A traditional retirement plan that allows up to $5,000 in contributions for someone under age 50
What is an IRA
100
The age when you can take funds from a Non Qualified plan.
What is 59 1/2
100
A savings plan or an investment with an Insurance company
What is an annuity
100
The best way to pull money out of a GIUL
What is a loan
100
Band 3 on GIUL
What is 250,000-499,000
200
Type of IRA contributions that reduce income for tax reporting purposes
What is a tax deduction / tax deductible
200
A large one time payment
What is a single premium
200
The time period where a person makes premium payments over an extended period of time
What is accumulation phase
200
With an Index UL, a company will generally credit interest annually up to this number or rate that is set annually
What is a cap
200
Account options in a GIUL consist of one or more of these. The value of an account option in a GIUL is the sum of these, each one will end on its anniversary..one year from its begining date
What is a segment
300
This moving of qualified funds enures the process is tax free
What is a trustee to trustee transfer
300
The contribution limit for 2011 on a non qualified annuity
What is there is no contribution limit
300
The annual free withdrawal amount
What is 10%
300
The three index accounts used by WRL
What are the S&P 500, Euro Stoxx 50, and the Hang Seng
300
You don't have any withdrawal restrictions on an IRA, but this plan with your company might not release money to you.
What is a 401K
400
This type of plan generally requires that benefits be available to all eligible employees
What is a qualified plan
400
The cost you have when you cancel an annuity prior to its surrender period
What is a surrender charge
400
For an extra cost, a person can add this in order to ensure a living benefit of ongoing income.
What is an income rider
400
The minimum amount WRL will allow you to increase a clients coverage after the first policy year
What is $10,000
400
Stretch
What is an IRA
500
A series of of substantially equal periodic payments made to avoid the 10% penalty
What is a 72(t)
500
The tax code or process used to move one non qualified plan to another non qualified plan
What is a 1035 exchange
500
This cost serves to compensate the insurance company for taking certain risks it assumes under an annuity contract.
What is a mortality and expense charge
500
Greater of the current specified amount, or the minimum death benefit under the applicable life insurance compliance test
What is Level Benefit
500
You get to pull money out of your qualified account at 70 1/2