What are the GIA minimum and maximum premium amounts?

The minimum premium required to open a GIA policy is $5,000. Anything over $1,000,000 requires a Home Office approval prior to application.

Can I add additional money to the GIA Annuity?

Yes, additional premium may be added to the annuity during the first contract year.

What is the Interest Rate on the GIA Annuity?

Interest on the Initial Purchase Premium is calculated based off a participation rate of LIBOR and recalculated every 3 months. The participation rate is guaranteed for the initial guarantee period of 2 years. After the initial guarantee period, the participation rate is subject to change on each contract year and is guaranteed for the that contract year.

Interest on Subsequent Purchase Premium is a fixed rate during the initial guarantee period of 2 years. After the initial guarantee period, Subsequent Purchase Premium will earn interest the same as the Initial Purchase Premium.

What is the LIBOR?

LIBOR is the acronynm for London Inter-Bank Offered Rate, which is a benchmark rate used throughout the world and closely follows the US Federal funds Rate. The LIBOR is also used as a measure of trust in the financial system and reflects the confidence banks have in each other's financial health. Find out more here: LIBOR

Can I make withdrawals without penalty?

During the first contract year of the Surrender Period, the RMD may be with withdrawn without any penalty on IRA funds. After the first contract year, 10% of the Purchase Premium may be withdrawn without any penalty each contract year. No penalties apply to any distribution or surrender after the Surrender Period.

What happens if I need to withdraw more than the penalty free amount?

Durring the Surrender Period, any withdrawal in excess of the penalty free amount will have Surrender charges, Market Value Adjustment and any non-vested premium bonuses apply. When you are applying for the GIA annuity, you may elect to have either a 10 year surrender period or a 14 year surrender period.

What happens to my annuity at the end of my surrender period?

Once the surrender period is over there are no surrender charges, Market Value Adjustment, or any non-forfeiture of premium bonus. Your annuity will continue to earn interest defered until a death benefit is paid, withdrawal or surrender is processed, or request is made for guaranteed income to begin depending on the rider that is selected. 

Would I be able to take money without penalty during the surrender period if I have significant changes to my health?

The GIA annuity does allow for withdrawals to be made without any penalty if you are confined to a Nursing Home for 90 consecutive days or been diagnosed with a medical condition which a physician certifies has reduced your life span to 12 months or less. *Restrictions may apply.

What riders are available with the GIA Annuity?

There are three riders that are available to be elected with the GIA annuity. One rider must be elected at the time of application. The three riders are:

• Guaranteed Lifetime Withdrawal Benefit Rider: Provides a guaranteed stream of income.
• Legacy Benefit Rider: Provides the potential to have a higher death benefit for beneficiaries.
• Accumulation Benefit Rider: Provides the opportunity for growth while providing  some of the benefits of the other riders including a guaranteed stream of income and potential to have a higher death benefit.

What are the issue ages for the GIA?

The issue ages are dependent on the rider that is elected. The issue ages for each rider are as follow:

• Guaranteed Lifetime Withdrawal Benefit Rider: 40-85
• Legacy Benefit Rider: 45-85
• Accumulation Benefit Rider: 0-85

Do I receive a Premium Bonus with the GIA Annuity?

If the Legacy Benefit Rider or the Accumulation Benefit Rider are elected at the time of application, a premium bonus is deposited to the Accumulation Value and the Benefit Base Value.

Legacy Benefit Rider

Accumulation Benefit Rider:

*If the Guaranteed Lifetime Withdrawal Benefit Rider is elected, an 8% bonus is deposited to the Income Account Value. No Premium Bonus is deposited to the Accumulation Value with this rider.

When would a death claim be paid to my beneficiary(ies)?

A death claim is paid when any owner passes away. Each beneficiary would need to complete the Claim Form.

What is paid to my beneficiaries and what options do they have at the time of death?

The entire Accumulation Value is paid to the beneficiary(ies) at time of death. Each beneficiary is able to elect one of the following options:

• Lump Sum
• Deffered payout within 5 years
• Period certain periodic payments with a minimum of 5 years
• Life periodic payments for the life of the beneficiary
• Life periodic payments with a guaranteed period certain

* Please see Legacy Benefit Rider and Accumulation Benefit Rider Inserts for more information regarding the Legacy Benefits.

How old do I have to be to elect to start the guaranteed income payments?

With both the Guaranteed Lifetime Withdrawal Benefit Rider and the Accumulation Benefit Rider, the owner must be at least 50 years old before they may begin income payments.

Am I able to get more than my guaranteed income payments in a time of need?

Yes, after a waiting period, if you are ever unable to perform two of the six activities of daily living, you may request to double your income payments for up to 5 years. After 5 years, the income payments will go back to your original guaranteed amount.