Access to your money
Occasionally, unexpected situations arise where you may need access to your money. If that happens, you have options.
Take withdrawals from your account value Free withdrawals : you can take 10% of the total premiums during the first contract year. After the first contract year, you may take 10% of the last contract anniversary value. Both options are free of surrender charges and any applicable Market Value Adjustment (MVA). You have full access to the account value in your annuity after ten years, depending on which product you choose. Partial or full withdrawals : you have the flexibility, should you need it, to take more than your free withdrawal amount. If you elect to withdraw more, please note that surrender charges and a MVA may apply. Turn your annuity into an income stream You also have the option to annuitize your contract. Target Growth 10 ® offers several options to provide you with guaranteed income for you, or you and your spouse.
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Surrender charge exceptions
Required minimum distributions (RMDs)
If you are required to take a RMD, and that RMD is more than your 10% free withdrawal, you may take the entire RMD without a surrender charge.
Bailout provision
You may make a one-time partial or full withdrawal from your annuity without a surrender charge or market value adjustment if the renewal cap rate for the S&P 500 1-year point-to-point with cap index strategy falls below the bailout cap rate.
Nursing home/terminal illness 1
You may withdraw money from your annuity without a surrender charge to pay for an eligible nursing home or hospice care.
Withdrawals are taxed as ordinary income and, if taken prior to age 59½, there may be a 10% federal tax penalty. Withdrawals will reduce any protection benefits and may result in a surrender charge or a MVA. 1 Must meet certain criteria. Subject to state availability. Please refer to the contract for details.
TG10CB
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