Access to Value During your lifetime, you may receive money from your annuity in several ways.
How do I get income (payouts) from my annuity ? You can ask to convert your annuity to a periodic income (a series of payments) at any time. If you do so prior to the end of the third Policy Year, we will calculate the income using the Cash Value. If you do so after the third Policy Year, we will calculate the income using the Accumulation Value. You may choose how long income payments are to be made. Your current choices are: • Designated period of time: Guarantees income for the designated period, available for periods of five to years. • Life: Guarantees income for as long as you live. • Life income with a period certain: Guarantees income for as long as you live or for a chosen period certain, whichever is longer. If you die within the period certain, the income continues to your beneficiary for the remainder of the period certain. Periods certain are years or years. • Joint and survivor life: Guarantees income for as long as you or your designated joint annuitant live. Can I take a loan from my annuity? If you purchase RetireMax Secure as a (b) or (b) and your employer’s plan permits loans, you may request a personal loan, while pledging your annuity as collateral. Although no administrative fees are deducted, loans are subject to IRS rules, guidelines and limitations, and any limitations in applicable plan documents. You will be provided with a repayment schedule.
You may make a full or partial withdrawal, you may qualify for a loan if you purchased the annuity within an employer’s retirement plan, or you may request that your annuity be converted to periodic income. These benefits will be based on either the Accumulation Value or the Cash Value of your annuity. The Accumulation Value of your annuity equals your premium, plus credited interest, minus any partial withdrawals taken and Withdrawal Charges assessed. The Cash Value of your annuity is equal to the Accumulation Value less applicable Withdrawal Charges. What happens if I take out some or all of the money from my annuity? When you take money from your annuity in the first five years, you may incur a Withdrawal Charge. The amount of the charge depends on how long you’ve had the annuity and how much you withdraw. Withdrawals in the first Policy Year are subject to a Withdrawal Charge. After the first Policy Year, you may withdraw in any one year up to % of the Accumulation Value without incurring a Withdrawal Charge.
Withdrawal Charges
Policy Year
+
Charge
%%%% %
Withdrawal Charges do not apply to any death benefit paid.
TC
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