Flexible Premium Deferred Annuity
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Highlights
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Premium Type
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Flexible Premium
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Max age Qualified
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90
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Minimum Contribution
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$500
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Maximum Contribution
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$250,000
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Market value adjustment
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Return of premium
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Free withdrawal
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1st year: -100% 2nd+ year: 10% |
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Types of funds
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Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, 1035 Exchange, and Inherited IRA |
Brochure
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Open brochure |
Flexible premium deferred annuity designed to accumulate funds for retirement.
Premium
Minimum premium for qualified plans: $500
Minimum premium for non-qualified plans: $2,500
Maximum premium: $250,000 (issue age 86 and over $100,000)
If initial premium received is less than $2,000, the certificate must be set up on AWP with minimum premium of $75 per month
Additional premiums accepted as both, Lump Sum or Periodic payments. Minimum Additional: $250.
Interest Rates
The guaranteed minimum interest rate for the contract is set at issue. The current interest rate will be credited to the certificate for the first year. Thereafter, on each anniversary the then current interest rate will be credited to the certificate for the next certificate year.
First Year Bonus Rate Bonus requires a minimum deposit of $10,000.
A 0.75% interest rate bonus will be paid during the first year if the initial premium is $10,000 or more (This amount is subject to change for new contracts, but will not change on a contract once it is issued.
Death Benefit
Upon death of the annuitant, the account value (before surrender charges) will be paid.
Free Withdrawals
After the first year, one withdrawal per year of up to 10% of the account value may be done without a surrender charge; If no partial free withdrawal is made during the year, the free withdrawal amount carries over to the next year up to a maximum of 50% of the account value.
Regular periodic withdrawal of interest earned. Withdrawal may be monthly, quarterly, semi-annually or annually. This counts as once a year free withdrawal.
For qualified annuities, any Required Minimum Distribution is not subject to surrender charges and is in addition to the once a year free withdrawal.
Annuitization Payment Options
Premium
Minimum premium for qualified plans: $500
Minimum premium for non-qualified plans: $2,500
Maximum premium: $250,000 (issue age 86 and over $100,000)
If initial premium received is less than $2,000, the certificate must be set up on AWP with minimum premium of $75 per month
Additional premiums accepted as both, Lump Sum or Periodic payments. Minimum Additional: $250.
Interest Rates
The guaranteed minimum interest rate for the contract is set at issue. The current interest rate will be credited to the certificate for the first year. Thereafter, on each anniversary the then current interest rate will be credited to the certificate for the next certificate year.
First Year Bonus Rate Bonus requires a minimum deposit of $10,000.
A 0.75% interest rate bonus will be paid during the first year if the initial premium is $10,000 or more (This amount is subject to change for new contracts, but will not change on a contract once it is issued.
Death Benefit
Upon death of the annuitant, the account value (before surrender charges) will be paid.
Free Withdrawals
After the first year, one withdrawal per year of up to 10% of the account value may be done without a surrender charge; If no partial free withdrawal is made during the year, the free withdrawal amount carries over to the next year up to a maximum of 50% of the account value.
Regular periodic withdrawal of interest earned. Withdrawal may be monthly, quarterly, semi-annually or annually. This counts as once a year free withdrawal.
For qualified annuities, any Required Minimum Distribution is not subject to surrender charges and is in addition to the once a year free withdrawal.
Annuitization Payment Options
- Fixed period of time
- For the life of the annuitant
- For the life of the annuitant and spouse
Find out if the Flexible Premium Deferred Annuity is the right product for you.
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 8 | 2.9% | 2.9% | 2.9% |
Riders
No Riders for Flexible Premium Deferred Annuity annuity.
Waivers
Nursing Home
Unavailable in states: MA, NJ, and PA
Amounts withdrawn to cover nursing home expenses for the annuitant are not subject to surrender charges. Available up to issue age 75. The nursing home waiver does not include home health care.
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