American Classic
Status:
Active
Group:
Midwest Holding
Company:
American Life & Security Corp
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
January 01, 2019
Closed Date:
Last Modified:
November 04, 2024 00:00
Description:
The American Classic is a single premium deferred annuity with a market value adjustment. The initial minimum contribution is $1,000 for both qualified and non-qualified money. Systematic withdrawals are an option. Available after the first contract year, up to 10% of the Contract Value as of the last contract anniversary is available without incurring any fees. Interest only withdrawals are available only after the first year. Surrender charges vary by rate term and are waived in the event of Death and Annuitization. If the policy is renewed for a new guarantee period, the surrender charges are 5% for all remaining years. At the end of the current guarantee period, if the contract hasnât terminated and no withdrawals have taken place other than RMDs, an interest bonus percent will be credited based on the ending Contract Value and added to the Contract Cash Value. If the contract terminates (including death) prior to end of the guarantee period, no interest bonus is added. This is also referred to as a loyalty bonus. 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. 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:
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Others
Premium Types:
Single
States Available:
AZ, CO, DC, FL, GA, HI, IA, ID, IL, KS, KY, IN, LA, MI, MO, MT, ND, NE, NM, NV, OH, OK, OR, SD, TX, UT, NH, AK, WA, AL
States Exception:
AK, AL, AR, BERMUDA, CA, CT, DE, GU, MA, MD, ME, MN, MS, NC, NH, NJ, NY, PA, PR, RI, SC, TN, VA, VI, VT, WA, WI, WV, WY
Version Note:
Scrap Book: