Ratings:

A.M. Best A-

James Alden

Experienced Financial Advisor

25 years

experience

3,712

career consultations

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Summit Prime 10

The Capitol Life Insurance Company, a subsidiary of the Liberty Bankers Group and founded in 1905, offers life insurance, annuities, and Medicare supplement plans. With a focus on bringing financial security to its policyholders, the company is committed to providing affordable insurance solutions, particularly targeting retirees and encompassing features like a 30-day trial policy and one-year rate locks. Capitol Life has become renown for its Medicare supplement products, which cover medical expenses that are typically not provided for by traditional Medicare policies.

Summit Prime 10

Your Email

Ratings:

A.M. Best A-

About Product

Type

Fixed Index

Purpose

Accumulation

Term

10 Years

Surrender schedule

9%9%8%7%6%5%4%3%2%1%

Fee withdrawal:

10%

Market Value Adjustment

Yes

Return Of Premium

Minimum Contribution

Qualified: $5,000
Non-Qualified: $10,000

Maximum Contribution

$1,000,000

Max Age Qualified

Types Of Funds

Non-Qualified, Profit Sharing, IRA, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP

Launch Date

04/01/2021

Summit Prime 10 is a limited flexible premium deferred annuity designed to accumulate money on a tax-advantaged basis. You do not pay taxes on interest earnings until withdrawn.
This annuity can earn interest in two ways:

interest at a rate that is guaranteed in the first year and can’t go below 1% after that,
and interest that depends on how one or more market indexes perform. This annuity does not participate directly in any stock or equity investments. You aren’t buying shares of stock or an index. Dividends paid on the stocks on which the indexes are based don’t increase your annuity earnings. Summit Prime 10 might be suitable for use as an IRA or another qualified account, as well as an attractive alternative to CDs and other taxable vehicles.

Available in states: AL, AK, AZ, AR, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name	Type	Rates
1-Year Fixed Account	Fixed	4% Fixed
1-Year S&P 500 PTP Cap	Point to Point Annual	9% Cap
1-Year S&P 500 PTP Participation Rate	Point to Point Annual	40% Participation
1-Year Nasdaq-100 PTP Cap	Point to Point Annual	9% Cap
1-Year Nasdaq-100 PTP Participation Rate	Point to Point Annual	40% Participation

Surrender schedule

Year	1	2	3	4	5	6	7	8	9	10
Penalty	9%	9%	8%	7%	6%	5%	4%	3%	2%	1%

Riders

No Riders for Summit Prime 10 annuity.

Waivers

Nursing Home

You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are confined to a nursing home for 90 consecutive days. The nursing home waiver does not include home health care.

Terminal Illness

You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are diagnosed with a medical condition that is expected to result in death within 12 months.

Annuitization

Available after 5 Years.

Disability

You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are disabled for 90 consecutive days.

ADL

You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you experience impairment in two (2) of the six (6) Activities of Daily Living for 90 consecutive days.

Premium Notes

Premium Limits
Minimum $10,000 (Non-Qualified) or $5,000 (Qualified)
Maximum $1,000,000

Additional Premiums
Allowed 1st 3 Years
Premiums allowed as One-time debit or Periodic Payments: Monthly, Quarterly, Semi-Annually, Annually.

Note: we take TSP as a rollover to IRA.

Withdrawal Provisions

Penalty-Free Withdrawals
Beginning one year after the Contract Date the owner may withdraw up to 10% of the Accumulated Value of the contract annually without incurring any penalties or surrender charges. This may be repeated one time each contract year for the duration of the surrender charge period. Withdrawals prior to age 59 ½ may be subject to a 10% IRS penalty.

Owners have 30 days following their policy delivery to examine their policy and to return it for a full refund of their premium.

Free Partial Withdrawals
The owner may elect to withdraw a partial amount without penalty only once annually. Subsequent withdrawals during the same Contract year are subject to surrender charges and MVA even if the total amount is under the free partial withdrawal limit.

The owner may withdraw a minimum of $600 annually up to a maximum of 10% of the policy’s Accumulated Value as of the prior anniversary date.

These partial surrenders will not be subject to surrender charges or MVA.

For new qualified policies where the client is either over 72 or turns 72 during the term and requires RMDs, enough value should be withdrawn to cover the RMD requirement for that calendar year. If a withdrawal is made and then it is later determined that more needs to be surrendered to satisfy the RMD requirement, the additional withdrawal will incur surrender charges and MVA, regardless of the amount previously withdrawn.

The remaining Accumulated Value after a partial surrender must be at least $2,000. If the balance is less than $2,000 the contract will be terminated, and the remaining balance sent to the Owner.

Other Capitol Life Products

Summit Prime 5

Summit Prime 7

Summit Prime 10

Summit Prime 10 with Bonus

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