GUARANTEED MINIMUM SURRENDER VALUE (GMSV)
The amount payable to you if you surrender your contract will never be less than the Guaranteed Minimum Surrender Value (GMSV). The GMSV is based on 87.5% of purchase payments, plus interest credited daily at the GMSV rate. Ask your financial professional for the rate that will apply to your contract. It’s important to remember the GMSV is reduced by prior withdrawals. The GMSV will not be less than the minimum values required by the NAIC Standard Nonforfeiture Law for Individual Individual Deferred Annuities, model #805.
INCOME PAYOUT OPTIONS
Fixed period: You receive payments for a fixed period of time that you select.
Life or life with a minimum fixed period: You receive payments for life. If you select a minimum fixed period of time and pass away before the end of the period, the remaining payments are paid to the person you designate. Joint and one-half survivor: Payments are guaranteed for your life and the life of a designated joint annuitant. If you are survived by the joint annuitant, he or she will receive 50% of the payment for life. Extended care waiver rider: After the first contract year, if you are confined to a nursing home or long-term care facility for at least 90 consecutive days, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. Terminal illness waiver rider: After the first contract year, if you are diagnosed by a physician as having a terminal illness, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. A terminal illness is defined as having a prognosis of survival of 12 months or less, or a longer period as required by state law. Extended care and terminal illness waiver riders are not available in Massachusetts. In California, the Extended Care Waiver Rider has been replaced with the Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider, which provides for a waiver of early withdrawal charges under an expanded variety of circumstances.
INCLUDED WAIVER RIDERS
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