Product Details



  Return to Compare Products


DISCONTINUED PRODUCT - Product not available to new enrollees.

Advantage III
Product ID: 5

Vendor:
Global Atlantic Financial Group
Type:
Variable Annuity 
Discontinued Discontinued


$130
0%
7 Years / 6.00%
No





Advantage III has 55 variable subaccount options, a fixed account,. The subaccounts are offered through ten quality investment management companies. Transfers between subaccounts are permitted and are subject to limitations. Restrictions apply to transfers into and out of the fixed account. Product features include an Extended Care Waiver, Guaranteed Death Benefit, Dollar Cost Averaging, Automatic Asset Rebalancing, Systematic Withdrawals, Loans and various Annuity Payout Options. Employees can also select to add an Optional Death Benefit Rider at enrollment, for an additional fee. No sales charge is deducted from purchase payments.

Select the topics below to expand and view additional product details


Automatic Asset Rebalancing, can be established with a specific investment mix and have the account automatically adjust the assets on a monthly, quarterly, semi-annual, or annual basis. Transfers will periodically be made automatically between accounts to achieve a policyholder's predefined asset allocation and occur based upon a requested beginning date.
This option places a stated amount of the initial deposit into an account of the participants choice. On a regular basis an equal portion of the DCA account is redirected into the chosen subaccounts.

Loans are permitted, provided the loan requested is in compliance with all IRS rules and regulations pertaining to loans under Sections 403(b). Minimum $1,000, no annual administrative or set up charge. There are no fees charged for processing loan requests or administering outstanding loans. Loans are charged an interest rate of 5.5% and credited 3% upon repayment.

Riders are amendments to the annuity contract that typically add to your costs. make sure you inquire about any additional costs. The following riders exist for this product:

Withdrawal charges will not be assessed when a total or partial withdrawal is requested in a form satisfactory to the Company if the participant is disabled. Disability must begin after the issue date of the contract and prior to age 65. Charges will not be waived when disability is due to substance abuse, mental or personality disorders without a demonstrable organic disease. "Disability" is defined as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death, or which has lasted or is expected to last, for a continuous period of not less than 12 months.
SafeGuard & SafeGuard Plus:
SAFEGUARD: provides an annual step-up of contract value for determining the death benefit. Max Issue Age: Before 81st birthday. Benefit Value is the greater of the following less loans & withdrawals: 1) Contract Value 2) Purchase payments or 3) Step-up death benefit. = the issue date the Step-up Value is equal to the initial purchase payment; and on each contract anniversary after the first, the annual step-up value is the highest ann. value before the owner's 81st birthday) SAFEGURD PLUS: Same three definition as SAFEGUARD or 4) Roll-up value defined as the total amount of purchase payments accumulated at 5% annual effective interest to the owner's 80th birthday capped at 200% of the purchase payments. See prospects for full information.
The Company will pay the full monthly income while both the annuitant and joint annuitant are alive. Upon the death of either annuitant, we will continue to pay a percentage of the original monthly payment. The percentage must be selected at the time the annuity option is chosen. The available percentages are 50%, 66 2/3%, 75% and 100%.
The Company will make monthly payments while the annuitant is alive.
The Company will make monthly payments for a 10-year certain period and for as long as the annuitant is alive.
The participant may take entire value prior to annuitization.
The Company will make monthly payments for minimum is 10 years and max is 20
Company Declared. Joint & survivor with period certain.:
COMPANY DECLARED: May make other annuity options available. Payments are also available on a quarterly, semi-annual, or annual basis. JOINT AND SURVIVOR W/ PERIOD CERTAIN: Monthly payments for a 10-year certain period and thereafter while the annuitants are alive. Upon the death of either annuitant, we will continue to pay a percentage of the original monthly payment. The percentage must be selected at the time the annuity option is chosen. The available percentages are 50%, 66 2/3%, 75% and 100%.


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

0.30% Annually Percentage of Annual Assets Yes No No
Fee Waiver
Does not apply to funds in the general account.

1.00% Annually Percentage of Annual Assets Yes No No
Fee Waiver
Does not apply to funds in the general account.

Surrender Charges

Surrender Period* Surrender Percentage
1 6.00%
2 5.00%
3 4.00%
4 3.00%
5 2.00%
6 1.00%
7 0.00%

*Expressed in contract years


Surrender Penalty Charge assessed on a "rolling" basis: Each deposit to the Advantage III annuity is subject to a six year declining early withdrawal charge schedule. The early withdrawal charge begins at 6% in the first deposit year and decreases 1% each year to reach 0% at the end of the sixth year fol
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
Disability:
Yes
Attainment of Age:
59
Nursing Home or Other Medical Expenses:
Yes
Other Restrictions:
EXTENDED CARE WAIVER: withdrawal charges are waived if the annuitant has been continuously confined to a Hospital/Skilled Health Care Facility for at min 90 consecutive days prior to the of request for withdrawal. Also waived on withdrawals and surre

Subaccounts


Fixed Investment Options

Variable Investment Options


add to Compare Compare

Compare up to 3 products
Compare up to 3 products
Product Name
Type

()
  Add to Favorites In Favorites Remove from List


add to Favorites Favorites

There are currently no favorites
10 maximum per product type
Product Name
Type

()
  Add to Favorites In Favorites Remove from List