FlexPlus 10 by Guaranty Income Life is a fixed annuity that has a single first year fixed rate and has a ten year surrender charge period. The product has flexible premiums and a base rate of interest. The first year also provides an interest rate bonus. FlexPlus 10 is not available in AK CT DC DE HI ID MA MD ME MN NH NJ NY PA PR RI SD VA VI VT WI and WV
FlexPlus 10 Features
Minimum and maximum premiums
The annuity offers a free look period of 10 days which may vary from state to state. This is in addition to a rate lock protecting amounting to 45 days. The minimum single premium an annuitant can make is $5,000 and $2,000 for non-qualified or qualified. The maximum single premium non-qualified premium varies by age. It stands at $600,000 for all persons up to the age of 89. This reduces to $200,000 for those aged above 90 years and $500,000.
The annuity has a payroll deduction of $50 and a minimum additional premium of $50. Flexible premiums are not accepted with Safe Return. Flexible premiums are permitted throughout the product life.
Issue age
The annuity is issued for persons between 0-79 years of age. The annuitization age is restricted to 99 years.
Annuitization
An annuitant may choose to annuitize at any time provided it is after thirty days. FlexPlus 10 offers a wide range of options to choose from with the possibilities of tailoring specific options to meet one’s needs.
Free withdrawals
This annuity allows policy holders to make 12 free withdrawals each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. This annuity also allows annuitants the option to withdraw interest only. The minimum withdrawal amounts and account values are $100 and $5,000 respectively. Above the 10% free withdrawal amount, additional withdrawals will be charged at 9% of the value for the first year. The rates will reduce to 8%, 7%, 6%, 5%, 5%, 4%, 3.00%, 2.00% and 1% for the tenth year.
Systematic withdrawals
Systematic withdrawals are available with FlexPlus10. These have monthly withdrawal frequencies. The minimum amount that can be withdrawn is $100 and the minimum account value is $5000
Death benefit
The beneficiary will be paid a cash surrender value in a lump sum within five years of death. There are also other payout options available depending on whether the annuitant elects a payout of at least five years. The beneficiary spouse can continue the policy as the policy owner.
State specific
This product was not available in AK CT DC DE HI ID MA MD ME MN NH NJ NY PA PR RI SD VA VI VT WI and WV As of May 23, 2017
