Atlantic Coast Life Safe Haven 5 Annuity Review
Atlantic Coast Life's Safe Haven 5 annuity is a fixed deferred annuity that provides compounded, tax-deferred growth. Your annuity will grow at a fixed interest rate that is determined at contract issue. Atlantic Coast Life also offers a 10 year rate guarantee, a 7 year rate guarantee, and a 6 Year rate guarantee.
Safe Haven 5 Annuity Highlights:
- This annuity offers penalty-free interest withdrawals with the purchase of a rider.
- There are no fees, loads, or sales charges.
- Your contract has no stock market exposure.
- Click to read the Safe Haven 5 company brochure.
Frequently Asked Questions About the Safe Haven 5 Annuity:
Q: Does the interest compound? A: Yes.
Q: Is the interest taxed? A: The interest you leave in the account grows tax-deferred until you withdraw it. That interest is not taxed within the annuity. This is an advantage over interest you earn on a bank CD which is taxed each year even if you leave it in the CD.
Q: Are there any fees? A: No. There are no upfront 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: 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%.
Q: Are penalty-free withdrawals available? A: Yes. You can purchase one of two riders which allow for penalty free withdrawals. You can either purchase a rider which allows you take to your accumulated interest penalty free, or one which allows you to take a 10% annual penalty-free withdrawal. See below for rider costs.
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 initial 5 year rate guarantee period? A: You have a 30 day window to do whatever you want with the full cash value any penalties. You can remove all of it or let your cash balance roll over into a new 5 year rate guarantee period.
Q: What happens to the money in my account if I die? A: Your beneficiaries will receive the full account value minus any surrender charges and market value adjustments that may apply. These charges may be avoided by adding the Death Benefit Rider which will reduce the interest rate by 0.25%
Q: Does the Safe Haven 5 Annuity have any available riders?
A:Yes. For each optional rider the interest rate is reduced as follows:
|Save Haven Annuity Optional Riders|
|Accumulated Interest Withdrawal||0.05%|
|Preferred 10% Free Withdrawal||0.15%|
|Death Benefit Feature||0.25%|
Q: How do I apply? A: Start by calling 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.
Q:What is the minimum premium I need to pay? A:$5,000.
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:In which states is the Safe Haven 5 available? A: The Safe Haven 5 annuity is not available in all states. Call 800-872-6684 to find out if it's available in your state.
To review the Safe Haven 5 annuity with an agent or to receive a free personalized illustration call 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.
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