Bankers Elite Design Features Refer to Bankers Elite Disclosures and Policy Form for specific policy details. This brief summary outlines and compares the major product features. Ask your licensed professional for product details, current interest rates and applicable participation rates and cap rates.
Elite 3
Elite 5
Elite 7
Elite 9
Current Rate Guarantee
3 Years
5 Years
7 Years
9 Years
0-90 (0-75 IN CA & FL)
0-90 (0-75 IN CA & FL)
0-85 (0-70 IN CA & FL)
0-80 (0-65 IN CA & FL)
ISSUE AGES
At the end of the Initial Guarantee Period you select, you may renew your ELITE annuity for another Guarantee Period for the same length of time you selected when you initially purchased the contract. If you do nothing, the contract will continue otherwise unaffected until you provide us with written notice. Minimum 10,000 Amounts over $500,000 require prior company approval of Jumbo Questionnaire.
RENEWAL
PREMIUM LIMITS
Qualified or Non-Qualified Funds (not available as 403(b) or SIMPLE IRA) Qualified only in CO, ME, SD & WY
USE
GUARANTEED MINIMUM INTEREST RATE
The minimum rate is determined each policy year based on a formula using the five-year constant maturity treasury rate. The rate may not be less than 1% or more than 3%. Most suitable for those seeking higher rates; not needing liquidity, except Required Minimum Distributions (RMDs), during initial rate guarantee period and desiring full liquidity and control after surrender charges expire. No automatic renewal of surrender charges. Cash Surrender Value. Surviving spouses may elect to continue the policy as their own and avoid surrender charges. Non-spousal beneficiaries may reduce or avoid charges by deferring payment or taking a periodic income. CA Only: Death Benefit equals Accumulation Value for policies issued ages 65 and above. FL Only: Death Benefit equals Accumulation Value for policies issued at all ages.
SUITABILITY COMMENTS
DEATH BENEFIT (ANNUITANT/OWNER)
MAXIMUM WITHDRAWAL CHARGES (%)
7.9, 7.0, 6.2, 5.3, 4.4, 0
7.9, 7.0, 6.2, 5.3, 4.4, 3.5, 2.7, 0 7 Years No MVA in PA & MO
7.9, 7.0, 6.2, 5.3, 4.4, 3.5, 2.7, 1.8, 0.9, 0 9 Years No MVA in PA & MO
7.9, 7.0, 6.2, 0
MARKET VALUE ADJUSTMENT PENALTY FREE WITHDRAWALS HEALTH WAIVER BENEFITS
3 Years No MVA in PA & MO
5 Years No MVA in PA & MO
No Penalty Free Withdrawals during Surrender Charge Period, except Required Minimum Distributions (RMDs) after the first policy year. Thereafter 100% liquid.
None
Not FDIC Insured • Not Insured by any Federal Government Agency
LBIG-1022-CBE1
5
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