American Freedom Classic 5
Status:
Active
Group:
Great American
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
December 06, 2021
Closed Date:
June 30, 2025
Last Modified:
August 20, 2025 00:00
Description:
The American Freedom Classic 5 is a single premium deferred annuity with a market value adjustment. The initial minimum contribution is $25,000 qualified and non-qualified. During the first contract year, 10% of the purchase payment may be withdrawn without incurring an MVA or early withdrawal charge. After the first contract anniversary, 10% of the account value as of the most recent contract anniversary may be withdrawn. Systematic withdrawals are also an option. Surrender charges are five years in duration (8,8,7,6,5) and are waived in the event of death, entrance into a nursing home or long-term care facility, or diagnosis of a terminal illness. Withdrawals may be subject to Federal/State income tax, and if taken prior to age 59 1/2, a 10% Federal Penalty tax. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not securities or bank products protected by the FDIC.
Fee Based:
No
Free Look:
Yes
Plan Types:
403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others
Premium Types:
Single
States Available:
AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, KS, KY, IN, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY, NJ
States Exception:
BERMUDA, GU, NJ, NY, PR, VI
Version Note:
Scrap Book: