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SECURITY BENEFIT LIFE INSURANCE COMPANY TopRidge Bonus Annuity
THE SECURITY BENEFIT TopRidge Bonus Annuity If you’re looking to grow your financial portfolio while being protected from market loss, you’re in the right place! The TopRidge
Bonus Annuity is a fixed index annuity (FIA) that can help you safely grow your retirement portfolio with even more flexibility. An FIA provides the potential for you to earn interest credits based on the positive change of one or more financial indices, while remaining protected from any negative performance of those indices. As you approach retirement, you may be interested in safe retirement savings options that can help you enjoy this phase of life without the worry many may feel. Consider these important questions as you work with your financial professional to determine your next steps:
1
How can I reduce or eliminate market risk?
Do I have a comfortable portion of my retirement savings protected from market loss?
2
What happens if I become ill or need to access money in an emergency?
3
SECURITY BENEFIT | 3
About TopRidge Bonus Annuity
What is the TopRidge Bonus Annuity? • A modified single premium fixed index annuity (FIA). • You receive a bonus on the first year Purchase Payments to jumpstart your contract’s accumulation potential. • Provides flexible withdrawal options so you can access your money when you need it. • Has a broad set of index crediting strategies covering various asset classes from large and small cap to technology and international, to give you a diverse array of allocation options. • You’re protected against market loss, with the flexibility to save for retirement and provide for your beneficiaries. • You can enjoy the benefits of tax-deferred accumulation, a great option for retirement savers.
2 | TopRidge Bonus Annuity
Protection From Market Risk The TopRidge Bonus Annuity is first and foremost a fixed index annuity — you will not lose your Purchase Payments or previously credited amounts due to market losses. Premium Bonus Feature The TopRidge Bonus Annuity has a feature that provides an additional credit bonus to all premiums received within the first year of the contract. The bonus can help jump start your retirement savings, and coupled with tax deferral, may allow your contract to increase in value at a faster rate than without it. The bonus percentage on any subsequent premiums is the same as the bonus percentage applied on the initial premium. Flexible Access to Your Assets We understand that you may need additional flexibility to withdraw more from your contract to help pay for unplanned or planned expenses. That’s why we have created a Cumulative Free Withdrawal Rider with Rider Charge Refund, that allows you to withdraw up to 30% of your total premiums without charges or penalties. 1 Here’s how it works : Beginning in the first year, you may withdraw up to 10% of the total premiums (excluding the bonus) without a Surrender Charge, Bonus Recapture, or Market Value Adjustment (MVA). This is the Free Withdrawal available to you each Contract Year. • If no withdrawals are taken during a Contract Year, the Free Withdrawals from up to two previous Contract Years may be carried over to the following year for a Cumulative Free Withdrawal of 30% of total premiums (excluding the bonus). • Carrying over the Free Withdrawal (10%) is only available if you don’t make a withdrawal in the current Contract Year. • If you choose to take a partial amount of the Free Withdrawal, the remaining amount cannot to be carried over. 2 Even after you take a withdrawal, the Cumulative Free Withdrawal will restart in subsequent Contract Years, allowing you another opportunity to take advantage of this feature. However, if you surrender your contract or take a partial withdrawal that exceeds the amount eligible for free withdrawal during the Surrender Charge Period, a Bonus Recapture, Surrender Charge, and MVA will apply. Review the Statement of Understanding (SOU) for more details. Cumulative Free Withdrawal Explained
W/D Taken
Withdrawals Taken
Withdrawals Available
W/D Taken
No W/D Taken
W/D Taken
30%
No W/D Taken
W/D Taken
No W/D Taken
No W/D Taken
W/D Taken
W/D Taken
20% Available
20%
20%
10% Available
10% Available
10% Available
10%
10%
10%
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
1 Your withdrawals may be subject to state and federal income taxes, as well as an additional 10% federal tax penalty if the withdrawals are taken prior to age 59½. 2 If your Required Minimum Distribution (RMD) amount exceeds the Free Withdrawal, you may withdraw your RMD without a Surrender Charge, Bonus Recapture, or MVA. If the RMD is the higher amount and is not taken from the contract, the amount of the RMD cannot be carried over to subsequent contract years (see the SOU for details).
