Sentences with phrase «annuity contract owner»

If the annuity contract owner passes away prior to the time that the insurance company has begun making income payments to the annuitant, then a named beneficiary will be guaranteed to receive at least a specified amount of money, which is generally the amount of the purchase payments, or the total amount of the premiums that were deposited.

The cash surrender value is the sum of money an insurance company pays to a policyholder or an annuity contract owner in the event that his or her policy is voluntarily terminated before its maturity or an insured event occurs.

A fee paid by a variable annuity contract owner for withdrawal of an amount that exceeds a specific percentage or for cancellation of the contract within a specified amount of time after purchase.

Named after Section 1035 of the Internal Revenue Code, a 1035 exchange allows life insurance policy owners (and annuity contract owners) to exchange an old policy (or contract) for a new one from a different insurance company without tax consequences.

Not exact matches

Owners of fixed indexed annuities (FIAs) with guaranteed living income benefit (GLIB) riders are much less likely to surrender their contracts than they were 10 years ago, according to new research based on 3.3 million policyholders.

A person or organization designated to receive the proceeds of an annuity contract after the owner dies.

A person or organization designated to receive the proceeds of an investment account (or an insurance policy, a pension, or an annuity contract) after the owner's death.

Allianz Life paid out more than $ 2.7 billion in benefits to its policyholders and contract owners via life insurance and annuity payments, up 4 percent from the prior year.

If the annuity owner died, you may have several options to receive your inherited annuity proceeds depending on the terms of the annuity contract, your relationship to the person who died, and when the owner died.

A variable annuity, like ALL other annuities, offer a guaranteed payment of income for the life of the annuitant (who may be different from the contract owner).

ForeAccumulation fixed index annuity includes a Guaranteed Minimum Accumulation Value (GMAV).2 This value has the potential to increase your contract value at the earlier of the first owner's death or at the end of the chosen withdrawal charge period, assuming no withdrawals have been taken.

While some types of annuities allow portions of the account value to be withdrawn for income needs, annuity owners typically can't withdraw the full account value in the early years of the contract without potentially paying a withdrawal charge.

Under the terms of our annuity contracts currently being issued, because the owner is not a natural person, a new annuitant may not be chosen.

However, a trust or corporation may be named the owner of an annuity contract, subject to certain restrictions.

-- If the sole beneficiary is the deceased owner's surviving spouse, the surviving spouse may continue the annuity contract by becoming the new owner.

A corporation may be named as owner of an annuity contract provided the following conditions are met: 1.

Under the terms of our annuity contracts currently being issued, the death of the owner, if different than the annuitant, will cause the accumulated value of the annuity, minus applicable withdrawal charges and Market Value Adjustment, to be paid to the designated beneficiary.

If the annuity owner died, you may have several options to receive your inherited annuity proceeds depending on the terms of the annuity contract, your relationship to the person who died, and when the owner died.

Fixed annuities earn a guaranteed † rate of return over the life of the contract, and offer contract owners the predictability of a guaranteed income stream and a way to grow assets without exposure to market volatility.

Owners of fixed indexed annuities (FIAs) with guaranteed living income benefit (GLIB) riders are much less likely to surrender their contracts than they were 10 years ago, according to new research based on 3.3 million policyholders.

These plans are funded solely with insurance products such as cash value life insurance or fixed annuity contracts, and the plan owner can often deduct hundreds of thousands of dollars in contributions to these plans each year.

This caused several variable annuity contracts to have a significantly higher death benefit (high water mark) than living benefit (walk away value) for the owner.

To fully understand annuities, the first important aspect to note is that, just like other insurance products, regardless whether we're talking about convertible term life insurance, whole life insurance, universal life insurance, etc., annuities are a contract between the policy owner and the insurance company.

Like other types of cash value life insurance policies which allow policy loans, most annuity contracts allow owners to borrow against the annuity contract's accumulated cash value.

Annuities are unilateral because the annuity owner is NOT legally obligated to maintain the contract.

Making a gift of an annuity contract potentially exposes the owner to both income and gift taxes under the current tax laws.

