A Single Premium
Fixed Annuity Contract
The Harbourview Fixed Indexed Annuity (FIA) Series is offered to individuals seeking both asset protection against market volatility and asset growth from potential market gains.
The Harbourview Fixed Indexed Annuity Series is a contract with Oceanview Life and Annuity Company, an AM Best A- rated provider. The Harbourview FIA series offers multiple index crediting strategies designed to capitalize on potential market gains.
When market indices grow, the Harbourview FIA contract value will grow but should market indices decline, your account value remains protected from loss.
Harbourview FIA Contract Provides
- Growth Potential
You can pursue maximum growth potential based on the performance of external market indices.
- Premium Protection
Your contract premium is 100% principal protected against market downturns.
- Access to Funds
After year one, you can access up to 10% of your contract each year, penalty-free.
- Wealth Transfer
Full contract is available to your beneficiaries, penalty free at death.
- Tax Deferral
The Harbourview series allows for greater growth potential of your contract premium by deferring taxes until you choose to access your money.
In addition to the crediting strategies, contract owners can select a fixed interest rate guarantee that is declared annually by Oceanview.
How Will Your Money Grow?
- S&P 500 Annual Point to Point with Cap Rate More Details
- S&P 500 Annual Point to Point with Participation Rate More Details
- S&P 500 2 Year Point to Point with Participation Rate More Details
- S&P 500 Monthly Average Annual Point to Point with Cap Rate More Details
- Fixed Interest Strategy
*The above crediting strategies are used to determine how much interest will be credited to your contract value at the end of the crediting period.
The Harbourview FIA Series crediting strategies provide the following features:
You have multiple strategies to choose from and at the end of each crediting period, the owner can reallocate funds into any available strategy.
2) Interest credit lock- in
Once interest has been credited, it is locked in and cannot be lost due to future market changes.
3) Minimum crediting rate of 1%
Your fixed interest strategy is guaranteed a minimum 1% crediting rate.
Contract Features of the Harbourview FIA
- Premium Requirements
- Issue Age
0 through 89 (non-qualified and qualified assets)
- Multi-Year Guaranteed Period Options
3, 4, 5, 6, 7 and 10 Years
10% of Contract Value on or after first year of Contract anniversary without Surrender Change penalty.
Minimum Withdrawal Amount = $250
- Death Benefit
Account Value (No MVA or Surrender Charges) or Spousal continuation option
- 20 Day Free Look period to cancel your contract
You may cancel the contract by sending it back to the issuing company. Upon cancellation, the company will return the purchase payment to you. Some states allow for 30 days Free Look.
- Apply Contract to Settlement/ Annuitization Options*:
- Life Only
- 10 Year Period Certain
- Joint and Last Survivor
- Surrender Charges
A surrender charge applies to all withdrawals over 10% during contract term and reduces your contract value.
- Market Value Adjustment (MVA)
The MVA is a positive or negative adjustment based on the current interest rate environment at the time of withdrawal. An MVA and a surrender charge will apply if you access more than the 10% free withdrawal before the end of the initial interest rate guarantee period. The MVA does not apply to withdrawals after the surrender charge period, 10% free withdrawals, the death benefit, or when the contract is annuitized.
*Please see your contract for additional details. Rider and calculations may vary by state.
All of the deferred annuities issued by Oceanview Life and Annuity®️ Company provide for a death benefit payable upon the death of the owner. Please refer to the contract pages that describe the common features on how the death benefit is determined. When the owner dies, the beneficiary becomes the new owner. If the sole beneficiary is the deceased owner’s surviving spouse, the surviving spouse may elect to continue the annuity as his/ her own.
If the beneficiary is not the surviving spouse or if there are multiple primary beneficiaries, the entire contract must be distributed:
- Within five (5) years of the owner’s death, or over the life expectancy of the beneficiary. These distributions must begin within one year of the owner’s death.
- If the owner of a non- qualified annuity is a natural person and is not the annuitant, we do not pay a death benefit when the annuitant dies. Instead, the owner is required to name a new annuitant within 60 days of the annuitant’s death. If a new annuitant is not named, the owner becomes the annuitant. Once a new annuitant is named, the annuitant cannot be changed while the annuitant is still living.
- Joint ownership of a deferred annuity contract is discouraged. However, we will allow joint owners ONLY if the joint owners are married to one another; non- spousal joint ownership is not permitted.
- Children should NOT be included in the primary beneficiary designation; otherwise the surviving spouse will not be able to continue the contract. Children should be listed only as contingent beneficiaries.
This option allows one spouse to continue the other’s contract as the new annuitant. In the event of the death of one spouse, contracts that are jointly owned by spouses or a single-owner contract with a sole spouse beneficiary allow the surviving spouse to assume all rights to the initial agreement. They will have the ability to elect to continue the contract, collect any remaining and all payments and any death benefits and choose beneficiaries, subject to certain conditions. This provision allows for the surviving spouse to maintain a tax- deferred status and secure long- term financial stability.
Nursing Home Confinement*
After the first contract anniversary, in the event that the contract owner is confined to a nursing home, any applicable MVA or surrender charges will be waived on any withdrawal. Nursing home confinement is defined as at least 90 consecutive days or at least 90 days if there is no more than a 6-month break in the confinement. Confinement must be prescribed by a qualified physician and medically necessary. Proof must be furnished to the Company during confinement or within 90 days after such confinement.
After the first contract anniversary, in the event that the contract owner is terminally ill and not expected to live more than 12 months, any applicable MVA and surrender charges will be waived on any withdrawal. Terminal illness must be diagnosed by a qualified physician after the contract’s issue date. Proof of terminal illness must be provided to the Company.
*Waiver of surrender and MVA charges based on final review of claim.
*For most states, Harbourview FIA Policy Form: ICC19OLASPDA. Product features, options, form numbers and availability may vary by state.This is a brief description of the Harbourview FIA and is meant for informational purposes only. It is not individualized to address any specific investment objective. It is not intended as investment or financial advice.
Who’s right for a Fixed Indexed Annuity?
- Whose risk tolerance is shifting towards risk avoidance
- Wants protection from market volatility
- Anticipates limited liquidity needs
- Seeking tax advantages
- Considering guaranteed retirement income options
This page contains highlights only – please refer to the annuity contract for a full explanation of these annuities and any charges or limitations. Neither Oceanview Life and Annuity Company (Oceanview) nor its representatives offer legal or tax advice. Please consult your personal attorney and/or advisor regarding any legal or tax matters.
Guarantees provided by annuities are subject to the financial strength of the issuing insurance company and are not guaranteed by any back or the FDIC.
This is a brief description of Oceanview’s Harbourview Fixed Indexed Annuity, ICC19 OLA FIA, and related filings, issued by Oceavnview Life and Annuity Company. Product features, limitations and availability vary. Product not available in all states.
Fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. Market indices may not include dividends paid on the underlying stocks, and therefore may not reflect the total return of the underlying stocks, neither an index nor any market indexed annuity is comparable to a direct investment in the equity markets. Clients who purchase indexed annuities are not directly investing in a stock market index.
Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 591/2. Withdrawals are not credited with index interest in the year they are taken. Withdrawals in excess of the free amount are subject to a Surrender Charge, and a possible Market Value Adjustment (MVA).