NWL Impact 7

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National Western Life’s Impact 7 is a fixed indexed annuity (FIA) with a 7 year surrender charge period. It is a flexible premium tax deferred index annuity. The annuity provides clients with all the benefits of conventional fixed interest annuities while giving clients the option to link their interest to the S&P Composite Stock Index, EURO STOXX 50, Nikkei 225 and the Hang Seng Index. Under this option, the gains become guaranteed over a lifetime.

NWL Impact 7 Features

Premium bonus

Each premium payment that the annuitant makes in the first year receives a 5% bonus. The amount is however not immediately available to the client.

Issue age

The issue age restrictions stand at 0-85 years for qualified and non-qualified owners and 0-80 years for annuitants. The annuitization age is restricted to 95 years


  • Minimum for qualified and non-qualified payments – $5,000.
  • Maximum for qualified and non-qualified payments – $1,500,000.
  • Flexible premiums are permitted within the entire life of this annuity.
  • Minimum added premium- $100 for qualified and non-qualified payments.

Rider availability

There are two available riders; The Income Outlook rider and the Income Outlook Plus 5 Rider.

Death benefit

If the annuitant dies before the annuity date, the beneficiary receives the bonus value and the account value as a lump sum if they do not elect another payment option. If the annuitant dies on or after the annuity date, the beneficiary is paid all guaranteed amounts.

Free withdrawals

You can withdraw up to 10% of your contract value once on each contract year. The withdrawal will be based on accumulation. Withdrawals above the free 10% will attract early withdrawal charges that gradually reduce from the first to the last year from 10.00% in the first year to 6.00% in the seventh year. Annuitants can also withdrawal the accumulated interest only but only after 30 days. The account must however remain with at least $2,000 after free withdrawals each of which must be at least $500.

Terminal illness rider

If the annuitant is diagnosed with a condition that they are not expected to recover from and is expected to die within 12 months, all withdrawal charges will be waived for full or partial surrenders. Satisfactory documentation to support this is required. The company could obtain a second medical opinion at its own cost.


The annuity date is 22 years after the policy date. This cannot be changed. Annuitants can elect to receive payments under three available schemes. A guaranteed rate of 1.25% will be used to calculate the annuity payments.

Systematic withdrawals

These are available on a monthly, quarterly, semi-annual or annual basis. The minimum amount one can withdraw from their account is $100. The minimum account value is $2,000.

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