Highlights
Safe Income Advantage is a Flexible Premium Fixed Indexed Deferred Annuity. This policy includes an Enhanced Guaranteed Minimum Withdrawal Benefit Rider. The included EGMWB Rider could benefit customers who wish to trigger a lifetime withdrawal feature. You may deposit premium at any time prior to the Maturity Date and before electing to begin the Withdrawal Period under the EGMWB Rider.
Eligible ages
Non-qualified: 0-80
Qualified: 18-80
If joint owner, eligibility is based on older owner’s age
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
| Type | Fixed Index |
|---|---|
| Purpose | Lifetime Income |
| Term | 10 Years |
| Surrender schedule | 12%11%10%9%8%7%6%5%4%3% |
| Free withdrawal | 1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
| Market value adjustment | |
| Return of premium | |
| Launch date | 07/21/2021 |
| Minimum contribution | $10,000 |
| Maximum contribution | $2,000,000 |
| Max Age Qualified | 80 |
| Types of funds | Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP | Brochure | Open brochure |
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Premium Notes
Your initial premium (the amount of money you initially pay) must be at least $10,000.
Any additional premium (the amount of money you may add at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $2,000,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Free Withdrawals
You may withdraw your money at any time. You’ll have penalty-free access to 10% of the total account value in years 2 through the end of the surrender period. Any withdrawals over this amount will incur surrender charges and MVA.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account | Fixed | 2% Fixed |
| 1-Year S&P 500 PTP Cap | Point to Point Annual | 2.5% Cap |
| 1-Year S&P 500 PTP Monthly Average Cap | Point to Point Annual Monthly average | 2.5% Cap |
| 1-Year S&P 500 PTP Monthly Sum Cap | Point to Point Annual Monthly sum | 1% Cap |
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread | Point to Point Annual | 75% Participation 1% Spread |
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate | Point to Point Annual | 120% Participation |
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread | Point to Point Biennial | 100% Participation 1% Spread |
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate | Point to Point Biennial | 125% Participation |
| 1-Year BlackRock Market Advantage PTP Participation Rate with Spread | Point to Point Annual | 50% Participation |
| 2-Year BlackRock Market Advantage PTP Participation Rate with Spread | Point to Point Biennial | 70% Participation |
| 1-Year S&P 500 Performance Trigger | Performance Triggered Annual | 2.25% Performance triggered |
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 12% | 11% | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Safe Income Advantage: EGMWB Level | Yes | 1.15% annually (1.50% max) |
| Safe Income Advantage: EGMWB Increasing | Yes | 1.15% annually (1.50% max) |
| Safe Income Advantage: EGMWB Inflation-Adjusted | Yes | 1.15% annually (1.50% max) |
Waivers
Nursing Home
Unavailable in states: MA
Nursing Home Care (in a licensed nursing home): access to account value with no surrender charge or MVA-Confinement must begin at least 1 year after policy effective date (In AK, AL, CT, ID, MN, MS, MT, OR, PA or WA, confinement must begin after the contract effective date.)-Must be confined to nursing home for at least 60 days
Terminal Illness
Terminal Illness: access to account value with no surrender charge or MVA-Diagnosis must be made at least 1 year after policy effective date and certified by licensed physician-Life expectancy must be less than 1 year
ADL
Unavailable in states: MA
Home Health Care (provided by licensed home health care provider): access to account value with no surrender charge or MVA-Care must begin at least 1 year after policy effective date (In AK, AL, CT, ID, MN, MS, MT, OR, PA or WA, care must begin after the contract effective date.)-Must be unable to perform at least 2 of 6 activities of daily living (for at least 60 days and expected to continue for at least 90 days after requesting withdrawal)
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