Summit Prime – Additional Product Features

At any time on or prior to the Maturity Date the client may by written notice request to receive the Contract Cash Surrender Value in a single sum. The Cash Surrender Value will be the Accumulated Value of all premium and accumulated interest, minus any applicable surrender charges and Market Value Adjustments (MVA).

If the policy has reached the end of the Surrender Charge Period, the Cash Surrender Value will equal the Accumulated Value.

There are no windows or automatic surrender charge renewals included as part of a Summit Prime policy. The funds will be fully liquid following the end of the applicable 5, 7 or 10-year term and will never automatically renew for a new surrender charge period.

Annuitization - Once the policy has been in force for a minimum of 5 years the policy may be annuitized for a fixed period of a minimum of 5 years to a maximum of 30 years. The Accumulated Value will be annuitized. If the policy reaches the end of the surrender charge period, it may be annuitized for a minimum term of 5 years up to the life expectancy of the Owner/Annuitant or a combination of life and term certain.

The Maturity Date for Summit Prime policies will be the Owner/Annuitant’s 100th birthday. If the policy remains in force on that date, the policy will be automatically annuitized into a Life and 10 Year Term Certain Payout. Payments will continue for the life of the Owner/Annuitant or, if they die during the first 10 years, will continue to the primary beneficiaries until 120 equal payments have been made.