Preferred Plus
Product ID: 6
$0
9 Years / 8.00%
No
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Address: - Product Details
- Fees and Charges
- Investment Options
Preferred Plus is a flexible premium, fixed and variable deferred annuity with a 4% purchase payment bonus with no up-front sales charges.Has 51 variable investment options are offered through ten quality investment management companies, a fixed account, and an enhanced dollar cost averaging account. Transfers between subaccounts are permitted and are subject to limitations. Restrictions apply to transfers into and out of the fixed account. Product features incl an Extended Care Waiver, Guaranteed Death Benefit, Dollar Cost Averaging, Automatic Asset Rebalancing, Systematic Withdrawals, Loans and various Annuity Payout Options. An Optional Death Benefit Rider is availble at enrollment, for an additional fee. An Optional Asset Allocation Service may also be available for an additional fee.
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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:
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.
COMPANY DECLARED: CILAAC may make other annuity options available. Payments are also available on a quarterly, semi-annual, or annual basis. JOINT AND SURVIVOR W/ PERIOD CERTAIN: CILAAC will make 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%.
| Investment Year | Bonus Rate |
|---|---|
| 1 | 4% |
| 2 | 4% |
| 3 | 4% |
| 4 | 4% |
| 5 | 4% |
| 6 | 4% |
| 7 | 4% |
| 8 | 4% |
| 9 | 4% |
| 10 | 4% |
| 11 | 4% |
| 12 | 4% |
| 13 | 4% |
| 14 | 4% |
| 15 | 4% |
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.
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 8.00% |
| 2 | 8.00% |
| 3 | 7.00% |
| 4 | 6.00% |
| 5 | 5.00% |
| 6 | 4.00% |
| 7 | 3.00% |
| 8 | 2.00% |
| 9 | 0.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
