LP
● Active
Legacy Preservation Rider
Security Benefit Life Insurance Company
DTCC ID
—
COMPANY
Security Benefit Life Insurance Company
TYPE
Indexed Annuity
INCEPTION
Dec 05, 2017
Identity
Benefit name
Legacy Preservation Rider
Internal benefit name
Legacy Preservation Rider
Product policy type
Indexed Annuity
Status
● Active
Sequence
2
Inception date
Dec 05, 2017
Closed date
—
DTCC Rider ID
—
Last modified
Aug 28, 2019
Life & Age
Based on life
Owner and Annuitant
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
Optional
Waiting period
—
Waiting term
—
Benefit Base
Maximum benefit base
—
Maximum benefit base %
—
With reduce benefit base
—
Subsequent premium
None.
Partial withdrawals
Withdrawals reduce the Death Benefit Base by dollar-for-dollar amount, where excess withdrawals reduces the Death Benefit Base proportionally.
Required min distributions
—
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue benefit after the death of the owner.
State Availability
Exception flag
Yes
Available in states
—
Not available in states
CT, CA
Benefit Description
During the accumulation phase, upon the death of the annuitant, the death benefit base is lesser of 1) the Death Benefit roll-up Amount or 2) the Death Benefit Cap. Death Benefit Roll-up Amount is equal to the purchase payment plus bonus available on the purchase payments made in the first contract year. 3% Roll-up rate is computed for minimum of five years and up to the earliest of 1) 20 years or 2) age 80 of the annuitant. Death benefit cap equals to 200% of the purchase payment (not including bonus). Death Benefit Base is used to calculate the Minimum Death Benefit under the contract, that is equal to the greater of the Death Benefit Base under the rider or the Death Benefit under the contract.
Lifecycle Events
Termination
May not be cancelled.
Available when added
At the time of contract issue.