DISCONTINUED PRODUCT - Product not available to new enrollees.
Goal Planning Annuity
Product ID: 102
Type:
Variable Annuity
Discontinued 
$235
0.85%
10 Years / 8.00%
Yes
Roth Eligible
Add to Compare
Add to Compare
Add to Favorites
Add to Favorites
Set as My Product
Set as My Product
E-mail: 
Address: - Product Details
- Fees and Charges
- Investment Options
Marketed under the name Goal Planning Annuity, this variable annuity offered by Horace Mann Life Insurance Company provides approximately 40 variable investment options along with a fixed account. The customer can select from either a 5-year or a 9-year surrender charge period. If a 9-year period is selected, a 2% premium bonus applies to all premiums received in the first contract year. A minimum death benefit guarantee is provided as well as enhanced death benefit options. Dollar Cost Averaging and Asset Rebalancing are provided.
Select the topics below to expand and view additional product details
Asset allocation is a strategy for managing your investment portfolio. You decide how much to allocate into each investment type, also called asset class, based on your risk tolerance and your financial goals. This annuity offers a fixed account and over 40 variable investment options comprising all the Morningstar asset classes. The minimum allocation to each investment option is $100. You can allocate your current premiums amongst up to 24 investment options at a time.
Rebalancing is the periodic adjusting of investment option balances to maintain a pre-established asset allocation strategy. You may request a rebalancing of your portfolio either once or on a periodic basis. For periodic rebalancing requests, you may select from a quarterly, semiannual or annual period. You may rebalance your portfolio value into as many as 10 other investment options.
Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities is averaged over time and possibly over various market cycles. You may preschedule a series of transfers from the fixed account and between the variable investment options to take advantage of dollar cost averaging. You may select from a 3-month, 6-month or 12-month period to complete the DCA program. You may transfer value from one existing investment option into as many as 10 other investment options.
Loans against the fixed account value are available starting at issue of the policy. The minimum loan amount required is $500. The maximum loan amount is limited by (1) Internal Revenue Code limits, or (2) $50,000 or (3) 50% of the fixed surrender value. You must repay the loan within five years unless the loan is to be used to acquire or build a dwelling unit that will be used as principal residence, in which case the repayment period can be as long as 25 years, subject to a minimum quarterly repayment of $250. The term of the loan cannot extend beyond age 70.
The company provides for the payment of Internal Revenue Code Required Minimum Distributions based on the value of this contract. Surrender charges would not apply.
Yes
The company provides (1) Joint with 50% to the Survivor, (2) Joint with 67% to the Survivor, and (3) Joint with 100% to the Survivor. This option can be elected anytime after issue of the contract. This option is available on either a fixed or variable payout basis. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of both annuitants.
The company provides a lifetime income on the life of one individual. This option can be elected anytime after issue of the contract. This option is available on either a fixed or variable payout basis. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of the annuitant.
The company provides a lifetime income on the life of one individual. A Period Certain of 10, 15 or 20 years can be selected. This option can be elected anytime after issue of the contract. This option is available on either a fixed or variable payout basis. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Upon the death of the annuitant before the end of the Period Certain, annuity payments would continue to be made to the beneficiary until the end of the selected Period Certain.
The company provides a lifetime income on the life of one or two individuals whereby a refund of the original consideration less payments made to-date is guaranteed. This option can be elected anytime after issue of the contract. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Upon the death of the annuitant(s), payments will continue to the beneficiary until the refund amount is exhausted.
The company provides a lump sum option. This is in essence a surrender of the contract. This option can be elected anytime after issue of the contract. Surrender charges would apply when this option is selected.
The company provides a Period Certain settlement option whereby the annuitant can select payments to be made for a specified period of time. The specified period can be as short as five years if the payments extend beyond the surrender charge period, and as long as 30 years. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments have begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
Fixed Amount:
The company provides a settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that the payments extend beyond the surrender charge period. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments have begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
The company provides a settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that the payments extend beyond the surrender charge period. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments have begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
Additional Bonus Credit
For customers who select the 9-year surrender charge period, the contract provides a premium bonus of 2% in the first contract year as shown below.
| Investment Year | Bonus Rate |
|---|---|
| 1 | 2% |
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
$25.00 | Annually | Flat Dollar Amount | Yes | No | No |
|
|
1.25% | Annually | Percentage of Annual Assets | Yes | No | No |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 8.00% |
| 2 | 7.50% |
| 3 | 7.00% |
| 4 | 6.00% |
| 5 | 5.00% |
| 6 | 4.00% |
| 7 | 3.00% |
| 8 | 2.00% |
| 9 | 1.00% |
| 10 | 0.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Percent of contract value:
10.00%
Death:
Yes
Disability:
Yes
Customers who select the 5-year surrender charge period will only be subject to the charges shown above for surrender periods 1 through 5. All remaining surrender period's charges will be zero. These customers will not be eligible for the premium bon
