CUSIP Number:
958849705
CUSIP Name:
7 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
19 Nov 2012
Close Date:
CUSIP Note:
Scrap Book:
The Power Index 7 (without GROP) is a single premium deferred index annuity. The minimum single premium is $10,000 for non-qualified and qualified money. 10% of the accumulated value may be withdrawn once each policy year after the first. Systematic Withdrawal is an option. There are seven years of surrender charges (9,8,7,6,5,4,3) that are waived in the event of annuitization after 12 months from the Contract Date, entrance into a nursing home, diagnosis of a terminal illness, or if the owner is unable to perform certain activities of daily living. 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 the claims-paying ability of the insurer. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Last Modified:
22 Sep 2023 05:18