This is a deferred variable annuity that comes with various benefits. These include quality investment choices, tax deferral and enhanced protection. Destination All American Gold is an accumulation based product aimed at annuitants up to the age of 85 years looking for future benefits of diversification and with at least $10,000 to invest.
Nationwide Destination All American Gold 2.0 Facts
Mortality, maintenance and administrative charges
The annuitant will be charged a 0.85% mortality charge and a 0.15% administrative charge. A $50 amount will be charged annually as maintenance charge but will be waived once the contract value reaches $50,000.
Issue age
The issue age is 0-85 years for annuitants. Owners may be of any age.
Minimum initial investment
- Minimum qualified payment- $5,000
- Minimum non-qualified payment- $3,000
- Subsequent payment-$500
Underlying investment options
These include fund exchanges, asset rebalancing, dollar cost averaging, one year fixed account and over 100 variable sub-accounts.
Rider availability
Several riders are available with this annuity.
- Nationwide Lifetime Income Rider
- Nationwide Lifetime Income Capture Rider
- Nationwide Lifetime Income Track Rider
- Enhanced death benefit riders
- Beneficiary protector rider
Surrender charges
Also known as CDSC charge, this will be a declining charge for each subsequent year for withdrawals exceeding the free withdrawal amount. The charge is a percentage charged on withdrawals above the free value amount. This starts at 7% for the first year then 7%, 6%, 5%, 4%, 3%, 2% and eventually 0%. The exact amount charged will be the percentage multiplied by the amount above the free withdrawal figure.
Free withdrawals
For the Destination All American Gold 2.0 annuity, annuitants can withdraw up to 10% of their contract value each year on a non-accumulative basis or the amount of the required minimum distribution.
Death benefit
The death benefit will be the return of contract value with no additional costs. However, the annuitant can purchase the spousal protection death benefit rider, return of premium death benefit rider or the enhanced surrender value for terminal illness rider.
Waivers
The annuity provides waivers for withdrawals made in case an annuitant encounters a long-term care or is diagnosed with a terminal condition from which they are not expected to recover. These are not available in all states.
