Indexed Annuity Care - Product Specs
Contract structure Single premium fixed-indexed annuity with LTC benefits
Issue ages 40-85 (age last birthday) Single or joint annuitant, single with eligible
Minimum premium $50,000
Maximum premium $500,000 (single premium only)
Premium accepted from IRA, Non-qualified
Surrender charges 9-year surrender period only; Year 1=9 percent, declining 1 percent per year to
0 percent in years 10+ (may vary by state)
Surrender charge waivers Death of owner or annuitant
Partial withdrawals There are no surrender charges assessed on any qualified LTC benefit withdrawal.
For non-LTC withdrawals, up to 10 percent of account value after year 1 can be
taken free of surrender charge. Minimum withdrawal amount is $500.
Full surrenders within 12 months of a partial surrender will result in recapture of
the waived surrender charges, subject to state variations
Crediting strategies • Fixed account
• Point-to-point (PTP) with cap
• Point-to-point (PTP) with a participation rate
• Monthly average (MA) with cap
• Monthly average (MA) with a participation rate
LTC payout All are reimbursement contracts. Qualification is based on receiving care because
1. Being unable to perform two of six activities of daily living (ADL), or
2. Being cognitively impaired
LTC waiting period After 60 days of qualified long-term care received, Indexed Annuity Care will
begin paying benefits.
LTC coverage Long-term care withdrawals may be taken for qualifying care of the following types:
• Nursing home facility
• Assisted living facility
• Home health care • Adult day care
• Hospice care
• Respite care
• Bed reservation
Producers must provide applicants with the Outline of Coverage that provides
detailed information on coverage, contract exclusions and limitations
COB rider This optional rider can extend LTC benefits if the LTC benefit balance is totally used
for qualifying LTC expenses. Premiums for the rider are guaranteed to never
increase and can be paid annually or with a one-time (single) premium.
Inflation and nonforfeiture options are also available.