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About the Rider The Cumulative Free Withdrawal Rider with Rider Charge Refund is included with your TopRidge Bonus Annuity and has an annual Rider Charge of 0.95% multiplied by the Account Value at the time the charge is taken. The Rider Charge is deducted from the Account Value at the end of each Contract Year, after interest and index account credits have been applied. Under certain circumstances, a partial Rider Charge may apply based on the portion of the elapsed Contract Year and the Account Value. After the Surrender Charge Period ends, the Rider Charge will no longer be assessed. Review the SOU for more details. Rider Refund At the end of the Surrender Charge Period, if the total amount of fixed interest and index credits is less than the total amount of rider charges assessed, the difference will be refunded to you and added to the Fixed Account. The Rider Charge Refund is only available if you have not taken withdrawals in excess of the total Free Withdrawal Amount during the Surrender Charge Period. If your contract is terminated before the end of the Surrender Charge Period, there will be no Rider Charge Refund. Review the SOU for more details.
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How You Receive Interest Credits One of the most distinguishing features of an FIA is your ability to receive interest credits based on part of an index’s positive performance, with none of its downside risk. We offer a variety of crediting strategies to choose from, including a fixed account plus index account strategies based on eight financial indices. Each index is designed to perform differently in various market conditions, giving you and your financial professional a diverse range of choices when it comes to how you want to allocate your contract’s dollars. The Fixed Account’s Guaranteed Minimum Interest Rate (GMIR) is set at contract issue and is guaranteed for the life of the contract. For the current Fixed Account interest rate and GMIR, refer to the latest rate sheet. We outline below the crediting options we use in the TopRidge Bonus Annuity, and the indices on which they are based. On the next page, we show examples of how two index crediting strategies could have credited interest against actual index performance.
Fixed Crediting Option
Crediting Option Fixed Account
Index Crediting Options
Crediting Strategy
1-year Crediting Term
S&P 500 ® Annual Point to Point Index Account NASDAQ-100 ® Annual Point to Point Index Account MSCI EAFE Annual Point to Point Index Account Russell 2000 ® Small Cap Annual Point to Point Index Account
With Cap
With Participation Rate
S&P 500 ® Annual Point to Point Index Account
S&P 500 ® Dynamic Intraday TCA Index Account 3 Morgan Stanley Global Equity Allocator Index Account 3 SG AI Navigator Index Account 3 MSCI BofA US Dualcast Index Account 3
With Participation Rate and Spread
Index Crediting Options
Crediting Strategy
2-year Crediting Term
S&P 500 ® Dynamic Intraday TCA Index Account 3 Morgan Stanley Global Equity Allocator Index Account 3 SG AI Navigator Index Account 3 MSCI BofA US Dualcast Index Account 3
With Participation Rate and Spread
3 Not available to Iowa residents or for contracts issued in Iowa.
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How the Index Crediting Strategies Work
Each index crediting strategy is subject to various parameters over its respective Index Term (either annually or every two years). In this example, we show the hypothetical interest credits applied to the S&P 500® Annual Point to Point Index Accounts using Caps and Participation Rates. Using a contract purchase date of December 31, 2003, let’s look at the past 20 years of index returns and interest credits that would have been applied based on these sample rates. Refer to the TopRidge Bonus Annuity rate sheet for current rates. Work with your financial professional to decide how you might want to diversify your contract’s value among the various crediting strategies.
Cap
Participation Rate (Par Rate)
A Cap is the maximum percentage amount of interest credit you receive based on the positive percent change in an index.
A Participation Rate is a set percentage amount multiplied by the positive percent change in an index to calculate the interest credit you receive. A Par Rate may exceed 100% but will never be negative.
Par Rate: 30% Index Return x Par Rate = Credit
Cap: 6.00%
S&P 500 ® Index Return
As of 12/31
Credit to Account
Credit to Account
6.00% (Account Credit Max. is 6.00%)
2.70% (8.99% x 30%)
2004
8.99%
2005
3.00%
3.00%
0.90%
2006
13.62%
6.00%
4.09%
2007
3.53%
3.53%
1.06%
0.00% (Account safe from market loss)
0.00% (Account safe from market loss)
2008
-38.49%
2009
23.45%
6.00%
7.04%
2010
12.78%
6.00%
3.83%
2011
0.00%
0.00%
0.00%
2012
13.40%
6.00%
4.02%
2013
29.60%
6.00%
8.88%
2014
11.39%
6.00%
3.42%
2015
-0.73%
0.00%
0.00%
2016
9.54%
6.00%
2.86%
2017
19.42%
6.00%
5.83%
2018
-6.24%
0.00%
0.00%
2019
28.88%
6.00%
8.66%
2020
16.26%
6.00%
4.88%
2021
26.89%
6.00%
8.07%
2022
-19.44%
0.00%
0.00%
2023
24.23%
6.00%
7.27%
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Account Growth Over 20 Years
In this example we look at a $200,000 initial allocation to each of the two crediting strategies from the previous page. The chart below shows the growth of the Accounts over 20 years with a 0.95% Rider Charge, compared to the performance of the S&P 500® Index.
