American Freedom Classic 3 - 2025
Status:
Active
Group:
Great American
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
March 03, 2025
Closed Date:
Last Modified:
Description:
The American Freedom Classic 3 - 2025 is a single premium deferred annuity with a market value adjustment (state availability may vary). The initial minimum contribution is $25,000 qualified and non-qualified. During the first contract year, 10% of the purchase payment may be withdrawn. After the first contract anniversary, 10% of the account value as of the most recent contract anniversary may be withdrawn.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 three years in duration (8,8,7) and are waived in the event of annuitization of five years or more, death, entrance into a nursing home, hospital, or long-term care facility, or diagnosis of a terminal illness. The GMSV equals 87.5% with 2.4% (2.45% in WA) of purchase payments minus all prior withdrawals (not including early withdrawal charges or negative MVAs) plus interest credited daily at the GMSV rate. The GMSV will not be less than the minimum values required by the NAIC Standard Nonforfeiture Law for Individual Deferred Annuities, model #805 and the GMSV rate will not be less than the minimum rate required by each state.. An MVA and early withdrawal charge apply during every multi-year renewal term. 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, 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, 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: