CUSIP Number:
597637370
CUSIP Name:
MVA Annuity
Product Policy Type:
Fixed Annuity
Inception Date:
06 Dec 2021
Close Date:
CUSIP Note:
Scrap Book:
The Oak ADVantage is a single premium deferred annuity with a market value adjustment for the Advisory Market. The initial minimum contribution is $50,000 qualified and non-qualified. Beginning in the second contract year, interest earned in the prior contract year may be withdrawn without incurring a surrender charge or MVA. Systematic withdrawals are also an option. Surrender charges are a level 3% in each contract year and are waived in the event of annuitization, death or entrance into a nursing home. There is a 30-day window after each guarantee period in which all or part of the accumulation value may be withdrawn, a payout option may be elected, or a new guarantee may be chosen without incurring surrender charge or market value adjustment. Withdrawals may be subject to Federal/State income tax, and if taken prior to age 59 1/2, a 10% Federal Penalty tax. 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 securities or bank products protected by the FDIC.
Last Modified:
23 May 2024 14:15