Oceanview
Product Details
After the first contract year, you can withdraw up to 10% of the account balance as of the most recent policy anniversary penalty-free (minimum $250 per withdrawal). Note that any withdrawals made prior to age 59½ will incur a 10% penalty from the IRS.
Year by Year Account Balance
The following is your guaranteed annual account balance, interest accumulation, and free withdrawal provision. Note that any withdrawals actually made would affect the subsequent years' values.
Enter Investment Amount:
| YEAR | RATE | EARNINGS | BALANCE |
|---|
Charges on Withdrawal
For any withdrawals beyond the free allowance during the contract term, surrender charges will apply as follows:
| Year | 1 Year | 2 Years | 3 Years | |
|---|---|---|---|---|
| Percentage | 9.00% | 8.00% | 7.00% |
Product Name: Harbourview Multi-Year Guaranteed Annuities - Brochure
Rate Effective Date: May 2, 2021
Minimum & Maximum Investment: $20,000 - $1,000,000
Rate Banding:
No banding. All investment amounts receive the same rate.
Account Types: Personal Investment, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA or 403(b) TSA
Age Limits: 0 - 89
Free Look Period: 30 days
This is the amount of time you have after the policy is issued to change your mind and get a refund.
Rate Lock Period:
This is the amount of time that you have after the application is submitted to fund it and still get the rate in effect at the time of application. Rate lock periods vary by method of funding as follows:
- Qualified Retirement Account: 60 days
- Non-Qualified Personal Savings: 60 days
- 1035 Annuity Exchanges: 60 days
Commission Rate: 0.8% - 3%
We are paid by Oceanview when you make a purchase. Commission rates are updated periodically and subject to change. In limited instances, Blueprint Income may receive higher compensation than the published commission rates based on achieving a certain level of sales volume or as a result of playing an expanded role in policy processing. This is an indirect cost to you, as it is already factored into the interest rate quoted.
Riders & Features Available: The following riders and features are available for this product. Some might be included automatically, while others are available for purchase. Availability may vary by state.
- Death Benefit
Maturity Options:
You will have a 30 day window leading up to maturity to withdraw the money invested, reinvest it in another fixed annuity, or turn it into guaranteed income via annuitization. If you do nothing, any money left in the contract will renew into a new guarantee period of the same term with the rate effective at that time. If the contract matures before you turn 59½, withdrawals (other than rollover to an IRA) will be charged a 10% penalty by the IRS.
Death Benefit Provisions:
Should you pass away before the end of your contract, the accumulated value of the annuity, including interest, will be passed to your beneficiary without any charges or fees. If the beneficiary is your spouse, he/she can continue the contract as the owner for the remainder of the term.
Taxes: Annuities receive special tax status as retirement savings vehicles. As such (and unlike with CDs), the interest that you accumulate will be tax deferred until it is withdrawn, even if that’s after the end of the term of the contract. Once withdrawals are made, the following taxable events may occur:
- If funded with personal post-tax savings, only the interest earned will be taxable, and it'll be taxed at ordinary income rates upon withdrawal.
- If funded with Traditional IRA savings, the entire balance (principal + gain) will be taxable upon withdrawal at ordinary income tax rates.
- If funded with Roth IRA savings, no taxes will be charged at withdrawal.