$1,000,000
S&P 500 ® Index 1-yr Value S&P 500 ® Annual P2P w/Cap S&P 500 ® Annual P2P w/Par
After the 20-year period, each of the S&P 500 ® Annual Point to Point (AP2P) Index Accounts have grown differently based on the Cap or Par Rate applied to the positive performance of the S&P 500 ® Index from year to year.
$800,000
$600,000
S&P 500 ® AP2P Index Account 6.00% Cap $487,906
$200,000 Allocation
$400,000
S&P 500 ® AP2P Index Account 30% Par Rate $437,704
$200,000
$0
As of Dec. 31
‘03
‘04
‘05
‘06
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
‘16
‘17
‘18
‘19
‘20
‘21
‘22 ‘23
This is a hypothetical example using the calendar year returns (December 31 contract anniversaries 2004-2023) from 100% allocation to the S&P 500 ® Annual Point to Point Index Account with a 6.00% cap applied and to the S&P 500 ® Annual Point to Point Index Account with a 30% Participation Rate applied, and reflects a 0.95% rider charge for both index accounts. Caps and Participation rates are subject to change. The indices are not available for direct investment. The caps and participation rates used in this example are for demonstration purposes only and were not the rates available the entirety of the simulated period, and may not be currently available. The actual caps and participation rates may be different than what is assumed for this example, which is provided for demonstration purposes only. Caps, spreads, and participation rates are set at our discretion at the beginning of each Index Term based upon factors we consider relevant, including market conditions. It was not possible for a consumer to have received the interest credits shown in this retrospective example. Actual interest credits for a purchased annuity contract will be based on the allocations selected by the owner, the performance of the underlying indexes for any index accounts to which contract value is allocated, and the respective caps, spreads and participation rates applicable to those index accounts.
SECURITY BENEFIT | 9
Other Benefits and Charges
Terminal Illness and Nursing Home Waivers — Surrender Charges, Bonus Recapture, and any MVA (if applicable) are waived if you are confined to a nursing home or hospital for longer than 90 days, or if you are diagnosed with a terminal illness. A request to waive these charges must be made after the third Contract Anniversary, on forms provided by Security Benefit, and must be accompanied by a physician’s statement (not available in all states and state variations apply; review the SOU for details). Death Benefit — For the TopRidge Bonus Annuity contract, if the Annuitant dies before receiving annuity payments (annuitization), the beneficiaries will receive 100% of the account value, less any applicable premium tax and partial rider charge. If the Owner (or the Annuitant, if the Owner is not a natural person) or a Joint Owner who is the spouse of the Annuitant dies, the death benefit is the greater of: (i) the Guaranteed Minimum Cash Surrender Value, or (ii) the Account Value, less a partial rider charge. If an Owner or Joint Owner who is not the spouse of the Annuitant dies, the death benefit is equal to the Cash Surrender Value. In California, if the contract is issued to persons 60 or older, the amount payable is the greater of: (i) the Guaranteed Minimum Cash Surrender Value, or (ii) the Account Value, less a partial rider charge, regardless of who died. Review the SOU or talk with your financial professional for more information about the annuity’s death benefit. The TopRidge Bonus Annuity offers flexible options to help you along the way. In addition the Cumulative Free Withdrawal Rider, the TopRidge Bonus Annuity offers other options including Terminal Illness and Nursing Home Waivers, and a Death Benefit. Review the SOU for more details.
