Apollo - SP (Variation States) ages 60+
Highlights
Key Takeaways
- Apollo - SP: a Single Premium Deferred Annuity with a minimum initial contribution of $5,000.
- There are systematic withdrawal options from the first year onwards.
- The death benefit, which is equal to the annuity value, will be provided to your beneficiary upon your death.
- Partial withdrawals available, up to 10% of annuity value penalty-free
- Various income options available including lifetime income
- The product offers a competitive, guaranteed initial interest rate for one or more years
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Premium Type
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Single Premium
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Min age Qualified
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60
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Max age Qualified
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85
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Minimum Contribution
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$5,000
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Maximum Contribution
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$500,000
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Market value adjustment
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Return of premium
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Free withdrawal
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10% |
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Launch date
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09/01/1995 |
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Types of funds
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Non-Qualified, IRA, Spousal IRA, Pension, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP |
Brochure
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Open brochure |
Pros and Cons of Apollo - SP (Variation States) ages 60+
Pros
- Minimum contribution of $5k makes it accessible.
- Guaranteed initial interest rate.
- Various income options based on annuitant needs.
- Ability for partial, penalty-free withdrawals
Cons
- Surrender penalties may apply on early withdrawals.
- Limited annuitization bonus conditions.
- Potential death benefit reduction due to applicable surrender charges
- Nursing Home Care access limited by certain conditions.
Minimum Premium:
- $5,000
- Age 0-75 - $1,000,000
- Age 76-85 - $500,000
Income Options
- Life annuity—A monthly income payable over the annuitant’s lifetime.
- Life annuity with payments certain—A monthly income payable over the annuitant’s lifetime with the additional guarantee that in the event of death prior to the end of the specified period (such as 5, 10 or as long as 20 years), payments will continue to your designated beneficiary for the remainder of the specified period.
- Designated period annuity—A monthly income payable in equal installments for a specified period (such as 5, 10 or as long as 20 years).
- Joint and last survivor annuity—A monthly income payable over the lifetime of an annuitant and thereafter during the lifetime of a designated surviving annuitant.
Your annuity contract’s death benefit is payable to your beneficiary upon your death. If you are also the annuitant, then your policy’s death benefit will be equal to the annuity’s value. If the annuitant is someone other than you, the policy’s death benefit is equal to the annuity value less any applicable surrender charges.
Funding Your Annuity
- IRA rollovers & transfers -- All of our fixed annuities can be purchased as Traditional Individual Retirement Annuities with rollover funds from qualified employer plans or rollovers or transfers from existing IRA accounts with other financial institutions
- Roth IRA conversions-- All of our fixed annuities can be purchased as Roth Individual Retirement Annuities and can be used to convert Traditional IRAs to Roth IRAs
TSP funds have to be rolled into an IRA.
- The Beneficiary (new owner) must be the original (1st Generation) beneficiary of the deceased Traditional/SEP IRA Owner.
- The Beneficiary (new owner) must be age 65 or younger.
- The original Traditional/SEP IRA Owner’s Date of Death may be no more than five years from the application date.
- The original Traditional/SEP IRA Owner’s Date of Death must have occurred prior to January 1, 2020.
During the first 12 months of your contract, you can withdraw up to 10% of the single premium paid penalty-free, and, in any contract year thereafter, up to 10% of the annuity value penalty-free. If you should withdraw more than the penalty-free amount in any contract year, the entire amount withdrawn during that contract year is subject to the applicable MVA and surrender charges.
Cumulative Withdrawal Benefit
If no penalty-free withdrawal is taken in contract year two or any contract year thereafter, the amount of that contract years penalty-free withdrawal may be carried over into the following year. If no withdrawals are made for one or more successive years, the penalty-free withdrawal will accumulate up to a maximum penalty-free withdrawal limit of 30% of the single premium paid. Any penalty-free withdrawal carry over balance will return to zero as soon as a penalty free withdrawal of any amount is taken.
Find out if the Apollo - SP (Variation States) ages 60+ is the right product for you.
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 7 | 6.55% | 3.51% | 4.84% |
Riders
No Riders for Apollo - SP (Variation States) ages 60+ annuity.
Waivers
Hospital
The event of hospitalization or nursing home confinement, an annuity rider gives you an increased level of penalty-free access to the annuity value as follows: If the annuitant is admitted to a qualified nursing care facility (as defined in the contract) following the end of the first Contract Year and remains in such facility for ninety consecutive days, up to 25% of the annuity value may be withdrawn without penalty in each Contract Year so long as the annuitant remains in such facility. This rider is only available when the annuitant’s age at the issuance of the annuity contract would be 74 or younger and continues until the contract terminates.
Nursing Home
The event of hospitalization or nursing home confinement, an annuity rider gives you an increased level of penalty-free access to the annuity value as follows: If the annuitant is admitted to a qualified nursing care facility (as defined in the contract) following the end of the first Contract Year and remains in such facility for ninety consecutive days, up to 25% of the annuity value may be withdrawn without penalty in each Contract Year so long as the annuitant remains in such facility. This rider is only available when the annuitant’s age at the issuance of the annuity contract would be 74 or younger and continues until the contract terminates. The nursing home waiver does not include home health care.
Annuitization
After 5th policy year with an option lasting at least 6 years.
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