SpectraMark is provided by F&G under the Legacy Marketing Group, the SpectraMark is a single-premium fixed-indexed annuity that has a ten year surrender period. The annuity has multiple indexed performance strategies and a lifetime rider for an additional charge. This product is not available in AL CT MS NY PR and VI as of March 21, 2017.
SpectraMark Features
Minimum and maximum premiums
The minimum single premium for this annuity is $10,000 while the maximum single premium is 1,000,000 $. The FIA allows premium additions with a minimum of $2,000 and a maximum $1,000,000. Flexible premiums are also allowed with the SpectraMark over the entire product life. The amounts apply equally under the qualified and unqualified status. The FIA provides a 20 day free look up period and a 60 day rate lock protection period.
The annuity also provides for market value adjustment
Issue age
SpectraMark is issued to people aged between 0-85. This applies to the owner of the annuity and not the annuitizer. The age restriction for annuitization is 100 years.
Rider availability
There are two riders available with the annuity, the Income Security Rider and the income security rider (10-year roll-up). These riders are however not available in FL HI and IL.
Free withdrawals
This annuity allows policy holders to make 4 free withdrawals each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. Holders can also withdraw the interest amount only if they wish to. This is however only available after one year. The minimum withdrawal amount is $500 and the minimum account value is $5,000.
Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals. The charges start at 14% for the first years and reduce gradually as follows: 13%, 12%, 11%, 10%, 8.00%, 6.00%, 4.00%, 2.00% and 1.00% on the 10th year. There are however slight differences depending on specific states.
