American Freedom Liberty 8
Status:
Active
Group:
Great American
Product Type:
Indexed Annuity
Product Status:
Approved
Version:
0
Inception Date:
Closed Date:
November 20, 2018
Last Modified:
October 28, 2025 21:31
Description:
The American Freedom Liberty 8 is a single premium deferred index annuity. The minimum single premium is $25,000 for qualified and non-qualified money. Additional contributions can be made for at least $2,000 during the first contract year. During the first contract year, 10% of purchase payments may be withdrawn without an early withdrawal charge. After the first contract year, 10% of the sum of the account value as of the most recent contract anniversary may be withdrawn without an early withdrawal charge. Systematic Withdrawal is an option. Surrender charges are eight years in duration (9,8,7,6,5,4,3,2) and are waived in the event of death, entrance into a nursing home / long-term care facility / hospital, or diagnosis of a terminal illness. There are two optional guaranteed withdrawal benefit riders, which, if elected at an extra cost, provides lifetime income, spousal income and offers a death benefit (IncomeSustainer Plus) or single lifetime income or joint lifetime income (Income Secure) and are based on the age at the time of the first benefit withdrawal multiplied by the benefit base amount (the account value increased by rollup credits and additional purchase payments, and decreased for withdrawals). There is also an optional guaranteed death benefit rider available (Inheritance Enhancer) for an extra cost in which the death benefit base will increase by 7% of all purchase payments made in the first contract year (including applicable bonuses) at the end of each year during the 10 year rollup period. 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:
403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, 401 (a)
Premium Types:
Limited Flexible
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 | |
| IncomeSustainer Plus - Death Benefit | IncomeSustainer Plus - Death Benefit | 2 | |
| Inheritance Enhancer | Inheritance Enhancer | 3 |