Future Provider by Americo is a fixed indexed annuity (FIA) with a 10 year surrender charge period. In specifics, it is a single premium Equity-Indexed Annuity. The product is not available in AL
Future Provider Annuity Features
The issue age restrictions stand at 0-85 years for qualified and non-qualified owners. The annuitization age is restricted to 100 years
- Minimum for qualified and non-qualified payments – $10,000.
- Maximum for qualified and non-qualified payments – $1,000,000.
- Flexible premiums are not accepted with this annuity.
- Payroll deductions-$83 for qualified payments
- Minimum added premium- $1,000 for qualified and non-qualified payments.
The death benefit is equal to the policy value at the time of the annuitant’s death. There are however other additional options. These involve payments of proceeds over a period of 15 or 25 years. The total proceeds will be the death benefit multiplied by a percentage that will never be less than 130% and 150% respectively for the above-mentioned options.
With Americo’s Future Provider, you can withdraw up to 10% of your contract value once on each contract year. The withdrawal will be based on the last in first out basis. Withdrawals above the free 10% will attract early withdrawal charges that gradually reduce from the first to the last year from about 9.2% in the first year to 1.00% in the tenth year. Annuitants can also withdrawal the accumulated interest only but only after 30 days. The account must, however, remain with at least $2,000 after free withdrawals each of which must be at least $500.
These are available on a monthly, quarterly, semi-annual and annual basis. The minimum amount one can withdraw from their account is $500. The minimum account value is $2,000.