Course Outline
Single-Premium Deferred Annuities: Premiums and Fees
Let’s consider some important aspects associated with premiums and fees.
The annuitant’s account value equals the balance of the initial premium, any supplemental premium and interest credited, reduced by withdrawals and any maintenance fees.
Here are a few highlights of those components:
The initial premium is the amount submitted with the application and is shown on the policy schedule. The minimum acceptable initial premium is $2,000.
For these annuities, supplemental premiums will be accepted for 12 months following the issue date.
Each supplemental premium must be at least $100.
For both the initial and supplemental premium, the maximum allowed without Assurity’s approval is $500,000.
A maintenance fee may be deducted from the annuitant’s account at the end of each policy year. However, Assurity does not currently assess this fee.
Single-Premiums Deferred Annuities - Plus One & Encore Annuities
Annuitant’s Account Value =
- Initial premium + Supplemental Premium + Interest Credited – Withdrawals – Maintenance Fee
Initial Premium
- Amount submitted with the application
- Minimum initial premium is $2,000
Supplemental Premium
- Accepted during the 12 months following the issue date
- Minimum supplemental premium is $100
Maximum Premium
- Maximum premium without Assurity approval is $500,000
Maintenance Fee
- May be deducted from the annuitant’s account at the end of each policy year
- Currently, Assurity is not assessing this fee
