This FIA is provided by F&G under the Legacy Marketing Group, the AdvanceMark Ultra 14 is a single-premium fixed-indexed annuity that has a fourteen year surrender period. The annuity has multiple indexed performance strategies and a lifetime rider as an additional benefit. this product is not available in AK AL CA CT DE IN MA MN MS NJ NV NY OH OK OR PA PR SC TX UT VI and WA as of March 21, 2017. The premium bonus for the annuity is 9.00% for 0-75 years and 4.00% for 76+ years.
AdvanceMark Ultra 14 Features
Minimum and maximum premiums
The minimum single premium for this annuity is $10,000 while the maximum single premium is 1,000,000 $. The FIA allows premium additions with a minimum of $2,000 and a maximum $1,000,000. Flexible premiums are also allowed with the AdvanceMark Ultra 14 over the entire product life. The amounts apply equally under the qualified and unqualified status. The FIA provides a 20 day free look up period but no rate lock protection period.
The annuity also provides for market value adjustment
Issue age
AdvanceMark Ultra 14 is issued to people aged between 0-85. This applies to the owner of the annuity and not the annuitizer. In FL however, the maximum issue age is 64 years.
Rider availability
There are two riders available with the annuity, the Income freedom rider-AdvanceMark and the income Freedom Rider AdvanceMark (MN OR PA WA)
Free withdrawals
This annuity allows policy holders to make free withdrawals each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. Holders can also withdraw the interest amount only if they wish to. This is however only available after one year. The minimum withdrawal amount is $500 and the minimum account value is $2,000.
Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals. The charges start at 14.75% for the first years and reduce gradually as follows. 13.75%, 12,75%, 11.75%, 10.75%, 10.00%, 9.00%, 8.00%, 7.00%, 6.00%, 5.00%, 4.00%, 3.00% and 2.00% on the 14th year.
Annuitization
This is only available in MO. For a guaranteed period, the minimum payout period for the annuity is five years and the maximum is usually the smaller amount between 25 years and the annuitant’s life expectancy. All the options provide a guaranteed amount of income that the annuitant cannot outlive.
Systematic withdrawals
Systematic withdrawals are available with AdvanceMark Ultra 14. These can be done on monthly, quarterly, semi-annual or annual basis. The minimum amount that can be withdrawn is $500 while the minimum account value is $2,000.
Terminal illness
If the annuitant is diagnosed with an illness that causes their life expectancy to be less than a year (diagnosed by a licensed physician) and this happens at least a year after the FIA’s date of issue, then the annuity’s surrender charges will be waived for the entire period of the annuitant’s illness. The annuitant must provide written proof of the terminal illness to F&G’s administrative office.
Nursing home confinement
If the annuitant is confined in a nursing home for at least sixty days and after at least a year after the date of issues, then all surrender charges will be waived on all withdrawals made during the confinement period. The annuitant must provide written proof of confinement to F&G’s administrative office.
State specific
As of March 21, 2017, this product was not available in AK AL CA CT DE IN MA MN MS NJ NV NY OH OK OR PA PR SC TX UT VI and WA
