Simple Summit with 10% Free Withdrawal and RMD
Simple Summit with 10% Free Withdrawal and RMD
Does Simple Summit with 10% Free Withdrawal and RMD make your top 3?
Our clients typically get 23% more income than their first quote.
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 5.9% |
| 5 years | 5.99% |
Minimum Premium Requirements
The minimum single-premium payment is $5,000. Maximum premium is $1,000,000 without Home Office approval.
Issue Ages
0–90, tax-qualified and non-qualified. (If there are joint owners, both must satisfy the age limit, since a death benefit may be paid upon the first death.)
Market Value Adjustment
During your guarantee period, your Simple Summit annuity has the Market Value Adjustment (MVA) feature. The MVA applies to withdrawals in excess of your free withdrawal amount. The MVA reflects the impact of changes in market interest rates between the time your guarantee period was selected and the time of the withdrawal. The actual adjustment is calculated according to the formula in the annuity contract.
Free Withdrawals
For financial flexibility, a portion of your contract value may be available free of surrender charge every year. 5% Free Withdrawal — beginning in policy year 2, you may withdraw up to 5% of your previous year-ending accumulation value each year without surrender charge or Market Value Adjustment. Withdrawals will reduce the contract value. Excess withdrawals in a policy year will be charged the applicable surrender charge. Free withdrawals not taken in a year cannot be carried over to future years.
Optional Riders
- RMD Free Withdrawal Rider — Surrender Charges and Market Value Adjustments will be waived on the higher of the full RMD amount or 10% of the previous year-ending accumulation value. Tax-qualified plans only.
- 10% Free Withdrawal Rider — the Owner may take partial withdrawals of up to 10% of the accumulation value as of the last contract anniversary without surrender charge or Market Value Adjustment. Non-qualified plans only.
Year by Year Account Balance
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| 10% Free Withdrawal with RMD (Qualified) | Yes |
Waivers
Death
Upon the death of the owner(s) — no surrender charge applies.
Nursing Home
There is no surrender charge if the annuitant or owner is confined to a Qualified Nursing Care facility, hospice, or hospital at the time of surrender and has been so confined for at least 90 consecutive days (subject to specific rider terms and availability).
Terminal Illness
There is no surrender charge if the owner is diagnosed with a terminal illness and has a life expectancy of no more than 12 months (subject to specific rider terms and availability).
Surrender Window
The interest rate guarantee period coincides with the Surrender Charge Period. At the end of the guarantee period, the owner has the option to: (1) renew the policy to a subsequent guarantee period at the rate offered by the Company at that time, or (2) continue the contract with successive one-year rate guarantees, with a 30-day period following each policy anniversary during which the owner may take a partial or full surrender without a surrender charge or Market Value Adjustment.
RMD
The product includes Penalty-Free Withdrawal Provisions for RMD.
- A.M. Best B-
