How Does the American Classic Work? When you enter into a contract with American Life, you pay an upfront initial premium. In return, American Life grows that initial premium at a fixed, competitively high interest rate for a guaranteed number of years. This provides you with safe, stable and guaranteed returns. The interest earned is tax-deferred during the term, meaning you don’t pay income taxes until you make a withdrawal. This lets your account grow at its full potential. At the end of the guarantee period*, you can choose to either withdraw your initial premium along with your guaranteed return or roll your account into a new product.
* There is a 30-day window at the end of the guarantee period where the contract owner must initiate a transfer or withdrawal of the assets without incurring a penalty. The contract will automatically renew at the same term with a 5% surrender schedule for each contract year at a renewal rate to be set at that time.
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American Classic
American Classic
American Life & Security Corp.
American Life & Security Corp.
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