Advanced Choice Annuity
Highlights
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Premium Type
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Single Premium
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|---|---|
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Max age Qualified
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90
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Minimum Contribution
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$10,000
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Maximum Contribution
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$1,000,000
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Market value adjustment
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Return of premium
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|
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Free withdrawal
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10% |
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Types of funds
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Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, Inherited IRA, NQ Stretch, and TSP |
Brochure
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Open brochure |
Free Withdrawal
After the 1st Contract Year, the Owner may withdraw up to 10% of the Account Value each year, free of surrender charges and MVA. Refer to the contract or the product brochure for details.
Death Benefit
100% of Account Value, less any applicable premium tax
Market Value Adjustment
To help us manage changing market conditions and interest rate environments more effectively, Security Benefit applies a Market Value Adjustment (MVA) to withdrawals that exceed the free withdrawal amount during the surrender charge period.
The MVA also will apply if you annuitize during the surrender charge period and may apply under certain circumstances involving death and joint ownership. For a full withdrawal, the MVA Factor applies to the Account Value as of the date of the full withdrawal. For a partial withdrawal, the MVA Factor applies to the decrease in the Account Value to satisfy the partial withdrawal in excess of the free withdrawal.
Note: TSP funds would be accepted as a rollover.
Find out if the Advanced Choice Annuity is the right product for you.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.95% |
| 5 years | 5.1% |
| 7 years | 5.1% |
Riders
No Riders for Advanced Choice Annuity annuity.
Waivers
Death
Contact us to get more information about this waiver.
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. In PA and TX, the waiver is available after the 1st Contract Year. In CT, the waiver is available beginning in the 1st Contract Year. Nursing Home Waiver is not available in CA and MA. (Note that the MVA cannot be waived in CT, PA, and TX.)
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 the Owner satisfies eligibility conditions for the waiver. In PA and TX, the waiver is available after the 1st Contract Year. In CT, the waiver is available beginning in the 1st Contract Year. (Note that the MVA cannot be waived in CT, PA, and TX.)
Surrender Window
SBL will send a notice to both the contract Owner and the financial professional within 15 days prior to the end of the Guarantee Period. The contract Owner has 30 days to proceed with one of the following options: 1) Cash surrender the contract without an MVA or surrender charge 2) Reallocate funds into a new Guarantee Period 3) Take a partial withdrawal from the current contract (without an MVA or surrender charge) and apply the remaining value to a new Guarantee Period 4) Apply the Account Value to an annuity option 5) Take no action and SBL will apply the Account Value to a new Guarantee Period of the same length as the expiring Guarantee Period (For contracts issued in DE, the Account Value will be applied to the Annual Interest Renewal Account.)
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