap with Participation Rate with 30% Buffer |
Point to Point
6-Year
|
100%
Participation
150%
Cap
|
| 6-Year MSCI EAFE PTP Cap with Participation Rate with 10% Buffer Uncapped |
Point to Point
6-Year
|
135%
Participation
|
Surrender schedule
| Year |
|---|
| Penalty |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Oak Elite ADV GLWB-CV | No | 0.95% annually |
| Oak Elite ADV GLWB-ROP | No | 1.15% annually |
| Oak Elite ADV ROP Death Benefit | No | 0.15% annually |
| Annual-ratchet death benefit | No | 0.40% annually |
Waivers
No Waivers for Oak Elite ADV with Riders annuity.
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