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Americo Platinum Assure 5 Annuity Review
Q: Does the interest compound? A: Yes.
Q: Is the interest taxed? A:Your annuity grows tax deferred. This maximizes your growth potential because you are not taxed on your earnings until you withdraw money from your annuity. If your money is not already in a pre-tax account such as an IRA or 401k, this is an advantage over a bank CD where each year your interest is taxed each year.
Q: Are there any fees? A: No, there are no sales charges or ongoing maintenance fees.
Q: Is it FDIC insured? A: No. FDIC insurance is only for bank deposits. Fixed annuities are guaranteed by the issuing insurance company.
Q: How do I access my money? A: You can withdraw up to 10% of your Account Value once in each contract year without incurring a surrender charge or MVA.
Q: What are the early surrender charges? A: The early surrender charges only apply to withdrawals which are greater than the penalty free amount. If surrender charges apply, they start at 9% and decline to 0% after the 5th year. The schedule is 9%, 8%, 7%, 6%, 5&percnt.
Q: If I withdraw more than the penalty-free amount, will a Market Value Adjustment (MVA) be applied? A: Yes. You can read more about market value adjustments here.
Q: What happens after the rate guarantee period? A: Once the 5 year period is up you may surrender at any time without surredner charges or market value adjustments.
Q: What happens to the money in my account if I die? A:Your beneficiaries will receive the full account value.
Q: How do I apply? A:Start your annuity application by calling 800-872-6684 or click "Get a Free Quote" in the center of this page for a brochure and a spreadsheet showing the growth of the annuity over the 5 year period.
Q:What is the minimum premium I need to pay? A:$10,000.
Q:Are there any age restrictions? A:Yes, you can purchase this annuity up to age 90. In some states the age requirements may differ.
Q:Is the Platinum Assure annuity available in my state? A: The Platinum Assure annuity is not available in all states. Call 800-872-6684 to find out if it's available in your state.