10 | TopRidge Bonus Annuity
Surrender Charge — if you surrender your contract or take withdrawals that are greater than the total Free Withdrawal Amount during the Surrender Charge Period (the first 10 years for contracts issued in all states except CA, and nine years for contracts issued in CA), a Surrender Charge will apply. Surrender Charges will also apply if you annuitize during the Surrender Charge Period and to the death benefit paid upon the death of an Owner who is not the spouse of the Annuitant. About the Surrender Charge, Bonus Recapture, and Market Value Adjustment
Years
1
2
3
4
5
6
7
8
9
10 11+
All states except those listed below AK, CT, DE, ID, IN, MA, MD, MN,MO, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, and WA
12% 12% 11% 11% 10% 9% 8% 7% 6% 4% 0%
9.0% 8.1% 7.2% 6.3% 5.4% 4.5% 3.6% 2.7% 1.8% 0.9% 0%
CA
8.1% 7.2% 6.3% 5.4% 4.5% 3.6% 2.7% 1.8% 0.9% 0% 0%
FL
10% 10% 10% 10% 10% 9% 8% 7% 6% 4% 0%
Bonus Recapture — in general, if you surrender your contract or take withdrawals in excess of the total Free Withdrawal Amount during the Surrender Charge Period, a Bonus Recapture will apply. The Bonus Recapture varies by state.
Years
1
2
3
4
5
6
7
8
9
10 11+
All states except those listed below AK, CT, DE, ID, IN, MA, MD, MN,MO, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, and WA
100% 100% 100% 100% 100% 100% 80% 60% 40% 20% 0%
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
CA
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0%
SECURITY BENEFIT | 11
Market Value Adjustment (MVA) — in order to help us manage changing market conditions and interest rate environments, Security Benefit applies a Market Value Adjustment (MVA) to withdrawals that exceed the total Free Withdrawal Amount during the Surrender Charge Period. The MVA also applies if you annuitize or surrender during the Surrender Charge Period and to the death benefit paid upon the death of an Owner who is not the spouse of the Annuitant. In general, if at the time of withdrawal, interest rates as measured by the 10-year Constant Maturity Treasury rate are higher than when you purchased your annuity, an additional amount is deducted from your withdrawal. Conversely, if interest rates are lower than when you purchased your annuity, an additional amount may be added to your withdrawal. The MVA will not apply to withdrawals that are less than or equal to the total Free Withdrawal Amount or to the death benefit paid upon the death of the Annuitant or the death of the Joint Owner (if the Joint Owner is the spouse of the Annuitant). For contracts issued in CA, an MVA does not apply. See the SOU for more details.
Power of Tax Deferral Simply put, tax deferral postpones the payment of taxes on your contract’s accumulation until a later date — meaning 100% of the interest credited is compounded and won’t be taxed until you withdraw the money, usually at age 59½ or later. 4 An IRA is an example of a tax-deferred retirement savings vehicle (keep in mind that you receive no additional tax deferral benefit by funding an IRA with an annuity). In this example, we compare the hypothetical accumulation of $200,000 in retirement savings — one account grows tax-deferred, while the other has taxes taken out each year. See the difference in account value over a five, 10- and 20-year period of time. An annuity allows accumulated interest credits to be tax deferred; meaning you only pay taxes upon withdrawal.
Tax-Deferred Account Growth Comparison
Initial Balance
Year 5
Year 10
Year 20
Taxable
Tax-deferred
This example assumes an annual interest rate of 5%, and a Federal income tax rate of 32% (but no state tax is assumed). This example is hypothetical and in no way relates to the actual interest that may be credited by the annuity. Funds withdrawn from the tax-deferred account are taxable upon withdrawal.
4 Withdrawals from an annuity prior to age 591/2 may be subject to a 10% federal tax penalty.
12 | TopRidge Bonus Annuity
About Security Benefit
At Security Benefit, we’ve become one of America’s leading retirement companies by offering a compelling and customized suite of retirement savings and income products to help pre- and post-retirees achieve a secure retirement. Since 1892, we’ve served the retirement needs of individuals from all walks of life, all across America. Through the expertise of our investment team and our exceptional customer service, we continue to deliver on our long-standing reputation for excellence. We’re here to provide solutions that lead up to and carry you through your retirement years. All of this is built upon a solid financial foundation that enables us to deliver on our promises. For more information about our financial strength and ratings, please visit SecurityBenefit.com.
SECURITY BENEFIT | 13
Retire with confidence.
