Product Features
Renewal Feature
Terminal Illness Rider*
Thirty days prior to the end of guarantee period, you will have the option to elect to renew your annuity for another guaranteed interest rate period. Depending on your circumstances and financial goals at that time, this convenient option assures you of a current, competitive interest rate and an easy transition to a new guarantee period. We will contact you with your options and provide a 30 day window for you to make a selection. If no election is made during this window, Clear Spring Life will automatically renew your annuity for the same guarantee period. If a withdrawal or surrender is made within this 30 day window, no surrender charges or market value adjustment will apply. After the 30 day window, a new guarantee period, guaranteed interest rate, surrender charge period and market value adjustment will be applied. Renewal rates for subsequent guarantee periods will be based on current, competitive interest rates and financial circumstances, and may differ from the initial guaranteed interest rate. The Renewal Feature is not available in Delaware. Should the need arise, the Preserve Multi-Year Guaranteed Annuity will provide full liquidity to assist with nursing home care expenses subject to the rider provisions which are: contract purchased prior to age 76 and inforce for a minimum of one year, followed by confinement to a nursing home for 90 continuous days. The Nursing Home Care Rider is not available in Massachusetts. Nursing Home Care Rider*
If the owner of the contract is diagnosed with a critical illness (heart attack, stroke or life threatening cancer) or is deemed terminally ill by a physician, the Preserve Multi-Year Guaranteed Annuity will provide full liquidity to assist with the additional expenses that may arise. Eligibility is subject to rider provisions which are: terminal illness; physician must certify that the owner’s life expectancy is nine months or less; for one of the critical illness conditions to take effect, the owner must be diagnosed after the contract has been inforce for at least one year; and the owner is not older than age 70.
How is the Agent Compensated?
We pay commissions and other sales expenses from our general assets and revenues. Through careful calculations and pricing, we establish the price of an annuity contract, which includes the compensation we pay for the sale of the annuity contract. This pricing also covers the cost of contract guarantees, other costs such as the design, manufacture and service of the contract, as well as the investment management needed to support the contract’s values. Agents earn a commission for each annuity contract they sell. The commission is generally a percentage of the premium you pay. The actual percentage and amount of commission paid will vary based on the specific circumstances of your purchase. The commissions paid to the agent will not be deducted from the account value.
* There is no charge or fee associated with either the Nursing Home Care or Terminal Illness riders. Availability and requirements may vary by state of issue. If any of these situations occur, a partial or full withdrawal will be available with no surrender charge or market value adjustment.
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