Allstate ChoiceRate Annuity
Status:
Active
Group:
Everlake
Company:
Everlake Life Insurance Company
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
January 12, 2004
Closed Date:
March 31, 2010
Last Modified:
March 11, 2025 00:00
Description:
The Allstate ChoiceRate Annuity is a registered single premium deferred fixed annuity with a market value adjustment. The minimum premium is $10,000 for qualified and non-qualified funds. There is a 10% annual free withdrawal of accumulated value. Systematic withdrawals are also an option. Surrender charges are ten years in length and are waived in the event of death, entrance into a nursing home or hospital, unemployment, or diagnosis of a terminal illness. There is a 45 day window at the end of each guarantee period that allows access to part or all of the accumulated funds. The Free Look is 30 days in California. 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:
457 (b), 401 (k), HR-10 (Keogh), 403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others, 401 (a)
Premium Types:
Single
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, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WI, WV, WY
States Exception:
BERMUDA, GU, NY, OR, VI, WA
Version Note:
Scrap Book: