Foundations Annuity 7
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Premium Bonus
|
1% |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8%7%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Foundations Annuity 7 is the right product for you.
Premium Notes
Minimum: $25,000 | Subsequent Minimum: $1,000
Maximum: Amounts more than $1,000,000 require prior approval from Security Benefit Life Insurance Company (SBL).
Additional premiums accepted as both, Lump Sum or Periodic payments.
Note: TSP funds would be accepted as a rollover.
Withdrawal Provisions
An MVA applies if, during the surrender charge period, the Owner surrenders the contract, takes withdrawals in excess of the free withdrawal amounts, annuitizes the contract or upon the death of a Joint Owner who is not the spouse of the annuitant.
10% Free Withdrawals
After the 1st Contract Anniversary and during the surrender charge period, the Owner may take free withdrawals. Free withdrawals are not subject to a surrender charge and Market Value Adjustment (MVA). The total amount that may be withdrawn in the Contract Year as free withdrawals is equal to 10% of the Account Value as of the beginning of the Contract Year. Free withdrawals do not apply to full surrender or annuitization.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
5.1%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
3.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
10%
Cap
|
| 1-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Annual
|
1.5%
Spread
|
| 2-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Biennial
|
0.5%
Spread
|
| 1-Year S&P 500 Factor Rotator Daily RC2 7% PTP Participation Rate with Spread |
Point to Point
Annual
|
140%
Participation
|
| 2-Year S&P 500 Factor Rotator Daily RC2 7% PTP Participation Rate with Spread |
Point to Point
Biennial
|
200%
Participation
|
| 2-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
220%
Participation
|
| 1-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
165%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
275%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
210%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
No Riders for Foundations Annuity 7 annuity.
Waivers
Nursing Home
Unavailable in states: CA, and MA
We will waive the surrender charge and MVA on full or partial withdrawals after the 3rd Contract Year provided the Owner satisfies eligibility conditions for the waiver.
Terminal Illness
Unavailable in states: CA, and NJ
We will waive the surrender charge and MVA on full or partial withdrawals after the 3rd Contract Year provided Owner satisfies eligibility conditions for the waiver.
Request a free quote or talk to our financial expert to get help