CUSIP Number:
02568B105
CUSIP Name:
8 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Choice Series 8 is a flexible premium deferred index annuity. The minimum single premium is $10,000 for qualified and non-qualified money. Additional contributions can be made for $1,000 or more. 10% of the purchase payment may be withdrawn after the first policy year and interest earned may be withdrawn during the first policy year without incurring a surrender charge. Systematic Withdrawal and RMDs are an option. Surrender charges are eight years in duration (9.2,8.25,7.25,6.5,5.5,4.5,3.5,2.5) and are waived in the event of death, entrance into a nursing home, or diagnosis of a terminal illness. There is an optional Lifetime Income Benefit Rider available which, if elected at an extra cost, provides lifetime income with or without a wellbeing benefit. There is an optional MVA Rider available which, if elected, allows a 5% annual Penalty-Free Withdrawal. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. 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 a bank product protected by the FDIC.
Last Modified:
29 Aug 2023 09:53