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SPDA - Destination 6
Product Type: Index Annuity
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| Product Annualized Interest Rate | 0.00% |
| Interest Rates | Min. Guaranteed Interest 90% of the prem. paid, less withdrawals, compounded at 3% per year.
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| Minimum/Maximum Premiums | $25,000 minimum single premium
$1,000,000 maximum single premium (Home office approval required for premiums in excess of $1,000,000.)
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| Choice of Years of Surrender Penalties | 6 |
| Issue Ages | 0 - 80 |
| Surrender Charge | All withdrawals in excess of the 10% free withdrawal amount each contract year will incur withdrawal charges. There are no withdrawal charges after the tenth contract year.
Withdrawal Charges 6-Yr: 6%,6%,5%,5%,4%,3%
Withdrawals may be subject to federal and/or state income tax and, if taken prior to age 59 age 59½, an additional 10% federal penalty tax.
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| Withdrawal Provisions | 10% of the beginning-of-year Contract Value after the first contract year can be withdrawn each year without incurring withdrawal charges.
Systematic withdrawals may be specified by dollar amount or percentage of Contract Value with your choice of payout frequency.
Death Benefit-Full Contract Value without any withdrawal charges. |
| Index Provisions | Premiums can be allocated to your choice of three strategies, a fixed interest strategy and strategies based on the S&P 500® Index. Funds selected are locked in for one year.
1. Fixed Account Strategy – interest guaranteed for 3 years
2. 3-Year Point-to-Point with Cap
3. 3-Year Monthly Point-to-Point with Cap
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| Current rates, caps, bonuses and participation | ForeThought_Rates.pdf |
| Additional Information | Annuity Options
• Life Annuity
• Life Annuity with 10 Years Certain
• Life Annuity with 20 Years Certain
• Joint and Last Survivor Annuity
• Joint and Last Survivor Annuity with 10 Years Certain
• Guaranteed Payment Period
Cash and transfers must be received with application by Monday 5 PM to qualify for a Wednesday of the same week buy date (applies to all index-linked annuities). |
| Commission Details | Commissions-
0-75: 3.50%
76-80: 2.25%
Commission Chargeback Policy:
All withdrawals in the first policy year are subject to commission charge backs including Required Minimum Distributions, full and particial withdrawals, and death in the first year, regardless of whether withdrawal charges are incurred.
Issues ages up to 80; 100% months 1-6, 50% months 7-12.
Issues ages 81+; 100% months 1-12.
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| States not Approved | District of Columbia
Illinois
Massachusetts
New Hampshire
New York
Oregon
Puerto Rico
Vermont |
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