CUSIP Number:
38983T107
CUSIP Name:
5 Year Annuity
Product Policy Type:
Fixed Annuity
Inception Date:
22 May 2018
Close Date:
CUSIP Note:
Scrap Book:
The AssurancePlus 5 is a modified, single premium deferred annuity. The minimum single premium is $2,000 for qualified and non-qualified money. Additional contributions can be made during the first contract year. 10% of the interest earned may be withdrawn beginning in the first contract year and 10% of the account value as of the prior contract anniversary may be withdrawn beginning in the second contract year. Systematic Withdrawal is an option. Surrender charges are five years in duration (7,7,7,6,5) and are waived in the event of annuitization for five years or more, bail-out, death, entrance into a nursing home, hospital, long-term care facility, or diagnosis of a terminal illness. A 0.50% purchase payment bonus will be added to the account value for each purchase payment.
The bonus and interest earned on it will be forfeited if the contract is canceled or surrendered in the first contract year. 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 Jan 2025 11:30