14 | TopRidge Bonus Annuity
Security Benefit Life Insurance Company is not a fiduciary and the information provided is not intended to be investment advice. This information is general in nature and intended for use with the general public. For additional information, including any specific advice or recommendations, please visit with your financial professional. The Security Benefit TopRidge Bonus Annuity, a modified single premium, deferred fixed index annuity contract is issued by Security Benefit Life Insurance Company (SBL). In most states, the TopRidge Bonus Annuity is issued on form 5600 (9-19). In Alaska, Connecticut, Idaho, Indiana, Maryland, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, and Washington the TopRidge Bonus Annuity form is ICC19 5600 (9-19). Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union or its affiliates; are unrelated to and not a condition of the provision or term of any banking service or activity. Fixed index annuities are not stock market investments and do not directly participate in any equity, bond, other security, or commodities investments. Indices do not include dividends paid on the underlying stocks and therefore do not reflect the total return of the underlying stocks. Neither an index nor any fixed index annuity is comparable to a direct investment in the equity, bond, other security, or commodities markets. Bonus annuities may include changes to the elements used to determine the index interest credits or changes to the interest rate that are not included in similar annuities without a bonus. These changes may include lower current interest rates, higher surrender charges, longer surrender charge periods, lower participation rates or caps, higher spreads, or other changes. The amount of charges or reduction of interest credits may exceed the amount of the bonus. Neither Security Benefit Life Insurance Company nor its representatives offer accounting, legal, or tax advice. Please consult with your personal accountant, attorney, and/or advisor regarding any accounting, legal, or tax matters. S&P 500 ® Disclosure: The “S&P 500 Index” and the “S&P 500 Dynamic Intraday TCA Index” are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by Security Benefit Life Insurance Company (SBL). S&P ® , S&P 500 ® , US 500, The 500, iBoxx ® , iTraxx ® and CDX ® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones ® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by SBL. The TopRidge Bonus Annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of purchasing the TopRidge Bonus Annuity nor do they have any liability for any errors, omissions, or interruptions of the above named indices. Nasdaq-100 ® Disclosure: The Product(s) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of purchasing annuities generally or the Product(s) particularly, or the ability of the Nasdaq-100 ® Index to track general stock market performance. The Corporations’ only relationship to Security Benefit Life Insurance Company (“Licensee”) is in the licensing of the Nasdaq ® and certain trade names of the Corporations and the use of the Nasdaq-100 ® Index which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 ® Index. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration or marketing of the Product(s).
THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF NASDAQ-100 ® INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 ® INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 ® INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Russell 2000 ® Disclosure: The TopRidge Bonus Annuity (the “Product”) has been developed solely by Security Benefit Life Insurance Company. The Product is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell ® 2000 (the “Index”) vest in the relevant LSE Group company which owns the Index. “Russell ® ” is a trade mark(s) of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by Security Benefit Life Insurance Company. MSCI Disclosure: The MSCI indexes are the exclusive property of MSCI Inc. (“MSCI”). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Security Benefit Life Insurance Company. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The annuity contract contains a more detailed description of the limited relationship MSCI has with Security Benefit Life Insurance Company and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. Morgan Stanley Disclosure: MORGAN STANLEY GLOBAL EQUITY ALLOCATOR INDEX (THE “INDEX” OR “MSGE INDEX”) IS THE PROPERTY OF MORGAN STANLEY & CO. LLC. ANY PRODUCT THAT IS LINKED TO THE PERFORMANCE OF THE INDEX IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MORGAN STANLEY & CO. LLC, OR ANY OF ITS AFFILIATES (COLLECTIVELY, “MORGAN STANLEY”). NEITHER MORGAN STANLEY NOR ANY OTHER PARTY (INCLUDING WITHOUT LIMITATION ANY CALCULATION AGENTS OR DATA PROVIDERS) MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF PURCHASING ANY PRODUCT LINKED TO THIS INDEX. IN NO EVENT SHALL MORGAN STANLEY HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THE INDEX IS THE EXCLUSIVE PROPERTY OF MORGAN STANLEY. MORGAN STANLEY AND THE INDEX ARE SERVICE MARKS OF MORGAN STANLEY AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY SECURITY BENEFIT LIFE INSURANCE COMPANY (“LICENSEE”). NEITHER MORGAN STANLEY NOR ANY OTHER PARTY HAS OR WILL HAVE ANY OBLIGATION OR LIABILITY TO OWNERS OF THIS PRODUCT IN CONNECTION WITH THE ADMINISTRATION OR MARKETING OF THIS PRODUCT, AND NEITHER MORGAN STANLEY NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN.
