This is a flexible premium indexed annuity from American Equity. The annuity is indexed, meaning you have multiple interest-crediting options. This product allows for the accumulation of your money over time, and is ideal for people who aren’t going to need their money back in the short term.
Issue ages
The applicable issue age for this annuity product is up to 80 years (0-80).
Minimum and maximum premium restrictions
The applicable minimum premium payable is $10,000
The maximum premium payment varies depending on the issue age.
- Up to age 69 years – $1,500,000
- Ages 70-74 years – $1,000,000
- Ages 75+ years – $750,000
Surrender charges
With American Equity Traditions Gold, surrender charges are applicable for a full surrender, or any withdrawal that exceeds the set penalty-free threshold within the first 10 years. Surrender charges start at 9% and decrease year in year out.
Interest rate
To get the most recent information regarding the applicable interest rate for this annuity product, contact one of our tax professionals via the contact page on this site.
Minimum guarantees
The MGIR (Minimum Guaranteed Interest Rate) for this annuity product is set on the issue date of your annuity contract, and is guaranteed to never be no less than 1.50%. The MGIR only applies to the MGSV (Minimum Guaranteed Surrender Value).
Lifetime income benefit rider
There’s a lifetime income benefit rider that allows holders of Traditions Gold to receive life-long guaranteed income without annuitization. The income value is determined as a portion of the IAV (Income Account Value) based on the owner’s age at election time. This rider is included with all contracts whereby the owner is the same person as the annuitant.
Death benefit
With American Equity Traditions Gold annuity, your death benefit is calculated as the total value of your contract, and is paid out as a lump sum (without surrender charges) to your appointed beneficiaries. However, other options might be available also.
Accessibility
The contract allows penalty-free withdrawals of up to 10% of your contract value once every year after the 1st contract anniversary.
Accessing your funds
Unlike most other financial products, which charge a hefty penalty for any withdrawal before maturity, American Equity Traditions Gold allows a 10% penalty free annual withdrawal starting at the second year.
