Age
The age attained as of a person’s last birthday.
Annuitant(s)
The person(s) on whose life or lives annuity payments are based. You cannot change the Annuitant(s), except as provided by the provisions of this contract.
Beneficiary
The person(s) or entity(ies) you designate to receive any Death Benefit under this contract.
Account Value
The total of the Single Premium received plus interest earned less Withdrawals/partial Surrenders.
Contract Year
Each 12-month period starting on the Issue Date and each anniversary of the Issue Date thereafter, while this contract is in force.
Death Benefit
The benefit that will paid if the Owner dies before the Income Date.
Income Date
The date that annuity payments begin under a Payment Option.
Issue Date
The date on which the Single Premium is used to issue the contract.
Maturity Date
The latest Income Date on which annuity payments under a Payment Option must take effect.
Minimum Account Value
$2,000 must be kept in the annuity to keep it open.
Owner
The person or entity named in the contract is entitled to exercise all rights and privileges of Ownership under the contract.
Payment Options
The options identified in the payment options provision of the contract for an election to receive annuity payments.
Penalty-Free Withdraw
Any withdrawal that is not subject to a surrender charge or Market Value Adjustment.
Qualified Contract
A contract that qualifies under the Internal Revenue Code as an individual retirement annuity (“IRA”) or a contract purchased with funds from a retirement plan that meets the requirements of Internal Revenue Code sections 401(a), 403(a), 403(b), or certain deferred compensation plans under section 457. If this contract is a Qualified Contract, we will attach a rider or endorsement to this contract to establish that it is a Qualified Contract. In addition, if this contract is a Qualified Contract, certain provisions required by the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or other applicable laws may limit the Owner’s rights under this contract.
Required Minimum Distribution
The required distribution for this contract is calculated according to the Internal Revenue Code for certain tax-qualified plans.
Spouse
The person to whom the Owner is legally married.
Surrender Charge
The amount that is subtracted from the Account Value when Withdrawal or Surrender, is paid prior to the Income Date. The Surrender Charge is waived during the Renewal Windows and as provided by any Rider(s) attached to this contract. The Surrender Charge is equal to the Account Value withdrawn times the applicable Surrender Charge Percentage.
Surrender Value
The amount that will be paid to the Owner when Surrendering this contract on or before the Income Date.
Withdrawal
Any amount withdrawn by the Owner from the Account Value, including but not limited to a Surrender Charge or Market Value Adjustment.
Do I have access to my money?
Yes, through the penalty-free withdrawal feature with vary depending on the product you purchased. You are also able to start an income stream for a specific period of time or for your lifetime through the annuitization benefit.
