WealthChoice 7
WealthChoice 7
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Ratings:
- A.M. Best A-
- Comdex 59
About Product
Type
Fixed Index
Purpose
Lifetime Income
Term
7 Years
Surrender schedule
9%8%7%6%5%4%3%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
Yes
Minimum Contribution
$20,000
Maximum Contribution
$1,000,000
Max Age Qualified
90
Types Of Funds
Non-Qualified, 401k, IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, IRA-Roth, SIMPLE IRA, 457 plan, 1035 Exchange, and TSP
Launch Date
05/01/2020
As a Fixed Indexed Annuity, WealthChoice offers you many financial perks.
- Diversified Savings Tool. You have competitive alternatives designed to perform well in different financial environments with a variety of interest rates.
- Tax-Deferred Compounding. The growth power of an annuity may increase significantly throughout the life of your contract.
- Protection from Declines. If indexes do decrease, your WealthChoice annuity will not be affected, because our guarantees will mitigate that risk.
Available in states:
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WV, WI, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8%
Cap
|
| 1-Year Horizon Ascend 5% PTP Participation Rate |
Point to Point
Annual
|
140%
Participation
|
| 1-Year Barclays Global Quality PTP Participation Rate |
Point to Point
Annual
|
165%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| United Wealth Choice GLBR - Level | No | 0.95% annually |
| United Wealth Choice GLBR - Increasing | No | 0.95% annually |
Waivers
Nursing Home
Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued. The nursing home waiver does not include home health care.
Terminal Illness
Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued.
Confinement
Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued.
Premium Notes
Additional premium allowed in first year only to fixed account, which may be reallocated at the next anniversary. Minimum additional premium is $5,000.
Maximum Age
If adding GLBR, the maximum issue age is 80.
Note: TSP funds have to be rolled into an IRA.
Maximum Age
If adding GLBR, the maximum issue age is 80.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Free Partial Withdrawals
10% of the prior anniversary’s Accumulation Value is available free of surrender charge and MVA, applies in all years. During the first year, it is 10% of the initial premium.
Systematic Withdrawals
Depending on your withdrawal preference, you can elect to be paid on an annual, semi-annual, quarterly or monthly basis.
Required Minimum Distributions
The amount that the IRS requires you to withdraw annually after age 73 is always available without a surrender charge penalty, even if the amount is greater than your free annual withdrawal amount.
10% of the prior anniversary’s Accumulation Value is available free of surrender charge and MVA, applies in all years. During the first year, it is 10% of the initial premium.
Systematic Withdrawals
Depending on your withdrawal preference, you can elect to be paid on an annual, semi-annual, quarterly or monthly basis.
Required Minimum Distributions
The amount that the IRS requires you to withdraw annually after age 73 is always available without a surrender charge penalty, even if the amount is greater than your free annual withdrawal amount.
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