Annuity Types 1
What is Qualified Annuities
This type of annuity has a set, steady interest rate.
What is a Fixed Annuity?
This is a savings vehicle that allows people to put funds up for retirement over a period of time.
What is an annuity.
The person or entity that receives a payout if the owner/annuitant passes away.
The type of annuity has the potential to gain interest based of the S&P 500.
What is an index annuity.
These type of annuities have a cost basis meaning the intial premium can not be taxed again. They are purchased with post-tax dollars.
What are Non-Qualified Annuities?
Name the three parties of an annuity contract.
Who is the Policy Owner, Annuitant and Beneficiary?
The least amount that must be withdrawn annually from qualified retirement accounts starting at age 73. This is required by the IRS.
What is the Required Minimum Distribution (RMD)?
This type of accounts fluctuate based on investment performance, and there is no protection from market losses. RSLI does not offer this type of annuity.
What is a Variable Annuity?
Funded with only employer contributions this is established for a small business owners and self-employed individuals.
What is SEP IRA?
This person/entity has all rights in annuity contract and is responsible for taxes.
Who is the owner?
This outlines all the important legal details of the Annuity Contract.
What is the Contract Specifications Page?
Once a payment schedule is chosen, these annuities cannot be changed for the duration of the annuity it is irreversible.
What is a supplemental/immediate annuity?
These annuities are funded with a one-time premium, but this premium can be from more than one sources. Reliance Standard actively sells these types of annuities.
What is Single Premium Deferred Annuity (SPDA)
Name the 1st Phase of Annuity.
What is the accumulation phase?
A special feature on some fixed annuities that can adjust the value based on current interest rates and the rates when the policy was initiated. This is only active during the Surrender Charge Period.
What is the Market Value Adjustment (MVA)?
This type of annuity allows the policy owner to make more than one deposit into their annuity.
Flexible Premium Deferred Annuity (FPDA)
These annuities are funded with a single premium during the payout phase. We no longer sell this product, but we still administer previously purchased.
What is Single Premium Immediate Annuity (SPIA)?
When funds are withdrawn from a policy it could be partial or full.
What is a surrender?
These three (3) governances regulate annuities.
Who are State Insurance Commission, U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA)?