NWL Ultra Classic
Highlights
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.
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
13 Years |
|
Surrender schedule
|
15%14.75%14%13%12.25%11.25%10.5%9.75%8.75%8%6%4%2% |
|
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
|
$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 Ultra Classic 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 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
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.
- 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.
Free Withdrawals
Systematic Withdrawal
Minimum Distributions
Loan Provision
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.
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 |
NWL Option J
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.
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