CUSIP Number:
814121141
CUSIP Name:
10 and 9 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Total Value Annuity is a flexible premium deferred annuity with a market value adjustment. The minimum single premium is $25,000 for qualified and non-qualified money. 10% of the contract value is available after the first contract year. Surrender charges are 10 years in duration (9 years in CA, CT and DE), vary by state, and are waived in the event of death, entrance into a nursing home or hospital, or diagnosis of a terminal illness. There are two optional riders available: the Guaranteed Lifetime Withdrawal Benefit Rider and the Guaranteed Minimum Death Benefit Rider (only one may be purchased). Only the Guaranteed Lifetime Withdrawal Benefit Rider offers the Home Healthcare Doubler feature, which is available after the second policy year and doubles the amount available for withdrawal for up to five contract years if unable to perform at least two of the basic activities of daily living. State variations may apply. 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. 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:
31 Jul 2023 10:30