SECURITY BENEFIT | 15
MSCI BofA Disclosure: The MSCI indices are the exclusive property of MSCI Inc. (“MSCI”) but may be calculated and/administered by third parties appointed by MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Security Benefit Life Insurance Company. In connection with the MSCI indices, MSCI has licensed the use of certain marks and methodology from BofA Securities, Inc., and other information directly or indirectly from suppliers (collectively with MSCI, the “Licensors”). The financial products referred to herein are not sponsored, operated, endorsed, sold or promoted by the Licensors, and the Licensors bear no liability with respect to any such financial products or any index on which such financial products are based. Obligations to make payments under any such financial products are solely the obligation of Licensee pursuant to the term of the contract and are not the responsibility of the Licensors. The annuity contract contains a more detailed description of the limited relationship MSCI has with Security Benefit Life Insurance Company and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any Licensor trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting the relevant Licensor to determine whether its permission is required. Under no circumstances may any person or entity claim any affiliation with a Licensor without the prior written permission of such Licensor. ©2024 Security Benefit Life Insurance Company. All rights reserved.
No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product, without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley. The Index includes a variable index deduction mechanism that scales upward based on positive performance of the Index. Such index deduction is applied when calculating the level of the Index and will thus reduce the return of the Index and any product linked to the Index. The Index applies a bespoke volatility control mechanism to identify changing market conditions using intraday data, and stabilize the overall level of risk of the Index. The volatility control calculation applied by Morgan Stanley as part of the Index’s methodology may decrease the Index’s performance and thus the return of any product linked to the Index. In addition, because the volatility control calculation is expected to reduce the overall volatility of the Index, it will also reduce the cost of hedging certain products linked to the Index. Morgan Stanley may transact derivative transactions linked to the Index. Potential purchasers of products linked to this Index should refer to the full offering document for important information concerning such products, including the related risk factors and determine their own appraisal of the risks and suitability of such products. Societe Generale (SG) Disclosure: The SG AI Navigator Index (the “ Index ”) is the exclusive property of SG Americas Securities, LLC (SGAS, together with its affiliates, “ SG ”). SG has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“ S&P ”) to maintain and calculate the Index. “Société Générale”, “SG”, “SG Americas Securities, LLC”, “SGAS”, “Soc Gen”, and “SG AI Navigator Index” (collectively, the “ SG Marks ”) are trademarks or service marks of SG. SG has licensed use of the SG Marks to Security Benefit Life Insurance Company (“ Security Benefit ”) for use in a fixed indexed annuity offered by Security Benefit Life Insurance Company (the “ Fixed Indexed Annuity ”). SG’s sole contractual relationship with Security Benefit is to license the Index and the SG Marks. None of SG, S&P, or any other third party licensor, including Alexandria Investment Research and Technology, Inc., and Salt Financial LLC and any affiliate of Salt Financial LLC (“ Salt ”) (each, an “ Index Party ” and collectively, the “ Index Parties ”) to SG is acting, or has been authorized to act, as an agent of Security Benefit or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced the Fixed Indexed Annuity or provided investment advice to Security Benefit, and no Index Party makes any representation whatsoever as to the advisability of purchasing, selling or holding any product linked to the Index, including the Fixed Indexed Annuity. No Index Party shall have any liability with respect to the Fixed Indexed Annuity in which an interest crediting option is based on the Index and is not liable for any loss relating to the Fixed Indexed Annuity, whether arising directly or indirectly from the use of the Index, its methodology, any SG Mark or otherwise. Obligations to make payments under the Fixed Indexed Annuity are solely the obligation of Security Benefit. The selection of the Index as a crediting option under a Fixed Indexed Annuity does not obligate Security Benefit or SG to invest annuity payments in the components of the Index. In calculating the performance of the Index, SG deducts a maintenance fee of 0.50% per annum, calculated on a daily basis. This fee will reduce the potential positive change in the Index and increase the potential negative change in the Index. While the volatility control applied by SG may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return as compared to products not subject to volatility controls. The Fixed Indexed Annuity is not sponsored, endorsed, sold or promoted by Salt. Nor does Salt make any representation regarding the advisability of purchasing the Fixed Indexed Annuity. Alexandria Technology (a.k.a. Alexandria Investment Research and Technology, Inc.) makes no recommendation as to the suitability of purchasing the Fixed Indexed Annuity.
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