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Daily Coverage

Long-Term Care Insurance policies pay a daily amount towards home care, assisted living, or nursing home. Home care is the most common claim, with 75% of claims starting at home.

Plan Duration

Average claim: 2.9 years. Assuming you don’t have a crystal ball, you don’t know how long you’ll need Long Term Care for. The chance of needing Long Term Care is 1 in 2, but the chance of needing it for over five years is much smaller. Like any insurance, you may buy this and never use it, so finding a balance is key.

Return of Premium

Add this option and you’ll be able to leave your beneficiary the total sum of all of your premiums paid, less any claims you’ve made. If the thought of buying this and never using it bothers you, guarantee a return of funds with Return of Premium.

Home Health Care on Day 1

Coverage for care at home is available with no waiting period. This 10-15% extra option is the most popular add-on rider.

Shared Coverage

Women make longer claims than men, on average. Hedge your risk with your spouse by adding a Shared Care rider to your policy.

Inflation Protection

If you're buying this thinking of using in the future, include inflation protection.

Choice Series American Equity Pros & Cons

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For many Americans, their retirement objectives are the same – reliable income source, asset protection and growth opportunities. That’s why so many folks are turning to fixed index annuities that allow tax-deferred growth and guaranteed income.

American equity recently launched its Choice series (Choice 6, Choice 8, Choice 10) of fixed index annuities. The most popular annuity in this list is the Choice 10, which offers highly competitive participation rates and caps, among many other options that are favourable for buyers.

In this page, let’s look at the pros and cons of American Equity Choice Series.

Choice Series American Equity Pros

  • Relatively low minimum contract of $10,000.
  • Relatively lower surrender charges.
  • Death benefits without surrender charges.
  • No fees for MVA (Market Value Adjustment).
  • Flexibility for making additional premium payments, which are credited to your fixed value.
  • 2 Lifetime Income Benefit Riders are optionally available.
  • Wellbeing benefit available for just an additional 0.1% in fees.
  • The GMIR (Guaranteed Minimum Interest Rate) is no less than 1% per annum.
  • Terminal illness and confinement waivers for all clients below the issue age of 75.
  • Fixed interest rate option available.
  • Systematic withdrawal of your interest from the fixed interest account is allowed as soon as 30 days after contract issue.

Choice Series American Equity Cons

  • Participation rates and caps are subject to change at end of every term period.
  • The 100% confinement waiver is only available after the 3rd contract year. During Contract year 2 and year 3, only a 20% penalty-free withdrawal is permitted.
  • The surrender charges waiver for terminal illness is only possible after the 1st contract year.
  • The Lifetime Income Benefit Riders attract annual fees of between 0.9%-1%.
  • You might be subjected to a 10% IRS penalty if you surrender your annuity before you reach the age of 59½.
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