RENEWAL PROCESS You will have the option to elect to renew your annuity for another guaranteed interest rate term period. Depending on your situation and financial goals at that time, this renewal option assures you of a current, competitive interest rate and an easy transition to a new guaranteed rate term period. We will contact you with your options and provide a 30-day window following the end of each guaranteed interest term period for you to make a selection. If no election is made, CL Life will automatically renew your annuity. If a withdrawal or surrender is made within this 30-day window, no surrender charges or market value adjustment will apply. After the 30-day window, a new guarantee period, guaranteed interest rate, surrender charge period and market value adjustment will be applied. Renewal rates for subsequent guarantee periods will be based on current, competitive interest rates and financial circumstances, and may differ from the initial guaranteed interest rate.
DEATH BENEFIT The named beneficiary(ies) of the CL Sundance Annuity will receive per your specified allocation on the contract, a death benefit that is equal to the account value. From the time CL Life receives the notification of the first owner’s death until the funds are distributed, the death benefit will accrue interest at a rate required by the state in which the contract is issued. Alternatively, if the contract is continued by a surviving spouse who is the sole beneficiary on the contract, the account value will continue according to the terms of the contract. Your beneficiary may choose to receive the payouts in either a lump sum or a series of income payments. In the case of joint owners, the death benefit is paid on the death of the first owner. Fixed annuities are insurance products that serve a variety of needs. They provide guaranteed growth, are not subject to market risk and can be used to ensure that you will never outlive your retirement money. These features are key components in building a retirement plan that will last a lifetime.
IMPORTANT INFORMATION This material is for informational or educational purposes only, and is not a recommendation to buy, sell, hold or rollover any asset. It does not take into account the specific financial circumstances, investment objectives, risk tolerance, or needs of any specific person. You should work with your agent to discuss your specific situation. In providing this information, CL Life and Annuity Insurance Company is not acting as your fiduciary as defined by the Department of Labor. CL Life and Annuity Insurance Company, whose office is located at 201 Main Street, Suite 1900, Fort Worth, Texas, issues the CL Sundance Annuity on form number ICC22-MYGA 1001. The CL Sundance Annuity and/or certain features may not be available in all states. Annuity contracts contain limitations. Please consult the contract for more details regarding these limitations such as, if applicable, varying surrender periods, surrender charges associated with early withdrawals and market value adjustments. Annuity contracts involve investment risk including a possible loss of value. This material is provided for clarification of benefits which may be included in the contract when it is issued. It is for informational purposes only. In the event of any ambiguity or conflict of terms between this material and the annuity contract, the terms of the annuity contract shall be controlling. Neither CL Life and Annuity Insurance Company nor its representatives provide legal or tax advice. For legal and tax advice concerning your specific situation, please consult an attorney or tax professional. Guarantees are based on the claims-paying ability of CL Life and Annuity Insurance Company. This is a solicitation for insurance. ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK OR CREDIT UNION. NOT FDIC OR NCUA INSURED. MAY LOSE VALUE. NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.
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