With Eagle Select® Focus 7, you have access to the money in your annuity. Eagle Life provides withdrawal flexibility. Free withdrawals Each year (after the first contract year), you can take free withdrawals* up to 10% of the contract value. Death benefit The death benefit is paid to the surviving joint owner. If there is no surviving joint owner, the proceeds are paid to the named beneficiary(ies) with no surrender charges. MONEY ACCESS OPTIONS AND FEATURES
ADDITIONAL PRODUCT DETAILS
Withdrawal and surrender charges
Schedule (age 18-85)
Contract year
1
2
3
4
5
6
7
8
Surrender charge percent
8% 8% 7% 6% 5% 4% 3% 0% 8% 7.5% 6.5% 5.5% 4.5% 3.5% 2.5% 0%
California surrender charge percent
Market Value Adjustment (MVA) This product includes a Market Value Adjustment (MVA). An MVA may increase or decrease the amount of a withdrawal in excess of the free withdrawal amount or the surrender value. The MVA does not apply to free withdrawals, any death benefit, the MGSV or any distributions occurring after the surrender charge period has ended. In general, as the MVA Index 4 increases, cash surrender values decrease. As the MVA Index decreases, cash surrender values increase. The maximum MVA (up or down) equals the lesser of the contract value minus the unadjusted surrender value of the contract or the unadjusted surrender value of the contract minus the MGSV. Key terms Annuitization: Conversion of the Cash Surrender Value of the annuity into regular guaranteed income payments. Contract Value: The total of the values in the annuity contract. Death Benefit: The greater of the Contract Value or the Minimum Guaranteed Surrender Value. Available Death Benefit payment options are listed in the annuity contract. Minimum Guaranteed Surrender Value (MGSV): At no time will the Surrender Value of the contract be less than 90% (91% in CA) of premium received, less any withdrawals, accumulated at the minimum guaranteed interest rate. Penalty Free Withdrawal: Opportunity each year, after the first contract year, to take withdrawals up to 10% of the Contract Value, without expense. Withdrawals are subject to income taxes. Partial Withdrawal: Available at any time, for partial distribution over the Free Withdrawal amount. Surrender Charges and minimum values will apply. Surrender: Termination of the contract in exchange for the Surrender Value. Surrender Charge: Fee charged, when applicable, for full or partial distribution over the Free Withdrawal amount. Surrender Value: The greater of the Contract Value minus any Surrender charges; or the Minimum Guaranteed Surrender Value Withdrawal Charge: An amount subtracted from the Contract Value if requested at a time when the Withdrawal Charges apply.
*Partial withdrawals over the free withdrawal amount may result in withdrawal charges.
6
Eagle Select® Focus 7
Made with FlippingBook - Share PDF online