Strategic Growth 7 Annuity
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Highlights
The Strategic Growth 7 Annuity is a modified single premium, deferred fixed index annuity with a seven year Surrender Charge Period. During the Surrender Charge Period, a Surrender Charge, and, in most states, a Market Value Adjustment (MVA) apply if you surrender your Strategic Growth 7 Annuity, and may apply if you take withdrawals from your Strategic Growth 7 Annuity.
Rate Buy Up Feature - Account Fee
The Rate Buy Up Feature is available on each index crediting option. For a monthly charge, each Index Account using this feature in which the contract value is allocated, may provide the owner a higher interest credit rate through a higher cap, higher participation rate, and/ or lower spread as applicable. At the end of the surrender charge period, if the total Buy Up Costs are greater than the total index interest credits (including non Buy Up Options), then the excess of the total Buy Up Costs over the total index interest credits will be refunded to the contract’s Fixed Account. Please note: the refund of Buy Up Charges does not apply if an excess withdrawal is taken from the contract (an excess withdrawal is a withdrawal that exceeds the annual free withdrawal limit). Refer to the Rate Buy Up Feature Brochure for details.
Rate Buy Up Feature - Account Fee
The Rate Buy Up Feature is available on each index crediting option. For a monthly charge, each Index Account using this feature in which the contract value is allocated, may provide the owner a higher interest credit rate through a higher cap, higher participation rate, and/ or lower spread as applicable. At the end of the surrender charge period, if the total Buy Up Costs are greater than the total index interest credits (including non Buy Up Options), then the excess of the total Buy Up Costs over the total index interest credits will be refunded to the contract’s Fixed Account. Please note: the refund of Buy Up Charges does not apply if an excess withdrawal is taken from the contract (an excess withdrawal is a withdrawal that exceeds the annual free withdrawal limit). Refer to the Rate Buy Up Feature Brochure for details.
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 | Accumulation |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8.1%7.2%6.3%5.4%4.5%3.6% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
01/09/2023 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, SEP IRA, IRA-Roth, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Strategic Growth 7 Annuity is the right product for you.
Premium Notes
Premium Notes
Minimum Premium: $25,000
Subsequent Premium Minimum of $1,000 allowed prior to the first Contract Anniversary. Additional premiums accepted as both, Lump Sum or Periodic payments.
Maximum Premium: Anticipated amount of more than $1,000,000 requires prior company approval.
Note: TSP funds would be accepted as a rollover.
Minimum Premium: $25,000
Subsequent Premium Minimum of $1,000 allowed prior to the first Contract Anniversary. Additional premiums accepted as both, Lump Sum or Periodic payments.
Maximum Premium: Anticipated amount of more than $1,000,000 requires prior company approval.
Note: TSP funds would be accepted as a rollover.
Withdrawal Provisions
Free Withdrawal
Beginning in the second contract year, 10% of the prior Contract Anniversary’s Account Value (for each subsequent year) is available without a Surrender Charge or with applicable Market Value Adjustment (MVA). Free Withdrawal amounts not taken in one contract year may not be carried over to a subsequent year.
Market Value Adjustment (MVA)
During the Surrender Charge period, an MVA is applied to withdrawals in excess of the Free Withdrawal amount, full surrenders, or the death benefit paid on the death of a Joint Owner who is not the Annuitant’s spouse. The MVA does not apply to contracts issued in CA.
Beginning in the second contract year, 10% of the prior Contract Anniversary’s Account Value (for each subsequent year) is available without a Surrender Charge or with applicable Market Value Adjustment (MVA). Free Withdrawal amounts not taken in one contract year may not be carried over to a subsequent year.
