Annuitization
Conversion of the Cash Surrender Value of the annuity into regular guaranteed income payments. The BAV is the value used to calculate lifetime income payments and enhanced death benefits. The initial BAV is the initial premium paid plus the BAV Bonus. The amount paid to the contract owner by American Equity when the contract is surrendered.
Benefits Account Value (BAV)
Cash Surrender Value
Contract Value
The total of the values in the annuity contract.
Death Benefit
The greater of the Contract Value or the Minimum Guaranteed Surrender Value. Available Death Benefit payment options are listed in the annuity contract. Beneficiary may elect to receive the enhanced death benefit in place of the death benefit provided under the base contract. The beneficiary may choose to receive the enhanced death benefit as either a single lump-sum payment or a series of payments over a period of five years. Opportunity each year, after the first contract year, to take withdrawals up to 10% of the total premiums paid, without expense.
Enhanced Death Benefit
Free Withdrawal
15
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