Family Legacy
Guarantee and protect the legacy your clients leave their beneficiaries
Should the annuitant pass away before they begin receiving payouts from their annuity, the full value of their annuity will be payable to their designated beneficiary (ies). The death benefit will be equal to the greater of their contract’s Cash Surrender Value or the Accumulation Value, plus interest not yet credited for the Term. Neither Withdrawal Charges nor a Market Value Adjustment will be applied to the death benefit.
If one of your clients’ goals is to leave a legacy for their loved ones, they may elect to add the Family Endowment Rider™ to their contract. The patent pending Family Endowment Rider™ is referred to in the contract as the Enhanced Death Benefit Rider. The Family Endowment Rider™ can help protect their interest against market volatility and potentially increase the overall value for your beneficiaries.
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The Family Endowment Rider™ guarantees a death benefit floor for their contract. If they elect the rider, the death benefit paid to their beneficiary(ies) will be the higher of the contract’s calculated death benefit (including all interest to date) or the rider’s floor amount. The rider benefit amount shall be equal to the premium accumulated at an effective annual interest rate of 4 percent until the maximum age or the date the contract is terminated for any reason, whichever occurs first. After the maximum age, the rider benefit will not grow any further but will continue to be in place. Separate charges apply.
The Family Endowment Rider™ is not life insurance and any benefit payable under the rider will be taxable. Once the rider has been issued, the owner may not elect to terminate the rider for any reason. This rider is not available in all states.