Market Value Adjustment (MVA)
During the Surrender Charge period, an MVA is applied to withdrawals in excess of the Free Withdrawal amount, full surrenders, or the death benefit paid on the death of a Joint Owner who is not the Annuitant’s spouse. The MVA does not apply to contracts issued in CA.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.75%
Fixed
|
| 2-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
245%
Participation
|
| 1-Year Morgan Stanley Global Equity Allocator PTP Participation Rate with Spread |
Point to Point
Annual
|
165%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year Morgan Stanley Global Equity Allocator PTP Participation Rate with Spread |
Point to Point
Annual
|
200%
Participation
|
| 1-Year UBS Market Pioneers PTP Participation Rate with Spread |
Point to Point
Annual
|
165%
Participation
|
| 2-Year Morgan Stanley Global Equity Allocator PTP Participation Rate with Spread |
Point to Point
Biennial
|
250%
Participation
|
| 2-Year Morgan Stanley Global Equity Allocator PTP Participation Rate with Spread |
Point to Point
Biennial
|
310%
Participation
|
| 1-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
170%
Participation
|
| 2-Year S&P MARC 5% PTP Participation Rate with Spread |
Point to Point
Biennial
|
310%
Participation
|
| 1-Year UBS Market Pioneers PTP Participation Rate with Spread |
Point to Point
Annual
|
205%
Participation
|
| 2-Year UBS Market Pioneers PTP Participation Rate with Spread |
Point to Point
Biennial
|
280%
Participation
|
| 1-Year UBS Multi Asset Inflation Aware PTP Participation Rate with Spread |
Point to Point
Annual
|
200%
Participation
|
| 1-Year UBS Multi Asset Inflation Aware PTP Participation Rate with Spread |
Point to Point
Annual
|
245%
Participation
|
| 2-Year UBS Multi Asset Inflation Aware PTP Participation Rate with Spread |
Point to Point
Biennial
|
285%
Participation
|
| 2-Year UBS Multi Asset Inflation Aware PTP Participation Rate with Spread |
Point to Point
Biennial
|
350%
Participation
|
| 2-Year S&P 500 LV DRC 5% TR PTP Participation Rate with Spread |
Point to Point
Biennial
|
110%
Participation
|
| 1-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
140%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 1-Year S&P MARC 5% PTP Participation Rate with Spread |
Point to Point
Annual
|
240%
Participation
|
| 2-Year S&P 500 LV DRC 5% TR PTP Participation Rate with Spread |
Point to Point
Biennial
|
90%
Participation
|
| 2-Year S&P 500 Factor Rotator DRC2 7% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
220%
Participation
|
| 1-Year S&P 500 PTP Participation Rate with Spread |
Point to Point
Annual
|
80%
Participation
3%
Spread
|
| 1-Year S&P 500 Factor Rotator DRC2 7% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
160%
Participation
|
| 2-Year Morningstar Wide Moat Focus Barclays VC 7% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
200%
Participation
|
| 1-Year S&P 500 PTP Participation Rate with Spread |
Point to Point
Annual
|
90%
Participation
3%
Spread
|
| 2-Year UBS Market Pioneers PTP Participation Rate with Spread |
Point to Point
Biennial
|
225%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
14%
Cap
|
| 2-Year S&P MARC 5% PTP Participation Rate with Spread |
Point to Point
Biennial
|
250%
Participation
|
| 1-Year S&P MARC 5% PTP Participation Rate with Spread |
Point to Point
Annual
|
200%
Participation
|
| 2-Year S&P 500 Factor Rotator DRC2 7% ER PTP Participation Rate with Spread |
Point to Point
Biennial
|
185%
Participation
|
| 1-Year S&P 500 Factor Rotator DRC2 7% ER PTP Participation Rate with Spread |
Point to Point
Annual
|
135%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 5% | 4% |
Riders
No Riders for Strategic Growth 7 Annuity annuity.
Waivers
Nursing Home
Unavailable in states: CA, and MA
If after the contract issue date the owner becomes confined in a hospital or Qualified Nursing Facility for 90 consecutive days, the Owner may withdraw up to the full Account Value without Surrender Charges and MVA. The request for such waiver must be after the 3rd Contract Anniversary.
Terminal Illness
Unavailable in states: CA, and NJ
SBL will waive the Surrender Charge and MVA on full or partial withdrawals if the Owner is diagnosed with a terminal illness after the contract issue date. The request for such waiver must be made after the 3rd Contract Anniversary.
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