Clear Income Advantage
Clear Income Advantage
Ratings:
- A.M. Best A++
- Fitch AAA
- S&P AA+
- Moody's Aaa
- Comdex 100
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 7 years | 1% |
Issue ages
- Non-Tax Qualified: 50–80
- Tax Qualified: 50–80
- $50,000
Market Value Adjustment (MVA)
An MVA applies when the policyowner surrenders or makes a withdrawal from the contract that is greater than the surrender-charge-free withdrawal amount during the surrender-charge period. An MVA is not applicable after the surrender charge period is over.
Death benefit
In the event of your death, your beneficiaries will receive the remaining Accumulation Value of the policy.
Withdrawal options
There are several ways to access the money in your Accumulation Value.
- Early access withdrawal — Before lifetime withdrawals begin, you have the flexibility to take one early access withdrawal, also referred to as a non-lifetime withdrawal. (Surrender charges and a market value adjustment may apply.) This withdrawal will not interrupt the accumulation of deferral credits. However, the Early Access Withdrawal will reduce your adjusted premium7 dollar-for-dollar and lower your guaranteed income amount.
- Lifetime withdrawal (GLWB) — You may begin your lifetime withdrawals any time after you turn 59½. Withdrawals are taken as income from the Accumulation Value of the policy and are guaranteed to continue for life even if the Accumulation Value is eventually exhausted.
- Full policy surrender — You may surrender the policy at any time (Surrender charges and/or Market Value Adjustment (MVA) may apply).
- Annual GLWB amount (once lifetime withdrawals have begun)
- 10% of the Accumulation Value as of the previous anniversary
- 10% of the current Accumulation Value
- 100% of the gain earned in the policy (for policies with a premium amount of $100,000 or more)
- Annual required minimum distribution (RMD) amount
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Clear Income Advantage GLWB rider | Yes | 0.95% annually |
Waivers
Unemployment
If you need immediate access to the money in your policy, this rider may give you some flexibility in accessing it, assuming you meet one of the following qualifying events: You are enrolled and living in a health care facility for 60 consecutive days, are diagnosed with a life expectancy of 12 months or less by a licensed physician, have a total and permanent disability that prevents you from performing any work for pay or profit for at least 12 consecutive months, or qualify for and have been receiving state unemployment benefits for 60 consecutive days. You may be eligible to make a withdrawal or receive the Accumulation Value with a full or partial waiver of surrender charges, but in order to be eligible, the qualifying event must take place on or after the policy date, and the policy must be in force for at least one year prior to receiving any benefits.
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