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Summit – Product Overview (Continued)

Summit annuities:

  • May be issued as a non-qualified annuity, or as an IRA or other qualified account.
  • Contain a Market Value Adjustment (MVA) during the accumulation or surrender charge period. The MVA does not apply after the original surrender charge period expires.
  • Allow for joint spousal owners, for non-qualified funds only. Joint annuitants are not allowed.
  • Owners have 30 days following their policy delivery to examine their policy and to return it for a full refund of their premium.

Penalty Free Withdrawals – Beginning one year after the Contract Date the owner may withdraw up to 10% of the Accumulated Value of the contract annually without incurring any penalties or surrender charges. The 10% withdrawal allowed will be based on the Accumulated Value on the last anniversary date. This may be repeated one time each contract year for the duration of the surrender charge period. Withdrawals prior to age 59 ½ may be subject to a 10% IRS penalty.

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