Questions & Answers
What is a market value adjustment (MVA) and when does it apply to me? When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact full Annuitizations (after the first year) or the Minimum Guaranteed Surrender Value. What options do I have to withdraw my money without penalties? You have the option to take up to 10% of your Accumulated Value as a free withdrawal each year after the first contract anniversary. At the end of your surrender charge term, you also have the option to withdraw up to 100% of the Contract Value. Rest assured that all required minimum distributions (RMD) withdrawn at least 30 days after the contract has been issued will not be subject to any penalties.
Worried about being locked in if rates fall? You have the option of withdrawing your Contract Value if the S&P500® annual point-to-point cap renewal rate falls below the stated bailout cap rate at contract issue.
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