DISCONTINUED PRODUCT - Product not available to new enrollees.
Advisor Variable Annuity
Product ID: 33
Vendor:
Type:
Variable Annuity
Discontinued 
$251
1.16%
8 Years / 7.00%
Yes
Roth Eligible
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Address: - Product Details
- Fees and Charges
- Investment Options
SBG Advisor Variable Annuity is a low cost unbundled variable annuity available for purchase as a 403(b) without a lump sum initial investment. SBG Advisor provides 21 rider options and 46 investment optins managed by 16 investment managers so you and your advisor can develop an investment program designed to met your needs.
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Asset allocation models are available though the Morningstar Target Portfolios and Morningstar Guidance Online programs made available by the Security Benefit Group. Morningstar Target Portfolios allows you to choose from one of 27 model investment portfolios based upon your self assessment of your risk tolerance and investment timeline. Morningstar Guidance Online will recommend an asset mix based upon information you provide Morningstar.
Portfolio rebalancing is available monthly, quarterly and annually. (see prospectus for details)
Permitted from the fixed account or any variable subaccount on a monthly or quarterly basis. (see prospectus for details)
One loan permitted at a time. No more than two loans may be initiated during a 12 month period. Loan amounts are transferred to the fixed account. Loan balances are charge 5.5% and credited 3% upon repayment. (see prospectus for details)
Security Benefit will calculate and distribute annually the required minimum distribution amount for your contract with the company.
Yes
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:
Liquidity Riders:
This product provides two optional surrender charge riders and five optional withdrawal charge waiver riders. The optional surrender charge riders include 4-Year CDSD and 0 CDSC options. Withdrawal charge waiver options include; nursing home, disability, terminal illness, hardship, 10 and 15-year cliff and age 59 1/2 and 5 year waiver options. (see prospectus for details)
This product provides two optional surrender charge riders and five optional withdrawal charge waiver riders. The optional surrender charge riders include 4-Year CDSD and 0 CDSC options. Withdrawal charge waiver options include; nursing home, disability, terminal illness, hardship, 10 and 15-year cliff and age 59 1/2 and 5 year waiver options. (see prospectus for details)
Joint and Last Survivor. Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, Annuity Payments continue to the surviving Annuitant at the same or a reduced level of 75%, 66 2/3% or 50% of Annuity Payments as elected by the Owner at the time the Annuity Option is selected.
Periodic annuity payments will be made during the lifetime of the Annuitant. It is possible under this Option for any Annuitant to receive only one annuity payment if the Annuitant's death occurred prior to the due date of the second annuity payment, two if death occurred prior to the due date of the third annuity payment, etc. There is no minimum number of payments guaranteed under this option. Payments will cease upon the death of the Annuitant regardless of the number of payments received.
Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that if, at the death of the Annuitant, payments have been made for less than a stated period, which may be 5, 10, 15 or 20 years, as elected by the Owner, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the Annuitant's death after the period certain, no further annuity payments will be made.
Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that, if at the death of the Annuitant, the number of payments that has been made is less than the number determined by dividing the amount applied under this Option by the amount of the first payment, annuity payments will be continued to the Designated Beneficiary until that number of payments has been made.
The owner may on the Annuity Date receive withdrawal of contract value without the imposition of contingent deferred withdrawal charges.
Periodic annuity payments will be made for a fixed period, which may be from 5 to 20 years, as elected by the Owner. The amount of each annuity payment is determined by dividing Contract Value by the number of annuity payments remaining in the period. If, at the death of all Annuitants, payments have been made for less than the selected fixed period, the remaining unpaid payments will be paid to the Designated Beneficiary
Additional Bonus Credit
A purchase payment bonus is available by optional rider. You may select a purchase payment bonus of 3%, 4% or 5% of payments made during the first contract year. (see prospectus for details).
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
|
|
0.15% | Annually | Percentage of Annual Assets | No | No | No |
|
|
$30.00 | Annually | Flat Dollar Amount | No | Yes | No |
|
|
2.50% | Annually | Percent of Outstanding Loan Balance | No | No | No |
|
|
0.90% | Annually | Percentage of Annual Assets | No | Yes | No |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 7.00% |
| 2 | 7.00% |
| 3 | 6.00% |
| 4 | 5.00% |
| 5 | 4.00% |
| 6 | 3.00% |
| 7 | 2.00% |
| 8 | 0.00% |
*Expressed in contract years
Surrender Penalty Charge assessed on a "rolling" basis:
The amount of the charge will depend on how long your purchase payments have been held under the Contract. Each purchase payment you make is considered to have a certain "age," depending on the length of time since the purchase payment was effective.
Exceptions to the Surrender Charge:
Other Restrictions:
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
nursing home, disability, terminal illness, financial hardship, 10-year cliff and age 59 1/2 and 5 years surrender charge waivers are avaiable by optional riders
