The ClassicMark annuity series by Legacy Marketing Group and Americo is a great fixed index annuity if you are seeking safe growth with the option to minimize the tax bill for your heirs. With that said, buy for accumulation not for retirement income.
I like to think this annuity series as “Life Insurance for Qualified Plans” if you use the optional Heritage Maximizer rider.
Disclaimer: This is an independent review. Legacy Marketing Group nor Americo has not endorsed this review. This review is meant for our readers conducting research.
Who should purchase the ClassicMark annuity?
Consumers that want to safely grow their retirement accounts with plenty of upside potential and immediate liquidity.
Folks that want to “beef up” their estate plans should consider this an option.
High net worth consumers can preserve their accounts better by leveraging the optional Heritage Maximizer rider as a result.
Think about withdrawing Required Minimum Distributions (RMD) on Qualified Accounts, and preserving the principal as an example.
The Heritage Maximizer rider provides a 30% bonus on the full accumulation value at death which covers most if not all the taxes in Inherited Qualified Plans making heirs happy campers. The caveat is you must be age 75 or younger when you start the contract, and live for 3 years.
Who should not purchase the ClassicMark annuity?
Pre-Retirees and Retirees that just want a fixed income stream.
You could withdraw funds via the 10% penalty-free withdrawals as an option, but the income wouldn’t be predictable as a result.
In other words, you’d be betting on the interest earned to dictate your retirement income.
If you’re ok with this method, go for it. If you want a pure predictable income stream, stick with an annuity product that has an income rider or living benefit.
Legacy ClassicMark Brochures
ClassicMark Series – Generic Brochure
ClassicMark Series – Generic Brochure (Washington State)
ClassicMark – Heritage Maximzer rider – Rider Brochure
Legacy ClassicMark 10 Product Inserts
ClassicMark 10 insert (Most States)
ClassicMark 10 LT insert (California)
ClassicMark 10 LT insert (CT and PA)
ClassicMark 10 LT insert (Washington State)
ClassicMark 10 LT insert (Lite States)
ClassicMark 10 LT insert (Florida)
Legacy ClassicMark 10 PLUS Product Inserts
ClassicMark 10 PLUS insert (Most States)
ClassicMark 10 LT PLUS insert (Washington State)
ClassicMark 10 LT PLUS insert (Lite States)
ClassicMark 10 LT PLUS insert (CT and PA)
ClassicMark 10 LT PLUS insert (Florida)
ClassicMark 10 LT PLUS insert (California)
Marketing Materials for the ClassicMark Series
ClassicMark Interest Crediting Strategies
ClassicMark Interest Crediting Strategies (Washington State)
Legacy ClassicMark from Americo Overview
Legacy Marketing Group and Americo partnered up to create a fixed index annuity.
Americo Financial Life and Annuity Insurance Company is an “A” rated insurance company.
ClassicMark has 2 versions essentially. A premium bonus version (10 PLUS) with good upside potential, and a non-bonus version with better upside potential.
The premium bonus is fully credited on day 1.
I prefer the non-bonus version for higher long term gains.
Both versions are a 10 Year Contract.
The Classicmark 10 (non-bonus) issues up to age 90.
The Classicmark 10 PLUS (bonus) issues up to age 80.
10% penalty-free annual withdrawals after 30 days. Typically we see after 1 year.
You need at least $10,000 to start a contract.
Optional death benefit rider called the Heritage Maximizer rider.
There are currently nine interest crediting strategies in multiple markets for growth potential. Five of these strategies have no cap. This should help you “bob and weave” through market trends.
The current minimum interest guarantee is 1.60% annually on 100% of premium which is stronger than any fixed index annuity out there now. This is good for “Great Depression” scenarios.
Confinement Benefit – You will have 100% access to your account after 90 days in the confinement of a qualified care facility. (Not available in MA).
Whatever is left in your account value at death will either be left to heirs in a lump sum or a spouse can continue the contract.
The caps and rates to earn interest are very competitive.
The are no fees unless your purchase the optional Heritage Maximizer rider.
Legacy ClassicMark Series Review
I like this annuity series for a few reasons:
First, the product itself is very simple others would say “vanilla”, and easy to understand. I like simple. I like “easy to understand”.
Second, the upside potential is definitely there, and because there is no income rider available to purchase, a consumer can expect predictable renewal rates in the future.
In addition, I like the various markets you can participate in just in case one market does better or worse in the future.
I like diverse strategies in an index annuity.
Third I like there are no fees in the base contract.
Finally, I love the Heritage Maximizer rider.
The rider will cover most if not all of the tax bill passed down to the heirs at death in most scenarios.
You also have the potential to spend the RMDs and preserve the original principal for your heirs as well.
I also confirmed with the internal marketing team that surviving spouses can “double dip” the bonus with the HM rider if the spouse is age 75 years or younger at the time of death. The surviving spouse will pocket the enhanced death benefit, and open a new ClassicMark contract with the Heritage Maximizer rider. Not too shabby.
If your looking for an annuity to grow your account safely with ample upside potential and little to no fees, Legacy ClassicMark is a good fit for you.
Looking to enhance your estate plan, the ClassicMark is a great option just purchase the Heritage Maximizer.
On the other hand, if you are seeking a predictable fixed income for retirement, there are better annuity options out there.
Want to find out if you can generate more retirement income and/or growth? Contact The Annuity Expert.