Company Information
Security Benefit Life Insurance Company
800-888-2461
Founded in 1892
A.M. Best A-
Fitch A-
Standard & Poor’s A-
Comdex 57
Security Benefit Strategic Growth Annuity Specifics
Free Withdrawals | |
|---|---|
Free Withdrawal | None (1st year) 10% (2nd+ year) |
Free Withdrawal Base | Vested Account Value |
Cumulative Withdrawal | No |
Contract Features | |
|---|---|
Market Value Adjustment | Yes |
Return of Premium | No |
Death Benefit | Greater of Accumulation Value and Surrender Value |
Guaranteed Minimum Cash Surrender Value | |
Initial GMCSV | 87.5% of premium |
GMCSV Annual Interest | 2.8% |
Waivers | |
Nursing Home | If after the contract issue date the owner becomes confined in a hospital or Qualified Nursing Facility for 90 consecutive days, the Owner may withdraw up to the full Account Value without Surrender Charges and MVA. The request for such waiver must be made after the 3rd Contract Anniversary. |
Terminal Illness | SBL will waive the Surrender Charge and MVA on full or partial withdrawals if the Owner is diagnosed with a terminal illness after the contract issue date. The request for such waiver must be made after the 3rd Contract Anniversary. |
Death Benefit If the Owner (or the Annuitant if the Owner is not a natural person) or a Joint Owner who is the spouse of the Annuitant dies, the death benefit is the greater of: (i) the Guaranteed Minimum Cash Surrender Value, or (ii) the Account Value, less any applicable premium tax. If a Joint Owner who is not the spouse of the Annuitant dies, the death benefit is equal to the Cash Surrender Value. Free Withdrawal Beginning in the second contract year, 10% of the prior Contract Anniversary’s Account Value (for each subsequent year) is available without a Surrender Charge, or MVA (if applicable). Free Withdrawal amounts not taken in one contract year may not be carried over to a subsequent year. Market Value Adjustment (MVA) During the Surrender Charge period, an MVA is applied to withdrawals in excess of the Free Withdrawal amount, full surrenders, or the death benefit paid on the death of a Joint Owner who is not the Annuitant’s spouse. | |
Minimum Investment | $25,000 |
Maximum Investment | $1,000,000 Higher Limits may be available with Home Office Approval |
Flexible Premiums | First Year or Less |
Minimum Additional Investment | $1,000 |
Types of Funds |
TSP funds would be accepted as a rollover. |
Age restrictions | |
|---|---|
Owner | 0 – 80 |
Annuitant | 0 – 80 |
Premium notes | |
|---|---|
Premium Notes Minimum Premium: $25,000 Subsequent Premium Minimum of $1,000 allowed prior to the first Contract Anniversary. Additional premiums accepted as both Lump Sum and Periodic payments. Maximum Premium: Anticipated amount of more than $1,000,000 requires prior company approval. | |
Type | Fixed Index |
|---|---|
Purpose | Accumulation |
Term | 10 Years |
Surrender schedule | 12%12%11%11%10%9%8%7%6%4% |
Free withdrawal | 10% |
Flexible premium | First Year or Less |
Market value adjustment | Yes |
Return of premium | No |
The Security Benefit Strategic Growth Annuity, issued by Security Benefit Life Insurance Company (SBL), is a modified single premium, deferred fixed index annuity contract that provides a combination of guarantees, flexible interest choices, and withdrawal options.
This annuity may be well suited for a consumer/individual who has a sum of money the consumer/ individual does not want to place in the market, yet would like the potential for accumulation without risk.
Rate Buy Up Feature – Account Fee
The Rate Buy Up Feature is available on each index crediting option. For a monthly charge, each Index Account using this feature in which the contract value is allocated, may provide the owner a higher interest credit rate through a higher cap, higher participation rate, and/ or lower spread as applicable.
At the end of the surrender charge period, if the total Buy Up Costs are greater than the total index interest credits (including non Buy Up Options), then the excess of the total Buy Up Costs over the total index interest credits will be refunded to the contract’s Fixed Account.
Please note: the refund of Buy Up Charges does not apply if an excess withdrawal is taken from the contract (an excess withdrawal is a withdrawal that exceeds the annual free withdrawal limit). Refer to the Rate Buy Up Feature Brochure for details.
