The finer points of some other features Issue ages (may vary by state) The MNL Accelerate 5 is available at issue ages 0-85 (qualified and non-qualified). For issue ages 0-17, a Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) custodial account must be established. Nursing home confinement waiver adds flexibility (not available in all states) After the first contract anniversary, if the annuitant becomes confined to a qualified nursing care center, as defined in the rider, up to 100% of the accumulation value is available each year while the annuitant is confined. If 100% of the accumulation value is taken, it will be considered a full surrender. This waiver is automatically included with your annuity at no additional charge. If joint annuitants are named on the annuity, the waiver will apply to the first annuitant who qualifies for the benefit. Market value adjustment Your contract also includes a market value adjustment feature—which may decrease or increase your surrender value depending on the change in the market value adjustment external index rate since your annuity purchase. Due to the mechanics of a market value adjustment, surrender values generally decrease as the market value adjustment external index rate rises. When the market value adjustment external index rate decreases, the surrender value generally increases. However, the market value adjustment is limited to the surrender charge or the interest credited to the accumulation value. Market value adjustments are applied only during the surrender charge period to surrenders in excess of the penalty-free amount.
Your annuitization payout options You can choose to receive annuity payments based on your choice of several annuity options. Once you elect an annuitization option, it cannot be changed, and all other rights and benefits under the annuity end. The payment amount and number of payments will be based on your annuity’s surrender value and the annuitization option you choose (state variations may exist). See table below for available payout options.
In all states but Florida:
With the exception of life income options, income options are available from five to 20 years. Choose from:
• Income for a specified period • Income for a specified amount • Life income with a period certain • Life income • Joint and survivor life income
For Florida: You may select an annuity payout option based on the accumulation value at any time after the first contract year. Choose from: • Life income • Life income with a 10- or 20-year period certain • Joint and survivor life income • Joint and survivor life income with a 10- or 20-year period certain
33318Y-1
9
REV 6-24
Made with FlippingBook - Share PDF online