To adapt to your changing needs, you can wait until you elect to start receiving income payments to choose the payout option—level or increasing—and whether income is based on a single life or two lives (the joint spousal option). Guaranteed Phase This phase begins when all the funds in your ApexAdvantage policy have been paid and your accumulation value has been reduced to $0. During this phase, rider charges will no longer apply and you will continue to receive lifetime payouts. Rider Charge A rider charge is assessed monthly against the policy accumulation value. The rider charge is equal to the annual rider charge rate (shown below), divided by 12, times the rider charge base. During the accumulation phase, the rider charge base is equal to the premium accumulation value at the time the rider charge is assessed. During the withdrawal phase, the rider charge base is equal to the benefit base at the time the rider charge is assessed.
FutureNow Rider: 1.25% FutureNow Rider With Booster: 1.35%
The rider charge rate may change after the first 10 policy years but will never be greater than the maximum rate shown on your policy. If the policy’s accumulation value reaches $0, rider charges will no longer apply. Should your circumstances change and you no longer need ongoing income, you may terminate the rider after the policy’s fifth anniversary. Once the rider is terminated, rider charges cease, and the rider may not be reinstated.
Mount Oberlin and Mount Cannon, Glacier National Park, Montana
13 APEX ADVANTAGE | MODIFIED SINGLE PREMIUM DEFERRED INDEX ANNUITY
Made with FlippingBook - Share PDF online