Protective Life’s FutureSaver II Annuity is a multiyear guaranteed annuity (MYGA) that pays guaranteed interest for a specified number of years. There’s a provision for MVA, and investors can choose from a 5, 6, 7, 8 or 9-year guaranteed interest period. The guaranteed interest credited to your account value each year varies depending on the length your MYGA. Depending, a premium bonus of 1% may or may not be available.
FutureSaver II Annuity Annuity Features
Guaranteed interest rates
The interest rates paid on premiums will vary depending on the band each annuity belongs to. There is a low band (entails lower premium deposit) and high band (higher premium amount). The particular band you elect will also determine the guaranteed interest rate your principal earns each year.
Minimum and maximum premiums
- The minimum single premium for this annuity is $10,000 while the maximum single premium is $1,000,000.
- Flexible premiums are accepted with the FutureSaver II Annuity from Protected Life.
- The minimum and maximum single premium amounts apply equally under the qualified and unqualified status.
- There are also provisions allowing for payroll deduction and premium additions.
- The annuity also provides for market value adjustment and free 20-day lookup period and a 60-day rate lock protection period. This may however vary by state.
Issue age
The FutureSaver II Annuity is issued to people aged between 0-85 years for the policy owner. The age restriction for annuitization stands at 95 years.
Free Withdrawals
- Policy holders can withdraw up to 10% of their contract value every year without being subjected to any withdrawal charges.
- Above the 10% free withdrawal amount, additional fees will be charged for early withdrawals.
Systematic Withdrawals
Systematic withdrawals are available with the FutureSaver II Annuity.
Nursing home confinement waiver
This waives the withdrawal charges and MVA if the annuitant is confined for at least 90 consecutive days after the contract’s first anniversary.
Terminal illness waiver
This waives the withdrawal charges and MVA if the annuitant is diagnosed with a terminal illness that will result in death in 12 months. The diagnosis must however be carried out by an approved physician.
Death Benefit
The company subdivides this into three scenarios. If the annuitant dies before the contract’s maturity date, the death benefit will be the greater of the accumulation value and the GMV. If the beneficiary spouse survives the annuitant, they may elect to go on with the policy as the owner. If the annuitant dies after the maturity date, the payments continue to a surviving owner or the beneficiary under the existing annuity option.
State specific
If interested in this annuity from Protective Life, check with your annuity advisor or financial specialist to learn about availability in your state
