Additional Benefits
Policy Loan Starting the 2 nd Policy Month, a policy loan for a minimum of $500 may be taken for up to 60% of the Contract Value if the Interest Credit Allocation Percentage for Interest Credit Option B is 100%. Any loan must be repaid before allocation to any other Interest Credit Option can be elected. All or part of a loan may be repaid at any time, but each payment must be at least $25. The interest on the loan must be paid annually at 7.4% in advance. If not, the interest will be added to the amount of the loan. Also, cash loans are not available for IRAs or Roth IRAs or for some other qualified plans. If any loan amount is owed to us when a Settlement Option is elected or upon the Annuitant’s death, whichever occurs first, such amount will be treated as a partial withdrawal and will be subject to Withdrawal Charges. See endorsements for complete information; certain limitations and exclusions may apply. Endorsement terms and/or availability may vary by state. Optional Withdrawal Benefit Riders There are optional Withdrawal Benefit Riders that can be added to the NWL® Impact annuity at issue. Election of one of these riders can provide guaranteed minimum income benefits for the life of a single Annuitant or Joint Annuitants without the election of a Settlement Option. A charge applies to each rider, and riders may not be available in all states. Please refer to the separate Withdrawal Benefit Rider consumer disclosure brochures for complete descriptions of the benefits, features, and applicable charges for each optional rider. The charges and benefits of the Withdrawal Benefit Rider will be deducted from the Account Value of the Policy, and may reduce the benefits provided by the Policy. “Free Look” Period Your satisfaction is important to us! If you change your mind about whether this annuity fits your needs after you receive your Policy, or if you are dissatisfied for any reason, you have thirty days after receipt of the Policy during which you can return it without incurring charges (referred to as a “free look” period). Please see your Policy for details.
Settlement Options You may elect to receive the Contract Value as a series of payments, referred to as Settlement Options, beginning on the Annuity Date. The Annuity Date, is 10 years after the Policy Date, but may be changed to no later than the Policy Anniversary on which the annuitant attains age 99. The Settlement Options that may be elected by the Owner include: • Income for Life
• Life Income with a Guaranteed Period • Life Income with Installment Refund • Survivorship Annuity • Monthly Income for a Fixed Period • Annual Income for a Fixed Period • Proceeds Held at Interest Only
A Guaranteed Interest Rate of 1.50% is used in calculating payments for the Settlement Options. National Western Life may, at its option, use an Interest Rate that is higher than the Guaranteed Rate. Consult the Policy for complete details of these options. Death Benefits At the death of the Annuitant before the Annuity Date, the Beneficiary may choose to receive the Account Value and the Bonus Value as a single sum or paid out under an available Settlement Option. At the death of the Annuitant after the Annuity Date, the Beneficiary will receive any unpaid guaranteed amounts under the Settlement Option in force on the date of death. No other death benefits will be paid. Spousal Continuation Benefit: If the surviving spouse is the named Beneficiary and the Owner dies, the surviving spouse may become the Owner and continue the annuity and the income tax-deferral.
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