CUSIP Number:
922169826
CUSIP Name:
1-year
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
ProFlex Annuity is a flexible premium deferred fixed annuity. Each premium is subject to its own 5 year surrender charge period based on date of receipt. The minimum premium is $2,000 for qualified funds and $50 per month for non-qualified funds. After the first contract year, multiple withdrawals of up to 10% of the previous anniversary annuity value may be withdrawn free of withdrawal charges. Systematic withdrawals are also an option. Surrender charges are five years in length (5,5,5,5,5) and are waived in the event of death, disability, extended care, diagnosis of a terminal illness, or if under an employer sponsored plan after separation from service at age 55 or older. There is a guarantee return of premium available where the owner can return the annuity anytime for an amount equal to the purchase payment(s) less prior withdrawals (if any), or the withdrawal value (annuity value less any withdrawal charge), whichever value is greater. 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. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Last Modified:
01 Dec 2023 18:27