Single Premium Deferred Annuity
This Single Premium Deferred Annuity is not only an excellent tool for retirement planning, but it also offers serene assurance for the future. With a minimum premium of just $10,000, this annuity will start to accumulate funds which can be converted into a stable income stream during retirement years. It comes with a remarkable feature of giving a bonus 1% interest rate on premiums above $10,000 for the first year. So, there's a bonus for you right at the start!
Concerns about secure income during retirement? Don't stress, this product offers a soothing relief. It allows one free withdrawal per year of up to 5% of the account value after the first year without a surrender charge. Plus, in the unfortunate event of the annuitant's demise, the account value will be paid out ensuring peace of mind for loved ones left behind. A reliable investment option to consider for a worry-free rainy day!
Single Premium Deferred Annuity
About Product
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 5.25% | 3.33% | 4.45% |
Premium
Minimum premium: $10,000
Maximum premium: $250,000 (Issue age 86 and over: $100,000)
No additional premium accepted after issue.
Interest Rates
The guaranteed minimum interest rate for the contract is set at issue. 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 1% interest rate on premiums above $10,000 bonus will be paid during the first year. (This amount is subject to change for new contracts, but will not change on a contract after 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 5% of the account value may be taken without a surrender charge. 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
Riders
No Riders for Single 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.
- A.M. Best -
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