American Freedom Elevate 7
Status:
Active
Group:
Great American
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
February 26, 2018
Closed Date:
Last Modified:
Description:
The American Freedom Elevate 7 is a Modified Single Premium annuity. The minimum single premium is $25,000 for both qualified and non-qualified money. At any time before the first contract anniversary, up to 10% of total purchase payments may be withdrawn without deduction of an early withdrawal charge. After the first contract anniversary, up to 10% of the account value as of the most recent contract anniversary may be withdrawn annually without incurring an MVA or early withdrawal charge. Surrender charges apply for 7 years and follow the schedule: (8%, 8%, 7%, 6%, 5%, 4%, 3%) and are waived in the event of death, entrance into an extended care facility (nursing home or long-term care), or diagnosis of a terminal illness. The GMSV factor is 87.5% with 2.4% (2.45% in WA). Withdrawals and taxable distributions may be subject to ordinary income tax, and if taken prior to age 59½, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. All guarantees are based on the claims-paying ability of the insurer. Products and features may not be available in all states. This is an annuity contract issued by an insurance company, not a bank product, and is not FDIC insured.
Fee Based:
No
Free Look:
Yes
Plan Types:
403 (b), Non-Qualified, IRA, SEP IRA, Others
Premium Types:
Limited Flexible
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, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
States Exception:
BERMUDA, GU, NY, PR, VI
Version Note:
Scrap Book:
Death benefits
| Name | Internal name | Sequence | Inception date |
|---|---|---|---|
| Basic Death Benefit | Basic Death Benefit | 1 | 26 Feb 2018 |