NWL Ultra Classic
The NWL Ultra Classic annuity is your best friend for a worry-free retirement. This plan offers stable, guaranteed returns all through your golden years. Rest easy knowing your investment is growing steadily and safely!
Better yet, the NWL Ultra Classic allows you to leave a financial legacy for your loved ones. This fantastic annuity lets you plan for the future with confidence and peace of mind. A top choice for prudent retirement planning!
NWL Ultra Classic
About Product
Non-Qualified: $5,000
At the end of the 13-year Contract Term, you may withdraw the full Contract Value without any withdrawal charges, take a partial withdrawal, or elect an income settlement option.
You do have the right to keep the Account Value with National Western Life for the rest of your life where it will continue to earn interest at a rate not less than the Minimum Guaranteed Interest Rate that has been re-determined at the end of your Contract Term.
Please note the product with Income Outlook Plus 5 NH rider is available separately.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| Option U: 1-Year S&P 500 LV DRC 5% ER PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
| Option J: 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
5.75%
Cap
|
| Option B: 1-Year Fixed Account |
Fixed
|
4.5%
Fixed
|
| Option A: 1-Year S&P 500 PTP Monthly Average Participation Rate with Asset Fee |
Point to Point
Annual
Monthly average
|
67%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 15% | 15% | 14% | 13% | 12% | 11% | 11% | 10% | 9% | 8% | 6% | 4% | 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
Death
This benefit is paid in addition to the regular death benefit. The Accidental Death Benefit will be paid to the Beneficiary if the Annuitant dies from accidental bodily injury within the terms of the Policy. The amount of the Accidental Death Benefit is equal to the total premiums paid, less withdrawals, as of the date of the accidental death. This benefit expires when the Annuitant’s age is 75. The maximum accidental death benefit payable will be $250,000.
Hospital
You may withdraw up to 75% of the Account 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 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 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 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
If the Annuitant should face the unexpected and be diagnosed with an illness from which he or she is not expected to recover and is expected to die within twelve (12) months, Withdrawal Charges will be waived for a full surrender or partial withdrawal. Satisfactory documentation of the Terminal Illness is required, and the Company reserves the right to obtain a second medical opinion at the Company’s expense. See Policy for complete details and requirements. Benefit terms and/or benefit availability may vary by state.
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 non-indexed fixed interest rate until the next Policy Anniversary.
Option J on NWL Ultra Classic is subject to an annual charge of 0.50% of the Account Value
Withdrawal Provisions
Accidental Death Benefit This benefit is paid in addition to the regular death benefit. The Accidental Death Benefit will be paid to the Beneficiary if the Annuitant dies from accidental bodily injury within the terms of the Policy. The amount of the Accidental Death Benefit is equal to the total premiums paid, less withdrawals, as of the date of the accidental death. This benefit expires when the Annuitant’s age is 75. The maximum accidental death benefit payable will be $250,000. See Policy for complete details and requirements. Annuitization You may choose an Annuity Date that occurs as early as the end of the 5th policy anniversary. At this time you may elect to receive payments under one of the many available options, including but not limited to:Income for a specific number of years (minimum of 5), or Income for as long as you live, or Income for ast long as you and your joint annuitant live.In FL: Annuitize at full Contract Value AFTER 1st Policy Year (but before 2nd Anniversary) for a minimum of 10 years or Annuitize at full Contract Value after 2nd Anniversary (but before 3rd Anniversary) for a minimum of 7 Years or Annuitize at Full Contract Value after 3rd Anniversary for a minimum of 5 years.Free Withdrawals 10% Account Value once annually AFTER the 1st policy year - Cumulative to a maximum of 50%, or Systematic withdrawal of interest after 1st policy year, or Required Minimum Distribution in all policy years Systematic Withdrawal Systematic Withdrawal of Interest Only is also available after the first policy year. Minimum Distributions If you have reached the age of 72 ½, you may need to begin taking Required Minimum Distributions (RMD) if your NWL Ultra Classic annuity is issued as a tax-qualified plan. Beginning in the first Policy Year, the RMD may be taken penalty-free. Loan Provision Starting the 2nd Policy Month, a policy loan for a minimum of $500 may be taken for up to 60% of the Contract Value (greater of the Account Value plus any Vested Bonus Value,or the Minimum Guaranteed Contract Value) if the Interest Credit Allocation Percentage for Interest Credit Option B is 100%. (In Vermont and Virginia the loan privilege is Endorsement Form 01-4087P-VA. Starting the 4th Policy Year, a policy loan may be taken for up to 100% of the Cash Surrender Value if the Interest Credit Allocation Percentage for Interest Credit Option B is 100%.) Loans are not available if Interest Credit Option A, D, J, or K is in effect. In addition, any loan would have to be repaid before Interest Credit Option A ,D, J, or K could be elected. All or part of a loan may be repaid at any time, but each payment must be at least $25. The interest on the loan must be paid annually at 7.4% in advance. If not, the interest will be added to the amount of the loan. Also, cash loans are not available for IRAs or Roth IRAs or for some other qualified plans. If any loan amount is owed to us when a settlement option is elected or upon the Annuitant’s death, whichever occurs first, such amount will be treated as a partial withdrawal and subject to withdrawal charges.
- A.M. Best A-
- S&P A-
- Comdex 61
