Single Premium Deferred Annuity
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Highlights
Premium Type
|
Single Premium
|
---|---|
Max age Qualified
|
90
|
Minimum Contribution
|
$10,000
|
Maximum Contribution
|
$250,000
|
Market value adjustment
|
|
Return of premium
|
|
Free withdrawal
|
5% |
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, 1035 Exchange, and Inherited IRA |
Brochure
|
Open brochure |
Single premium deferred annuity designed to accumulate funds for retirement.
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
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
Find out if the Single 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 |
---|---|---|---|
5 | 3.9% | 3.1% | 3.1% |
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.
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