NAC VersaChoice 10 with ELB
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Highlights
NAC VersaChoice 10 is a modified single premium, fixed index annuity with an optional rider for an additional fee that allows you access to more of your money, sooner. The value will grow at a rate based on the fixed or index account (or index accounts) you choose. Index accounts are tied to market performance, but they are not an actual investment in the stock market. You will get credit for some of the market’s growth in up times. In down times, when the market sees zero gains or actually loses value, your premium will never be at risk of decreasing due to those losses.
In all states except Florida, by current company practice, you may receive an income from the accumulation value after the first contract year (without surrender charges or market value adjustment) if you choose a life income option. You can also receive an income based on the accumulation value if your annuity has been in force for at least five years and you elect to receive payments over at least a 5-year period.
In all states except Florida, by current company practice, you may receive an income from the accumulation value after the first contract year (without surrender charges or market value adjustment) if you choose a life income option. You can also receive an income based on the accumulation value if your annuity has been in force for at least five years and you elect to receive payments over at least a 5-year period.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Long-Term Care |
|
Term
|
10 Years |
|
Surrender schedule
|
10%10%9%9%8%8%7%6%4%2% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
10/03/2017 |
|
Minimum contribution
|
$20,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
79 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the NAC VersaChoice 10 with ELB is the right product for you.
Premium Notes
Issue Ages:
Issue ages 0-79 (qualified and non-qualified).
For issue ages 0-17, a Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) custodial account must be established.
Note: if eligible you may roll over TSP to us to be administered as a qualified tax status that we offer.
Issue ages 0-79 (qualified and non-qualified).
For issue ages 0-17, a Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) custodial account must be established.
Note: if eligible you may roll over TSP to us to be administered as a qualified tax status that we offer.
Withdrawal Provisions
Penalty-free withdrawals
Like most annuities, you’ll be limited in when and how much you can withdraw from your annuity penalty-free. After the issue date, you may choose to take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning-of-year accumulation value each year. If you withdraw more than that, a surrender charge and market value adjustment may apply and the AV true-up feature will terminate. After the surrender charge period, surrender charges and a market value adjustment will no longer apply. Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly. By current company practice, we’ll waive surrender charges, and market value adjustments on any portion of an IRS-required minimum distribution that goes beyond what’s available to you penalty-free. A feature offered “by current company practice” is not a contractual guarantee of this annuity contract and can be removed or changed at any time.
Enhanced Liquidity Benefit
For a charge of 0.60% of the Accumulation Value annually, you will receive:
Like most annuities, you’ll be limited in when and how much you can withdraw from your annuity penalty-free. After the issue date, you may choose to take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning-of-year accumulation value each year. If you withdraw more than that, a surrender charge and market value adjustment may apply and the AV true-up feature will terminate. After the surrender charge period, surrender charges and a market value adjustment will no longer apply. Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly. By current company practice, we’ll waive surrender charges, and market value adjustments on any portion of an IRS-required minimum distribution that goes beyond what’s available to you penalty-free. A feature offered “by current company practice” is not a contractual guarantee of this annuity contract and can be removed or changed at any time.
Enhanced Liquidity Benefit
For a charge of 0.60% of the Accumulation Value annually, you will receive:
- Enhanced Penalty-Free Withdrawal: Beginning the second contract year, a Penalty-Free Partial Surrender will increase to 20% (maximum) if no withdrawals other than ELB charges and strategy charges were taken in the previous year.
- Return of Premium: Upon surrender, Return of Premium is available starting in Contract Year 4, less any withdrawals or rider charges (excluding the Enhanced Liquidity Benefit charges).
- ADL-Based Surrender Charge Waiver: Up to 100% of Accumulation Value may be taken Penalty-Free when the Activities of Daily Living (ADL) Benefit Requirements are met.
- ADL-Based Payout Benefit: When ADL Benefit Requirements are met, A % of the Accumulation Value may be paid out in a series of equal periodic payments over 5 years. Once elected, all other rights and benefit under the contract are terminated.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.4%
Fixed
|
| 2-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate |
Point to Point
Biennial
|
255%
Participation
|
| 1-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate |
Point to Point
Annual
|
185%
Participation
|
| 2-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Biennial
|
185%
Participation
|
| 1-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Annual
|
130%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
175%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
40%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.15%
Cap
|
| 1-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Annual
|
1.5%
Spread
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
30%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.75%
Cap
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
255%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
185%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
185%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
125%
Participation
|
| 1-Year Fixed Account |
Fixed
|
3.65%
Fixed
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
200%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
210%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
150%
Participation
|
| 2-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate |
Point to Point
Biennial
|
280%
Participation
|
| 1-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate |
Point to Point
Annual
|
200%
Participation
|
| 2-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Biennial
|
210%
Participation
|
| 1-Year Morgan Stanley Dynamic Global PTP Participation Rate |
Point to Point
Annual
|
155%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
200%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
45%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
145%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.3%
Cap
|
| 1-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Annual
|
0.5%
Spread
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.75%
Cap
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
280%
Participation
|
| 2-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Biennial
|
95%
Participation
|
| 1-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 2-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year Goldman Sachs Equity TimeX PTP Participation Rate |
Point to Point
Annual
|
75%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 10% | 9% | 9% | 8% | 8% | 7% | 6% | 4% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Enhanced liquidity benefit LTC rider | Yes | |
| Enhanced liquidity benefit | Yes | 0.60% annually |
Waivers
ADL
If client is unable to complete two of the six activities of daily living (ADLs) after the issue date and otherwise qualifies, it’s possible to get up to 100% of accumulation value immediately with no surrender charges.
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