About Atlantic Coast Life
Atlantic Coast Life Insurance Company Financial Strength
Atlantic Coast Life Insurance Company’s Safe Harbor Bonus Guarantee 5-Year annuity was designed for Florida residents who are retired or nearing retirement. Planning for retirement is not always easy and sometimes the control is not yours. Safe Harbor Bonus Guarantee 5-Year offers you a flexible and guaranteed way to have the security and peace of mind you need to enjoy retirement.
Build your own retirement plan
Safe Harbor Bonus Guarantee 5-Year gives you control over the duration of the annuity, which can be five, six, seven, ten, or twenty years. Our annuity also offers optional features you are able to select to customize your plan whereas most other annuities are loaded with features you don’t want or need, giving you a lower interest rate. With Safe Harbor Bonus Guarantee 5-Year, you pay only for the features you want, making your interest rate higher and your payout greater.
Guaranteed Interest Rates
Safe Harbor Bonus Guarantee 5-Year is a single premium deferred annuity that earns a fixed rate of interest, allowing your money to grow on a tax-deferred basis. Our annuity offers multiple guarantee periods to align with your specific needs and guarantees the interest rate for that entire guaranteed period.
Protection of Your Principal
The entire amount you invest goes to work for you immediately, earning a guaranteed rate for the period you select, regardless of what happens to the stock market, or interest rates. As long as you hold your contract for the length of the guarantee period, your principal and the interest you earn are guaranteed by the issuer.
At the end of your initial guarantee period, you can withdraw your funds without incurring surrender charges or market value adjustment, renew your contract into a new guarantee period or even convert your annuity into a stream of retirement income payments guaranteed for up to 10 years.
Features & Benefits
Safe Harbor Bonus Guarantee 5-Year offers an interest bonus in year 1 for the five, six, seven, and ten year guarantee periods. This will help increase your account early on, which will increase the total interest earned on your annuity.
Tax deferral means that you do not pay any taxes on earnings or growth until you take withdrawals. Tax deferral delays, but does not eliminate, the taxation of your annuity. You will pay taxes on earnings when they are withdrawn. In the meantime, you earn interest on your deposit and earn interest on money that would have otherwise gone to pay taxes during the deferral period.
Safe Harbor Bonus Guarantee 5-Year can provide the important benefit of guaranteed income. Our annuity can provide you with a guaranteed income stream through the annuitization feature. You may select a period between 5 – 10 years, guaranteeing income for the specified amount of time. You elect to receive your payments monthly, quarterly, semi-annually or annually.
At the end of your guarantee period, you will have the option to renew your annuity for another guarantee period. We will contact you and provide a 30-day window to select a new guaranteed interest rate. During your 30-day window you can surrender your annuity for cash with no surrender charges or market value adjustment.
By designating a beneficiary other than your estate, your annuity’s death benefit will be paid directly to that beneficiary, thereby avoiding inclusion in a probated estate. This may minimize the delays, expenses and publicity often associated with the probate process.
DEATH BENEFIT FEATURE
This rider waives the Surrender Charges and MVA associated with a lump-sum payment in the case of the death of the Owner.
Death Benefit Feature is required in Florida and is priced into Florida rates. All Florida contracts are issued with the Death Benefit Feature.
Interest rates are guaranteed for the period you elect at issue.
You will not pay taxes on your annuity interest income until you make a withdrawal.
You can start a Safe Harbor Bonus Guarantee 5-Year Annuity with $5,000 to $1,000,000 for qualified and non-qualified accounts.
- 0 to 90: 5, 6, 7 and 10 year guarantee period
- 0 to 50: 20 year guarantee period
If the optional Death Benefit Feature is not selected the Death Benefit is equal to the Cash Surrender Value in a lump sum, or the Full Account Value in annual payments over a 5 year period. If your spouse is named as the sole, primary beneficiary they may elect to become the owner of the contract and continue it for the remainder of your term. Additional payout options may also be available.
A surrender charge applies to all withdrawals during a contract term unless a rider is selected. The surrender charge amount is a percentage of the amount withdrawn.
MARKET VALUE ADJUSTMENT (MVA)
The MVA expires at the end of each Guarantee Period and reinstates if you select a new Guarantee Period.
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.