Liquidations

If the owner takes variable Traditional Annuity Payments under Annuity Options 2 or 4 you may be able to take withdrawals (“liquidations”) during the Annuity Phase before the guaranteed period ends. The maximum amount you can liquidate under Annuity Options 2 and 4 is 75% of the total liquidation value calculated as the sum of the total liquidation value at the time of each partial liquidation. The minimum amount you can liquidate under Annuity Options 2 and 4 is the lesser of $500, or the remaining total liquidation value. Under Annuity Option 6, you can liquidate 100% of the total liquidation value with no required minimum. The total liquidation value is the present value of the remaining guaranteed number of variable Traditional Annuity Payments, based on the Annuity Payment’s current value, to the end of the guaranteed period, using the selected AIR as the interest rate for the present value calculation. Commutation Fee During the Annuity Phase for liquidations under Annity Option 2, 4, and 6 Commutation Fee Amount 1% to 7% for1 to 6 years or more.

No longer available for new purchases.