NWL Impact 7S
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Premium Bonus
|
5% |
|
Term
|
7 Years |
|
Surrender schedule
|
9%7.75%6.25%5%3.5%2.75%1.75% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
Qualified: $2,000 Non-Qualified: $5,000 |
|
Maximum contribution
|
$1,500,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, 401k, Profit Sharing, IRA, 401a, TSA 403b, SEP IRA, KEOGH, IRA-Roth, 457 plan, and 1035 Exchange |
Brochure
|
Open brochure |
Find out if the NWL Impact 7S is the right product for you.
Premium Notes
A minimum initial premium payment of at least $2,000 (qualified) or $5,000 (non-qualified) is required. Additional premium payments of at least $100 can be made. Any premiums received more than 20 calendar days after the issue date, or after any subsequent Policy Anniversary, will earn the nonindexed fixed interest rate until the next Policy Anniversary
Withdrawal Provisions
10% of sum of account value plus any vested bonus value, free of withdrawal charge, once annually after 1st policy year – systematic withdrawal of interest after 1st policy year, or Required Minimum Distribution in all policy years.
Death Benefits
At the death of the Annuitant before the Annuity Date, the Beneficiary may choose to receive the Account Value and the Bonus Value as a single sum or paid out under an available Settlement Option. At the death of the Annuitant after the Annuity Date, the Beneficiary will receive any unpaid guaranteed amounts under the Settlement Option in force on the date of death. No other death benefits will be paid. Spousal Continuation Benefit: If the surviving spouse is the named Beneficiary and the Owner dies, the surviving spouse may become the Owner and continue the annuity and the income tax-deferral.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| Option U: 1-Year S&P 500 LV DRC 5% ER PTP Participation Rate |
Point to Point
Annual
|
123%
Participation
|
| Option B: 1-Year Fixed Account |
Fixed
|
3.15%
Fixed
|
| Option A: 1-Year S&P 500 PTP Monthly Average Participation Rate with Asset Fee |
Point to Point
Annual
Monthly average
|
65%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 6% | 5% | 4% | 3% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Income Outlook Plus 5 NH (Withdrawal Benefit Rider) | No | 1.50% annually (2.00% max) |
| Income Outlook NH | No | 1.00% annually (2.00% max) (limited to interest) |
Waivers
Hospital
You may withdraw up to 75% of the Account Value plus any Vested Bonus Value without a Withdrawal Charge after certain medically necessary stays as outlined in the Policy. The Annuitant must be 75 years or younger on the Policy Date, and each stay must be for at least 90 consecutive days. The stay must be in a hospital and/or nursing facility (as defined in the Policy), and the Annuitant must receive at least intermediate care (as described in the Policy) for 90 consecutive days during the stay. The stay must begin at least 180 days after the Policy Date and must not be for a medical condition that involved a prior stay of any length in the two-year period before the Policy Date. The stay must not have been recommended by a physician in the two-year period before the Policy Date. Any withdrawal in excess of 75% of the Account Value plus any Vested Bonus Value will be subject to the Policy’s regular Withdrawal Charge. Benefit terms and/or benefit availability may vary by state. See Policy for complete details and requirements.
Nursing Home
You may withdraw up to 75% of the Account Value plus any Vested Bonus Value without a Withdrawal Charge after certain medically necessary stays as outlined in the Policy. The Annuitant must be 75 years or younger on the Policy Date, and each stay must be for at least 90 consecutive days. The stay must be in a hospital and/or nursing facility (as defined in the Policy), and the Annuitant must receive at least intermediate care (as described in the Policy) for 90 consecutive days during the stay. The stay must begin at least 180 days after the Policy Date and must not be for a medical condition that involved a prior stay of any length in the two-year period before the Policy Date. The stay must not have been recommended by a physician in the two-year period before the Policy Date. Any withdrawal in excess of 75% of the Account Value plus any Vested Bonus Value will be subject to the Policy’s regular Withdrawal Charge. Benefit terms and/or benefit availability may vary by state. See Policy for complete details and requirements.
Terminal Illness
Upon receiving satisfactory documentation, Withdrawal Charges will be waived for full surrender or partial withdrawal if the Annuitant is first diagnosed after the Policy Date with an illness from which he or she is not expected to recover and is expected to die within 12 months. NWL reserves the right to obtain a second medical opinion at the Company’s expense. Benefit terms and/or benefit availability may vary by state. See Policy for complete details and requirements.
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