Ultra Advantage 3
Ultra Advantage 3
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.75%
Fixed
|
| 1-Year S&P 500 PTP Cap with 100% Participation Rate |
Point to Point
Annual
|
8%
Cap
|
| 1-Year S&P 500 PTP Guaranteed Cap with 100% Participation Rate |
Point to Point
Annual
|
6.75%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
50%
Participation
|
| 1-Year BofA U.S. Agility PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year S&P 500 PTP Performance Trigger |
Performance Triggered
Annual
|
7%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 |
|---|---|---|---|
| Penalty | 9% | 9% | 8% |
Riders
No Riders for Ultra Advantage 3 annuity.
Waivers
Death
Withdrawal charges and market value adjustments will be waived for the following event: Death of a Spouse or Minor Dependent — applies to one withdrawal if the spouse or a minor dependent of the owner dies. For the death of a spouse, the maximum allowable surrender is 50% of the accumulation value as of the date of withdrawal. For the death of a minor dependent, the maximum is 25%.
Terminal Illness
Withdrawal charges and market value adjustments will be waived for the following event: Terminal Illness — applies if the owner has been diagnosed with a terminal illness.
Unemployment
Withdrawal charges and market value adjustments will be waived for the following event: Unemployment — applies once the owner has received unemployment benefits for at least 60 days. If the owner is receiving unemployment benefits on the day the policy is issued, this waiver does not apply.
Annuitization
Annuitization after second contract year (for lifetime income options).
Disability
Withdrawal charges and market value adjustments will be waived for the following event: Disability — applies once the owner has become totally disabled for more than 90 continuous days. This waiver no longer applies once the owner has attained age 65.
Confinement
Withdrawal charges and market value adjustments will be waived for the following event: Confinement to a Hospital or Long-Term Care Facility — applies once the owner has been hospitalized or confined to a nursing home or long-term care facility for at least 30 consecutive days. This waiver applies during confinement and within 91 days of the last day of confinement.
Premium Notes
- $500 minimum additions may be made during the first policy year (subject to policy maximums).
- You must select a crediting strategy for each new addition.
Withdrawal Provisions
Free Access to Your Account ValueYou can withdraw up to 10% of your funds without penalty in the first contract year. After that, any unused portion of this penalty-free withdrawal amount can be carried over to the next contract year, up to a maximum of 25%.Unexpected life events Systematic withdrawal option — fixed dollar amount. Waiver of Withdrawal ChargesHospitalization or long-term care confinement Terminal illness Unemployment Disability Death of spouse or minor dependent. Personal residence Organ transplant AnnuitizationMarket Value Adjustment If you request a cash surrender or partial withdrawal, a market value adjustment may be applied. If interest rates at the time of cash surrender or partial withdrawal went up after you bought your annuity, the market value adjustment will decrease the amount you receive. If interest rates at the time of cash surrender or partial withdrawal went down after you bought your annuity, the market value adjustment will increase the amount you receive. There will be no market value adjustment applied to the free withdrawal amount, amounts available under the Waiver of Withdrawal Charges provisions.
- A.M. Best A+
- S&P A+
- Moody's A1
- Comdex 90
