Annuity Basics
This financial product provides a series of payments made at equal intervals.
What is an annuity?
Nationwide CareMatters Annuity is a long-term care rider linked to this kind of a contract.
What is a deferred, fixed annuity contract?
CareMatters Annuity is issued as this type of annuity and funded with one lump-sum payment.
What is a Single Premium Deferred Annuity?
The CareMatters Annuity application has this many underwriting questions and does not include a Part B health questionnaire.
What are the 6 underwriting questions?
Applicants age 75-80 who are approved for long-term care qualify only for this rate class.
What is Select?
This type of annuity begins payments almost immediately after a lump sum is paid.
What is an immediate annuity?
CareMatters Annuity is available in every state except this one.
What is New York?
ACH, wire transfer, check, an internal or external 1035 exchange, and this type of transfer are listed as possible funding sources.
What is a Non-Qualified Transfer of Assets (NQTA)?
A response other than "None of the Above" on questions 1-4, or a "Yes" to question 5, produce this underwriting result.
If one joint applicant qualifies as Preferred and the other qualifies as Standard, the joint policy will issue at this rate class.
What is Standard?
This type of annuity begins payments at a future date, allowing the investment to grow.
What is a deferred annuity?
Once qualified, Nationwide pays this percentage of the monthly cash benefit under CareMatters Annuity.
What is 100%?
With this annuity benefit, money can grow based on the performance of an index or indices.
What is the opportunity for growth?
Question 6 in analyzed by the underwriter to determine this, such as Standard or Preferred.
What is the LTC Rate Class?
This long-term care rider is built in and automatic; it is not electable.
What is the Long-Term Care Accelerated Protection Rider?
This type of annuity has returns tied to a market index, such as the S&P 500.
What is an indexed annuity?
CareMatters Annuity may allow a client to may one of these informal caregivers for care.
What is a family member, friend, or neighbor?
This tax feature means annuity value can grow without taxes on the growth until a withdrawal is made.
What are tax advantages or tax-deferred growth?
Applicants age 70 and older must complete this type of screening, which is currently telephonic.
What is a cognitive screen?
This is the only inflation protection available for the LTC Inflation Protection Benefit Rider.
What is the 5% compound?
When a $100,000 fixed annuity paying 5% annually could provide this amount per year.
What is $5,000?
If care is not needed or benefits are not used in full, any remaining value may be paid to these people.
Who are the clients beneficiaries?
CareMatters Annuity is not this type of product; it is an annuity contract with a long-term care rider.
What is a life insurance product?
For applicants age 40-74m reaching this many debits results in a decline.
What is 101 or more debits?
Minimum and maximum premiums are determined by these requirements.
What are state regulations?