The guaranty 4 annuity by Guaranty Income Life is a multi-year guaranteed fixed rate annuity that has a year surrender charge period. The product is a single premium deferred annuity where the market value adjustment is applied to withdrawn premiums within the guarantee period.
Guaranty 4 Features
Minimum and maximum premiums
The annuity does not offer a free look period. 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 below 90 years and $200,000 for annuitants above 90 years. Flexible premium payment is not allowed.
Issue age
Guaranty 4 is issued for persons between 0-100 years of age. This applies for the annuity owner and the annuitant as well.
Free withdrawals
Guaranty 4 allows policy holders to make 12 free withdrawals. However, only the interest amount can be withdrawn without incurring early withdrawal charges. 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. For withdrawal amounts above the interest, additional withdrawals will be charged at 8% of the value for the first year. The rates will reduce to 7%, 6%, and 5% for the fourth year.
Systematic withdrawals
Systematic withdrawals are available with Guaranty 6. These have monthly withdrawal frequencies. The minimum amount that can be withdrawn is $100 and the minimum account value is $2,000
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
