Ultimate One Index 7 by Americo is a fixed indexed annuity (FIA) with a 7-year surrender charge period. In specifics, it is a single premium deferred Index Annuity. As of March 2017, the product was not available in AL MN NY PR VI and VT as of May 2017. The annuity provides clients with various index crediting options with the additional benefit of a declared fixed rate.
Ultimate One Index 7 Features
Issue age
The issue age restrictions stand at 0-85 years for qualified and non-qualified owners and annuitants. The annuitization age is restricted to 95 years
Premiums
- Minimum for qualified and non-qualified payments – $10,000.
- Maximum for qualified and non-qualified payments – $1,000,000.
- Flexible premiums are not accepted with this annuity.
- Payroll deductions-$83 for qualified payments
- Minimum added premium- $1,000 for qualified and non-qualified payments.
Death benefit
The death benefit is equal to the policy value at the time of the annuitant’s death. This will be the greater of the GMV or the accumulation value. If a spread is applicable, it will be equal to a pro-rata portion of the total spread in the calculation of interest at death.
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 about 9.00% in the first year to 4.00% in the seventh year. The figures are slightly different in CA.
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.
Systematic withdrawals
For the Ultimate One Index 7 annuity, systematic withdrawals are available on an annual basis. The minimum amount one can withdraw from their account is $500. The minimum account value is $2,000.
