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  • Variable Annuities

What every policy holder should know about their VA

Reviewing your variable annuity is very important. Please reference your Prospectus or current annuity provider for this specific information regarding your account.

Variable Annuity: A contract between a client and policy holder in which the insurer agrees to make payments at some future date. The contract holder can choose to invest their premium in a variety of investment options, typically linked to mutual funds. The value of your account will vary depending on the performance of the investment options chosen. 

Definitions:

Mortality and Expense: This charge is equal to a certain percentage of your account value, typically between 1%-1.40%. This charge compensates the insurance company for insurance risks it assumes under the contract.

Administrative Charge: The insurer may deduct charges to cover record-keeping, customer service, and other administrative expenses. This may be charged at a fixed amount or a percentage of your account value.

Subaccount Fees: These are fees that are paid indirectly by the contract holder for the Management of the underlying investment options of your variable annuity. Subaccount fees vary by contract and underlying investment options—please consult your Prospectus for complete details.

Guaranteed Minimum Withdrawal Benefit Rider: This benefit ensures that a contract owner will receive a guaranteed income stream regardless of investment option performance. Payments can be guaranteed for a specified period or for the lifetime of the contract owner. Rider charges may be re-evaluated by the Company—please consult your Prospectus for complete details.

Guaranteed Death Benefit Rider: This benefit guarantees the beneficiaries a guaranteed “minimum” return in the event of death regardless of subaccount performance. Rider charges may be re-evaluated by the Company—please consult your Prospectus for complete details

EXPENSES

Mortality and Expense: ____________________________________

Optional Rider Fees:

Do you have an Income Riders, if so what is the fee? ____________________________________

Do you have a Death Benefit Rider, if so what is the fee? _________________________________

Other Optional Riders: ____________________________ Fees: ___________________________

Money Manager Fees (within the variable sub-accounts): _________________________________ 

Surrender Charge Schedule:

CONTRACT INFO

Current Annuity Company: __________________________________Date of Deposit: _______________

Accumulation Value:__________________________________ Death Benefit: ______________________

Surrender Value: ___________________________________ Income Value: _______________________

Qualified  Non-Qualified  Basis: ____________________________________

What was the your primary purpose for purchasing this annuity? (Check all that apply)

Tax Deferral  Safety  Income in future

 Pass Assets to Heirs   Higher Rate Than Alternatives  Don’t Really Know

Other: ____________________________________

Has your objective for this annuity changed?   Yes   No 

If YES, what is the new objective?