In addition to protecting the income stream, deferred annuity contracts provide death benefit protection in the event the owner dies prior to receiving payments, and this is a safeguard when deferring payments to obtain the tax advantages.

GOLD SERIES SAGE CHOICE SINGLE PREMIUM DEFERRED ANNUITY — PRODUCT OVERVIEW 6 Year Single Premium Deferred Annuity Issue Ages: 15 days — 90 years (age last birthday) Minimum Premium — $ 2,000 Maximum Premium — $ 500,000 per Owner Free Withdrawal Provision («Bailout Feature»): Included in the Contract Guaranteed Minimum Interest Rate: 2 % for the first 10 years and 3 % thereafter Contract Loan — Not Available for this product Free - Look Period — 30 days Death Benefit: Accumulation Value on the date of the Owner's death.

With regard to the required payout of a deferred annuity at death, all deferred annuity contracts issued since January 18, 1985 must pay out the contract value upon the death of the owner [IRC Sect. 72 (s)-RSB-.

The owners of these contracts who actually pay for such riders have the means to invest their funds in more aggressive manner, since the income they acquire from their annuities is normally dependent on the maximum value that their contracts attain before they are annuitized.

By naming the child as contingent owner, ownership of the annuity contract passes to his hands once you pass away, and he will be responsible for the tax payable thereafter.

Most annuities have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the annuity.

Because they are meant for long - term accumulation, most annuities have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the annuity.

Surrender charges may apply during the contract's early years in the event that the contract owner surrenders the annuity.

If the last owner dies before the annuity date, assets transfer to the beneficiary or beneficiaries named in the annuity contract.

Beyond the basic fees are the charges incurred each year if the annuity owner decides to add other benefits or features to the variable annuity contract.

If an annuity owner withdraws money from the contract in its early years (usually about six to eight years after purchase), the insurance company will impose a surrender charge on any amount that exceeds the annual free withdrawal amount (which is usually about 10 %).3

Those payments were ruled, in two Private Letter Rulings, as «amounts received as an annuity», provided that the contract owner chose a specific option in that product.

Without the optional death benefit, insurers will generally keep the premiums paid if the annuity owner dies, even if payouts have not yet begun and the contract is terminated.

The sole purpose of an annuity is to convert a lump sum payment (or series of payments) into a stream of income that is guaranteed for set period of time (usually the life of the contract owner or another chosen person referred to as the annuitant).

A person or organization designated to receive the proceeds of an investment account (or an insurance policy, a pension, or an annuity contract) after the owner's death.

An annuity contract entered into between an insurance company and an owner for the benefit of a designated group, such as retirement plan participants.

This contrasts with a variable annuity, which features accumulation or loss based on the performance of investment options selected by the contract owner.

Annuity, Variable An annuity that features accumulation or loss based on the performance of investment options selected by the contract owner.

Under the terms of our annuity contracts currently being issued, because the owner is not a natural person, a new annuitant may not be chosen.

A corporation may be named as owner of an annuity contract provided the following conditions are met: 1.

-- If the sole beneficiary is the deceased owner's surviving spouse, the surviving spouse may continue the annuity contract by becoming the new owner.

Under the terms of our annuity contracts currently being issued, the death of the owner, if different than the annuitant, will cause the accumulated value of the annuity, minus applicable withdrawal charges and Market Value Adjustment, to be paid to the designated beneficiary.

GOLD SERIES SAGE CHOICE SINGLE PREMIUM DEFERRED ANNUITY — PRODUCT OVERVIEW 6 Year Single Premium Deferred Annuity Issue Ages: 15 days — 90 years (age last birthday) Minimum Premium — $ 2,000 Maximum Premium — $ 500,000 per Owner Free Withdrawal Provision («Bailout Feature»): Included in the Contract Guaranteed Minimum Interest Rate: 2 % for the first 10 years and 3 % thereafter Contract Loan — Not Available for this product Free - Look Period — 30 days Death Benefit: Accumulation Value on the date of the Owner's death.

IRS Form 712 (also referred to as «IRS 712 Special Statement») is a statement that provides annuity contract values as of the date of an owner's death.