This is a flexible-premium fixed indexed annuity that offers multiple indexed performance accounts as well as a lifetime income rider option. This annuity has a 10-year surrender charge duration. A premium bonus is offered for payments made during the first year. The company provides for market value adjustment with the annuity. The product was not available in AL CT MS NY PR and VI as of June 2017.
AdvanceMark Ultra 10 Features
Issue age
The issue age restrictions stand at 0-85 years for qualified and non-qualified owners and the same for qualified and non-qualified annuitants.
Premiums
- Minimum for qualified payments – $10,000.
- Minimum for non-qualified payments – $1,000,000.
- Minimum added premium- $2,000 (qualified and non-qualified). These are limited to a $1,000,000 maximum.
Premium bonus
A 7% premium bonus is added to contract value for any premium deposited within contract year one for those aged below 76 years and 3.5% for those aged 76 and above (in most states). The figures vary slightly in some states.
Rider availability
The product comes with two available riders; Income Freedom Rider- AdvanceMark and Income Freedom Rider- AdvanceMark (MN, OR, PA, WA) that is only available in the specified states.
Free withdrawals
You can withdraw up to 10% of your contract value in any contract year. The withdrawal will be based on your accumulated value. Withdrawals above the free 10% will attract early withdrawal charges that gradually reduce from the first to the last year from about 14% in the first year to 1% in the tenth year. An annuitant can also withdrawal the accumulated interest only but only after a year.
Waivers
A nursing home waive is available for annuitants who’re confined to a nursing center for a period of time not less than 60 consecutive days. This waiver allows policy holders to withdraw all or part of their accounts without withdrawal charges. There must be written proof presented to the company’s administrative office.
A terminal illness waiver is available for annuitants who’re diagnosed with a condition that causes their life expectancy to be less than a year. This allows qualified contract owners to access up to 100% of their contract value free of any withdrawal charges. There must be written proof presented to the company’s administrative office.
Systematic withdrawals
For the AdvanceMark Ultra 10, these are available on a monthly, quarterly, semi-annual and annual basis. The minimum amount one can withdraw from their account is $250.
