Legacy Marketing Group’s LegendMark 14 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 14-year surrender charge duration. A premium bonus is offered for payments made during the first year. The company provides multiple liquidity provisions with the annuity.
LegendMark 14 plus Annuity Facts
Issue age
0-85 years
Premiums
- Minimum for qualified payments – $10,000.
- Minimum for non-qualified payments – $1,000,000.
Premium bonus
An 8% premium bonus is added to contract value for any premium deposited within contract year one for those aged below 76 years and 4% for those aged 76 and above.
Lifetime withdrawal rider
This is available at a set annual fee. It allows the account to grow by an amount credited annually.
Free withdrawals
You can withdraw up to 10% of your contract value on 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.
Waivers
A nursing home waive 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 policy holders 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.
Death benefit
Upon the annuitant’s death, appointed beneficiaries are paid the entire account value. There are various payout options available. For instance, they could take a lump sum payment, or receive income payments.
Systematic withdrawals
For the LegendMark 14 Plus, these are available on monthly, quarterly, semi-annual and annual basis. The minimum amount one can withdraw from their account is $250.
