American Custom 10
Status:
Active
Group:
Great American
Product Type:
Indexed Annuity
Product Status:
Approved
Version:
0
Inception Date:
October 13, 2014
Closed Date:
March 23, 2020
Last Modified:
September 22, 2023 06:09
Description:
The American Custom 10 is a single premium deferred index annuity with a market value adjustment. The minimum single premium is $25,000 for qualified and non-qualified money. During the first contract year, 5% of the purchase payment may be withdrawn without incurring a surrender charge. After the first contract anniversary, 5% of the sum of the account value as of the most recent contract anniversary may be withdrawn without a surrender charge. Systematic Withdrawal is an option. Surrender charges are ten years in duration (9.5,8.75,7.75,6.75,5.75,4.75,3.75,3,2,1) and are waived in the event of death, entrance into a nursing home, or diagnosis of a terminal illness. There are four optional riders available (only one may be selected and added at issue): Cumulative Free-Withdrawal Option (up to 25% - 20% carryover plus 5% annual free withdrawal; Simple Income Option (7% rollup for 10 years); Stacked Income Option (4% rollup for 10 years plus 100% of interest credited to the AV for the life of the contract) and Legacy Income Option Rider, which allows for a withdrawal of up to 5% of the account value or RMDs (whichever is greater) and the rider death benefit base to remain at initial purchase payment. 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.
Fee Based:
No
Free Look:
Yes
Plan Types:
401 (k), 403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, 401 (a)
Premium Types:
Single
States Available:
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IND, IA, KS, KY, LA, MZ, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, ORG, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC
States Exception:
Version Note:
Scrap Book:
Death benefits
| Name | Internal name | Sequence | Inception date |
|---|---|---|---|
| Basic Death benefit | Basic Death benefit | 1 | |
| Legacy Income Option - Death Benefit Rider | Legacy Income Option - Death Benefit Rider | 2 | 08 Jun 2015 |
Riders
| Name | Rider type | Internal name | Sequence | Inception date |
|---|---|---|---|---|
| Legacy Income Option - Income Benefit Rider | GMIB | Legacy Income Option - Income Benefit Rider | 08 Jun 2015 | |
| Simple Income Option | GLWB | 13 Oct 2014 | ||
| Stacked Income Option | GLWB | 13 Oct 2014 |