Personal Choice Plus (CA, FL Only)
The Personal Choice Plus annuity is a fantastic option for those in CA and FL. In simple words, you put in a lump sum and get a reliable and consistent paycheck for the rest of your life.
What's great is you can sleep easy knowing exactly how much money you'll be getting each month. It's a solid tool in your retirement planning toolkit.
Personal Choice Plus (CA, FL Only)
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
4.1%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
4.2%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.75%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Preferred 10% Free Withdrawal - 0.08% fee | No | 0.08% annually |
| Required Minimum Distribution - 0.16% fee | No | 0.16% annually |
| Accumulated Interest Withdrawal - 0.08% fee | No | 0.08% annually |
| Death Benefit Feature CA, FL | Yes |
Waivers
Surrender Window
30 days prior to the end of the Guarantee Period, the following options are available to take effect on the next Contract Anniversary: 1. Continue the contract for another Guarantee Period; 2. Apply the Contract Value to a Settlement Option; 3. Take a Partial Withdrawal, with no MVA or Surrender Charges, and apply the remaining value to another Guarantee Period; 4. Surrender the contract without MVA or Surrender Charges.
Withdrawal Provisions
Optional Riders and Cost Required Minimum Distribution - 0.16% fee Preferred 10% Free Withdrawal - 0.08% fee Death Benefit Feature - 0.35% fee Accumulated Interest Withdrawal - 0.08% fee Market Value Adjustment The MVA is specified in the contract. The MVA expires at the end of each Guarantee Period and reinstates when the annuity rolls into a new Guarantee Period. Required Minimum DistributionThis rider waives the Surrender Charge and MVA on any Required Minimum Distribution (RMD) from tax-qualified plans starting in the first contract year. Preferred 10% Free Withdrawal This rider waives the Surrender Charges and MVA for the first withdrawal per year starting in the second contract year. The owner may withdraw up to the greater of 10% of the account value (as of the last contract anniversary date) or the required minimum distribution (RMD). Surrender charges and MVA may apply if the withdrawal exceeds the greater of 10% or the RMD or there are multiple withdrawals in that contract year. Accumulated Interest Withdrawal This rider waives the Surrender Charge and MVA associated with accumulated interest withdrawals, starting in the first contract year. Surrender ChargesIf you surrender your policy or request a withdrawal, surrender charges will apply unless you add one of the optional riders. Attained Age - Surrender Charge: 90-93 - 5%, 94 - 4%, 95 - 3%, 96 - 2%, 97 - 1%, Above 98 - 0%Death Benefit The amount payable if the Owner, or the Annuitant if the Owner is not a Natural Person, dies before annuity payments begin, is equal to the Cash Surrender Value. The following options are available to each beneficiary: Lump Sum Distributed within five years Installment payments using a Settlement Option Enhanced Death Benefit Option Receive the Benefit Base payable in equal periodic payments over 5 years Benefit Base receives a Roll up Rate equal to 150% of the Net Interest Rate Death Benefit Feature is required in California and Florida and is priced into the California and Florida rates. All California and Florida contracts are issued with the Death Benefit Feature. All Owners 86-90 are required to purchase the Death Benefit Rider in all states except California and Florida. Nursing Home Rider/Terminal Illness Rider Not Available in California, Florida.
- A.M. Best B++
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