An 8 Year Deferred Annuity with liquidity features from day one!
|Issue Ages:||0 - 80||Minimum Guaranteed Rate:||3%|
|Minimum Initial Deposit:||$300||Maximum Initial Deposit:||*|
|Initial Rate Guarantee Period||One Year||Additional Deposits are permitted.*|
|Eligible for Qualified Plans:||Yes|
Your initial interest rate is guaranteed for the first contract year. For subsequent contract years, your interest rate will be based, month to month, on the New Issue Crediting Rate for the GCU Flex 8 contracts, and is guaranteed to NEVER be less than 3%. Therefore, this contract has the ability to respond to an increasing interest rate environment, while consistently giving you the highest crediting rate on any newly issued GCU annuity contract!
Withdrawal provisions: GCU allows for surrender charge free withdrawals in EACH contract year! Year One = 10% of the initial deposit.2 Years Two thru Eight = 10% in each year based on the account value at the end of the previous contract year. Withdrawals exceeding the permitted amounts will be subject to a surrender charge. Surrender charges in the first year are 9%, and are reduced by 1% in each subsequent year of the eight year contract (9% - 8% - 7% - 6% - 5% - 4% - 3% - 2%).
Please note: Any interest or gain in the withdrawal will be subject to taxes and, if withdrawn prior to age 59½, may also be subject to a 10% early distribution penalty imposed by the IRS. By IRS mandate, interest is distributed first.
Long Term Care Waiver: No surrender charges will be imposed on withdrawals or surrender of this contract upon receipt of acceptable proof that the annuitant has become confined to a Long Term Care Facility.3
Terminal Illness Waiver: No surrender charges will be imposed on withdrawals or surrender of this contract should the annuitant become terminally ill as certified by an attending physician.3
Death Benefit Waiver: As with all GCU Deferred Annuity Contracts, no surrender charges will be imposed on the death benefits paid under this contract.
Maturity Date: Upon the maturity date of the contract, you may:
Please note regarding benefits issued by Board Decree: While a specific benefit may be discontinued in the future, once it is on a contract, it may not be removed. Only new contracts issued after the change of the decree would be affected.
*Please contact your agent or the GCU Home Office regarding maximum contribution limits.