Silver Select
There's something very reassuring about Silver Select. It's got a comforting and steady income stream, perfect for retirees who prefer predictability in their future. The friendliness of the payment structure is like a warm cup of cocoa on a cool evening.
Based on the brochure, this annuity resonates with a sense of security and guaranteed growth. It's a worthwhile choice for those planning for a hassle-free, steady-paced future. And that's what retirement should be - lived at our own pace, worry-free!
Silver Select
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.1%
Fixed
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
8.25%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.25%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Silver Select Guaranteed Lifetime Withdrawal Benefit | No | 0.95% annually |
Waivers
Nursing Home
If you are first diagnosed as chronically ill more than one year after the policy date, are confined to a nursing home, and have been for the previous 90 days, you may request surrender/withdrawals from this policy without reduction for any surrender/withdrawal charge.
Terminal Illness
If you are first diagnosed as terminally ill more than one year after the policy date, you may surrender/withdraw this policy for its Account Value without reduction for any surrender/withdrawal charge.
ADL
If you are first diagnosed as chronically ill more than one year after the policy date, are receiving home health care, and have been for the previous 90 days, you may request surrender/withdrawals from this policy without reduction for any surrender/withdrawal charge.
Premium Notes
You can start an Oxford Life Silver Select annuity with as little as $10,000 for qualified and non-qualified policies. Premium payments are allowed up to $500,000 ages 18-75, $350,000 ages 76-80.
Note: We take Inherited/Beneficiary IRAs as a transfer.
Withdrawal Provisions
Death Benefit Oxford Life Insurance Company will pay out, as the Death Benefit, the Account Value to your beneficiary upon death of the owner or if non-natural owner, the annuitant. Your beneficiary may choose to receive the payouts in either a lump sum or a series of income payments. Payout Options (Annuitization)*Period Certain Payments: Equal payments for a fixed period of up to 30 years.Lifetime income: Equal payments will be made for your lifetime.Lifetime income with guaranteed period certain: Equal payments will be made for the longer of your remaining lifetime or the period agreed upon (5, 10, 15, 20 years or more). Annuitization Not available in VI. *In most states maturity occurs at age 95, but an early annuitization option is available after the first policy year. Free Withdrawals The penalty-free amount during the first Policy Year is the Fixed Account interest rate multiplied by the portion of the premium allocated to the Fixed Account. After the first Policy Year, the penalty-free amount for withdrawal is 10% of the Accumulation Value as of the beginning of that Policy Year. The penalty-free amount for surrender is 10% of the sum of the Accumulation Value at the time of surrender and any penalty-free withdrawals since the last Policy Anniversary less any penalty-free withdrawals since the last Policy Anniversary.
- A.M. Best A
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