CUSIP Number:
959550104
CUSIP Name:
MultiRate
Product Policy Type:
Fixed Annuity
Inception Date:
21 Feb 2008
Close Date:
CUSIP Note:
Scrap Book:
The MultiRate is a single premium deferred fixed annuity. The minimum premium is $2,000 for qualified funds and $5,000 for non-qualified funds. During each policy year, including the first, the interest credited may be withdrawn or up to 10% of the contract value. Systematic withdrawals are also an option. Surrender charges are seven years in duration (7,7,7,6,5,4,3) and are waived in the event of annuitization (after the second policy year), death (of owner), entrance into a nursing home or hospital, or diagnosis of a terminal illness. There is a return of premium which guarantees that the cash value will never be less than 100% of the premium payment, less withdrawals. 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:
19 Mar 2026 06:18