EclipseMark 5 (Legacy Marketing Group)
EclipseMark 5 (Legacy Marketing Group)
About Product
Rate Guarantee
The cap and participation rate on certain accounts are guaranteed not to change for the duration of the rate guarantee period.
Lock accounts are available only at the time of EclipseMark purchase. Funds may be transferred out only at the end of the rate guarantee period.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year S&P 500 IQ PTP Duo Growth Rate Guaranteed for Term |
Point to Point With Declared Rate and Cap
Annual
|
2%
Fixed
5.5%
Cap
|
| 5-Year Fixed Account |
Fixed
|
3.75%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.25%
Cap
|
| 1-Year S&P 500 PTP Cap Lock |
Point to Point
Annual
|
5.75%
Cap
|
| 1-Year S&P 500 IQ PTP Cap Guaranteed for Term |
Point to Point
Annual
|
9.75%
Cap
|
| 1-Year S&P 500 IQ PTP Participation Rate Guaranteed for Term |
Point to Point
Annual
|
50%
Participation
|
| 1-Year BofA Global MegaTrends PTP Participation Rate Guaranteed for Term |
Point to Point
Annual
|
100%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% |
Riders
No Riders for EclipseMark 5 (Legacy Marketing Group) annuity.
Waivers
Death
The owner may withdraw part or all of the annuity value without incurring surrender charges if the annuitant dies before the annuity date, the owner is still living, and the request is made within 180 days of the annuitant’s death.
Nursing Home
After the first contract year, the owner may withdraw part or all of the annuity value without incurring surrender charges if they have been continuously confined to a qualified nursing home for at least 30 days, with confinement beginning after the rider effective date. Proof of confinement and facility qualifications is required.
Terminal Illness
After the first contract year, the owner may withdraw part or all of the annuity value without incurring surrender charges if they are diagnosed with a terminal condition that is expected to result in death within 12 months. Proof must be provided in the form of a written statement from a licensed M.D. or D.O. (excluding the owner, their spouse, or close family members) confirming both the diagnosis and timing.
Annuitization
Surrender charges will be waived if the owner elects lifetime payments or guaranteed payments lasting at least five years (or a period that matches the owner’s life expectancy).
Premium Notes
- $25,000 minimum, qualified and nonqualified.
- $1 million maximum premium per owner without Home Office approval.
- 0–90: EclipseMark 5.
- No owner or annuitant may exceed the maximum age upon contract issue.
Withdrawal Provisions
Penalty-Free Withdrawals Beginning in the second contract year, clients may withdraw up to 15% of the annuity fund value, free from surrender charges, each contract year. The withdrawal amount is based on a percentage of the annuity value as of the contract anniversary. A distribution request is required for payments. Scheduled withdrawals are not allowed. The minimum withdrawal amount is $500, except for RMDs. Clients must maintain an annuity balance of at least $2,000. Withdrawals will be taken first from the fixed interest option, and then any additional amounts that are needed will be taken from the index options. Market Value Adjustment (MVA) A market value adjustment applies to withdrawals and surrenders that exceed the free withdrawal amount. This adjustment changes the amount your client gets if they take a withdrawal in excess of the surrender charge-free amount or surrender the contract before the end of the surrender charge period. If market interest rates have gone up, the MVA will usually lower the surrender value. If market interest rates have gone down, the MVA will usually raise the surrender value. The MVA may be limited either positively or negatively and is guaranteed to never bring the surrender value below the contractual minimum values.
- A.M. Best A
- S&P A+
- Moody's A1
- Comdex 84
