About Atlantic Coast Life
Atlantic Coast Life Insurance Company’s Safe Haven Bonus Guarantee 5 annuity was designed for those who are retired or nearing retirement. Planning for retirement is not always easy and sometimes the control is not yours. Safe Haven Bonus Guarantee 5 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 Haven Bonus Guarantee 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 Haven Bonus Guarantee 5, you pay only for the features you want, making your interest rate higher and your payout greater.
Safe Haven Bonus Guarantee 5
GUARANTEED INTEREST RATES
Safe Haven Bonus Guarantee 5 is a 10-year 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 20 years.
Features and Benefits
Safe Haven Bonus Guarantee 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 You will pay taxes on earnings when they are withdrawn.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, your account grows three ways. You earn interest on your deposit, interest on the interest previously credited and you earn interest on money that would have otherwise gone to pay taxes during the deferral period.
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.
Safe Haven Bonus Guarantee 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 – 20 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.
PREFERRED 10% FREE WITHDRAWAL
If selected, this rider waives the Surrender Charges and MVA for the first withdrawal per year after the first contract year. The owner may withdraw up to the greater of 10% of the account value (as of the last contract anniversary date) or the required minimum distribution (RMD). Surrender charges and MVA may apply if the withdrawal exceeds the greater of 10% or the RMD or there are multiple withdrawals in that contract year.
ACCUMULATED INTEREST WITHDRAWAL
If selected, this rider waives the Surrender Charge and MVA associated with accumulated interest withdrawals. Accumulated interest may be withdrawn annually, semi-annually, quarterly or monthly. The withdrawal amount must be $100 or greater.
DEATH BENEFIT FEATURE – (REQUIRED FOR CERTAIN AGES)
- If selected, this rider waives the Surrender Charges and MVA associated with a lump-sum payment in the case of the death of the Owner.
- Once an optional rider is selected it may not be removed during the guarantee period.
- Required for owner’s issue age 86-90 for the five, six, seven, and ten year guarantee period and owner’s issue age 70-75 for the twenty-year guarantee period are required to purchase 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.
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.
You can start a Safe Haven Bonus Guarantee 5 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 75: 20 year guarantee period.
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
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.
I’m a licensed financial professional. I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.
My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you.