RateTrack Annuity
The RateTrack® Annuity is a remarkable product that makes retirement savings less confusing and a lot more beneficial. It smartly blends the safety of a fixed annuity with potential growth as interest rates climb. And the best part? You can count on preserving your principal, while reaping the benefits when rates rise. It's like having your cake and eating it too! Annuity products are often a safe haven for retired individuals, and RateTrack® takes it a notch higher.
The RateTrack® Anuity is also the first of a kind, allowing retirees and those nearing retirement to grow their 'safe money' strategically. No more missing out on an interest rate hike! By automatically adjusting your growth rate in favourable conditions, RateTrack® has designed an annuity that brings peace of mind paired with potential. Plus, its tax-deferred feature ensures your money enjoys compounded growth over time. Lastly, this annuity offers flexibility, with up to 10% free withdrawals annually, so you're prepared for any unexpected expenses. Overall, RetireTrack® Annuity shows a promising way of maximizing your retirement assets.
RateTrack Annuity
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 5.17% | 3.27% | 5.17% |
Here are a few advantages:
- Potential to receive higher interest rates automatically as rates rise during your client’s contract Guarantee Period
- Interest that compounds tax free until withdrawal
- Ability to access a portion of the funds without penalty
- Ability to access some or all of the money in a health emergency
- Death benefit
During the selected Guarantee Period, the annuity features a unique interest crediting structure comprised of a Guarantee Period Base Rate (set at issue for the length of the Guarantee Period), in addition to a floating rate, the 3 Month CME Term SOFR Reference Rate, which resets annually at the rate on the last business day preceding contract anniversary) subject to a cap (set at issue for the length of the Guarantee Period).
After the selected Guarantee Period, the interest rate will be determined and set on an annual basis but will be no less than the GMIR.
Free Withdrawal
The Owner may withdraw up to 10% of the initial premium in the 1st Contract Year and up to 10% of the prior contract anniversary Account Value each subsequent year, free of surrender charges. Please refer to the contract for more details.
Death Benefit
100% of Account Value, less any applicable premium tax.
Stretch Annuity Option (Available on Non-qualified and Inherited IRA Incoming Transfers)
The stretch annuity option on non-qualified incoming transfers allows the non-spousal beneficiary to take death distributions over his or her life expectancy.
Note: TSP funds would be accepted as a rollover.
Riders
No Riders for RateTrack Annuity annuity.
Waivers
Nursing Home
Unavailable in states: CA, and MA
You are confined to a hospital or nursing facility for 90 or more consecutive days immediately preceding the withdrawal or surrender and continue to be confined at the time we receive your request. The confinement must begin after the issue date of the contract, and we require proof of confinement. This endorsement is form 6054 (5-11)
Terminal Illness
Unavailable in states: CA, and NJ
You have been diagnosed with a terminal illness by a licensed doctor and the terminal illness is first diagnosed after the issue date of the contract, and we require proof of the terminal illness. This endorsement is form 6055 (5-11)
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