American Freedom Aspire 5
Status:
Active
Group:
Great American
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
September 12, 2016
Closed Date:
Last Modified:
Description:
The American Freedom Aspire 5 is a modified single premium deferred annuity. The minimum single premium is $2,000 for qualified and non-qualified money. At any time before the first contract anniversary, up to 10% of the total purchase payments may be withdrawn without deduction of an early withdrawal charge. At any time after the first contract anniversary, up to 10% of the sum of the account value as of the most recent contract anniversary, plus all purchase payments received since that contract anniversary may be withdrawn without deduction of an early withdrawal charge. Systematic Withdrawal is an option. Surrender charges vary by state and are waived in the event of death, entrance into a nursing home, hospital, long-term care facility, or diagnosis of a terminal illness. The Guaranteed minimum surrender value is 87.5% with 2.4% (2.45% in WA) as minimum interest rate. There is a return of premium guarantee available on or after the third contract anniversary included at no additional charge. 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
Fee Based:
No
Free Look:
Yes
Plan Types:
403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others
Premium Types:
Limited Flexible
States Available:
AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, KS, KY, IN, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
States Exception:
BERMUDA, GU, NY, PR, VI
Version Note:
Scrap Book: