Summit FIA – Product Overview (Continued)

Premium Payments

• Minimum single initial premium is $10,000 for non-qualified contracts or qualified contracts. Funds from multiple sources may be combined into a single initial premium prior to policy issue. Additional premiums are allowed after policy issue.
• Summit 5 and 7 permit additional premiums of at least $2,000 to be added during the first 12 months following the contract date as often as once per month.
• Summit 10 permits additional premiums of at least $2,000 to be added during the first 3 years following the contract date as often as once per month.
• Premiums added following the contract date or contract anniversary date will be placed into the Fixed Account (discussed later) until the next anniversary date and then allocated based on the client’s most recent Allocation / Reallocation (also discussed later).
• The maximum amount of total premium accepted without prior approval is $1,000,000 for all issue ages. Premiums above $1,000,000 require submission of a Large Case Annuity Questionnaire for approval prior to taking the application