Guaranteed Income Annuity 10 Legacy Rider
The Guaranteed Income Annuity 10 Legacy Rider is designed for those looking to safeguard their future. With peace of mind in its core design, it offers consistent income for life, ensuring comfort and stability well into your golden years.
Highlighted in the brochure, the legacy rider stands out, as it protects your loved ones by providing financial assistance after you're gone. A holistic investment for peace of mind and family reassurance, this annuity is a solid choice.
Guaranteed Income Annuity 10 Legacy Rider
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 2-Year Fixed Account with 3 Month SOFR Participation Rate |
SOFR
Annual
|
3%
Fixed
55%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Legacy Rider | Yes | 1.25% annually (1.60% after 5 years) |
| Legacy Rider (FL, SD, ND) | Yes | 1.25% annually (1.60% after 5 years) |
Waivers
Nursing Home
Unavailable in states: CA, FL, and PA
Must be confined to a nursing home for a period of at least 90 consecutive days. There is a waiting period of either one or two years, depending on the state contract is issued. If the owner is confined to a nursing home during the waiting period, this benefit would not be available in certain states. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: CA, FL, and PA
Terminal illness is defined as any medical condition which a physician certifies that the policy owner’s expected life span is twelve months or less. Proof of the terminal illness is required by a certified licensed physician that is not the owner, annuitant, or a family member to the owner or annuitant. The owner cannot be terminally ill during the waiting period. There is a waiting period of either one or two years, depending on which state the contract is issued.
ADL
Unavailable in states: CA
At time of issue, owner(s) must be able to do all 6 Activities of Daily LIving (ADLs), which are: Bathing, Transferring, Continence, Dressing, Toileting, Eating.
Premium Notes
The Guaranteed Income Annuity allows for Subsequent Premiums in the First Contract Year only. There is no minimum for additional contributions. There is a maximum of $1 million total premium without prior approval. Subsequent Premiums can be made non-uniformly, monthly, or as a lump sum.
Withdrawal Provisions
Penalty-Free WithdrawalUp to 10% of the purchase premium may be withdrawn without any surrender charges, market value adjustment, or forfeiture of any applicable premium bonus starting in year two. The Required Minimum Distribution may be withdrawn without any surrender charges, market value adjustment or forfeiture of any applicable premium bonus starting in year one. Any distribution may impact future Guaranteed Lifetime Withdrawal Benefit payments.Withdrawal Provisions Required Minimum Distribution (RMD) is available Penalty-free during the first contract yearRMD or up to 10% of the Purchase Premium is available penalty Free after the first Policy Year A maximum of two withdrawals are allowed each Policy Year Minimum withdrawal amount of $250; Minimum accumulation Value after withdrawal is $2,500
- A.M. Best B++
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