Steady Choice II
The Steady Choice II Annuity nestled in the heart of retirement planning offers fantastic flexibility. Life's unpredictable nature requires a plan that adjusts with you, and this product does precisely that. You're in control of your premium payments, allowing you to accommodate changes in your financial situation. Imagine a relaxed retirement where you're in the driver's seat.
What's more reassuring than guaranteed interest rates? With Steady Choice II, the interest rate will not dip below the Minimum Guaranteed Credited Rate during accumulation. You'll even enjoy tax benefits as your contributions and annuity earnings are tax-deferred until you make a withdrawal. In short, this annuity ticks all the right boxes for a secure, stable future. Come, join the Royal Neighbors family.
Steady Choice II
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 10 | 2.35% | 2.35% | 2.35% |
Surrender Charges
The surrender charge will apply to a full or partial surrender of the annuity (including required minimum distribution in accordance with the following rule). If the total amount withdrawn in a certificate year exceeds 10% of the account value at the time of the first withdrawal in that certificate year, the excess will be subject to a surrender charge. The surrender charge is calculated by taking the excess multiplied by the applicable Surrender Charge Percentage.
Minimum Premium
$100 monthly on (PAC/ Monthly EFT) or $1,200 annually
Maximum Premium If the premium is over the maximum you must receive pre-approval.
Maximum $25,000 per year up to $300,000 lifetime maximum
Free-Look Period
- 20 days (or longer if required by state).
Owner:
- 16–75 non-qualified
- 16–75 Roth & Traditional IRA
- 21–75 SEP IRA
- 0–75 non-qualified
Proceeds paid on the death of the owner shall equal the Account Value. - Death of annuitant – If the annuitant is other than the owner and dies before the Maturity Date, then unless the owner designates a substitute annuitant within 60 days from the date of the death of the annuitant (or immediately upon owner’s death if the owner dies before designating an annuitant), the owner shall become the annuitant provided, however, if the owner is not a natural person, then upon the death of the annuitant, the Account Value will be paid to the owner.
Minimum Withdrawal amount and waiver of surrender charges
Waiver of Surrender Charge Provision may vary and may not be available in all states. The owner can make a withdrawal of a portion of the account value at any time prior to the maturity date. The minimum withdrawal is $500 unless the certificate is surrendered.
Exceptions to the withdrawal charge are
- The first 10% of the account value withdrawn each certificate year.
- If the owner is confined to a nursing home and/or hospital per the terms of the certificate, provided the first confinement begins on or after the end of the first certificate year.
- If the owner has a terminal condition and is not expected to live more than 12 months.
- Death of the owner.
If the account value is below the amount in the table at the end of the associated certificate year, then we charge an admin fee of $15 to the account value. As long as the account value stays above that amount there is no fee charged. Since there are options for withdrawals, it is possible that the account value could drop below the specified amount.
Certificate year/ Account value at the end of the certificate year
- $600
- $1,200
- $1,800
- $2,400
- + $3,000
Riders
No Riders for Steady Choice II annuity.
Waivers
Death
Of owner.
Hospital
If the owner is confined to a nursing home and/or hospital per the terms of the certificate, provided the first confinement begins on or after the end of the first certificate year.
Nursing Home
If the owner is confined to a nursing home and/or hospital per the terms of the certificate, provided the first confinement begins on or after the end of the first certificate year. The nursing home waiver does not include home health care.
Terminal Illness
If the owner has a terminal condition and is not expected to live more than 12 months.
- A.M. Best A
