Legacy Marketing Group’s LegendMark 10 plus is a flexible-premium fixed indexed annuity that offers multiple indexed performance accounts as well as a lifetime income rider option. This annuity has a 10-year surrender charge duration. A premium bonus is offered for payments made during the first year. The company provides multiple liquidity provisions and a market value adjustment with the annuity.
LegendMark 10 Plus Annuity Facts
Issue age
0-85 years
Premiums
- Minimum for qualified payments – $10,000.
- Minimum for non-qualified payments – $1,000,000.
- Minimum added premium- $2,000 (qualified and non-qualified)
Premium bonus
For the LegendMark 10 Plus, a 7% premium bonus is added to contract value for any premium deposited within contract year one for those aged below 76 years and 3.5% for those aged 76 and above. The figures vary slightly in some states.
Free withdrawals
You can withdraw up to 10% of your contract value in any contract year. The withdrawal will be based on your accumulated value. Withdrawals above the free 10% will attract early withdrawal charges that gradually reduce from the first to the last year from about 14% in the first year to 1% in the tenth year.
Waivers
A nursing home waiver is available for annuitants who’re confined to a nursing center for a period of time not less than 60 consecutive days. This waiver allows policyholders to withdraw all or part of their accounts without withdrawal charges.
A terminal illness waiver is available for annuitants who’re diagnosed with a condition that causes their life expectancy to be less than a year. This allows qualified contract owners to access up to 100% of their contract value free of any withdrawal charges.
State specific
As of March 21, 2017, the annuity was not available in AL CT IN MN MS NY OR PA PR VI VT WA
