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?
- Credit Suisse Retiree Balanced Index Annual Point to Point with Participation Rate More Details
- Credit Suisse Retiree Balanced Index 2-Year Point to Point with Participation Rate More Details
- 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
- Nasdaq-100 Annual Point to Point with Cap Rate More Details
- Russell 2000 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.
What is the Credit Suisse Retiree Balanced Index?
The Credit Suisse Retiree Balanced Index is a rules-based multi-asset index that offers exposure to sectors and industries that may benefit from increased spending driven by the rapidly aging U.S population. The Index implements a strategy that combines exposure to U.S. equities and fixed income and seeks to adapt to various market conditions.
Unique: an equity component informed by the spending habits of U.S. retirees* to capture the potential performance of sectors and industries which may benefit from the spending habits of the aging U.S population
Balanced: a multi-asset allocation diversified across equities and fixed income intended to benefit from opportunities in multiple market environments
Risk-Controlled: an annualized volatility target of 5% aimed at mitigating the impact of market fluctuations and generating consistent returns over time
Read the Credit Suisse Disclaimer
* Retirees are defined as U.S. people aged 65 and older.”
Contract Features of the Harbourview FIA
- Premium Requirements
- Issue Age
0 through 89 (non-qualified and qualified assets)
- Multi-Year Guaranteed Period Options
3, 5, 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.
- 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.
- Surrender Charges
A surrender charge applies to all withdrawals over 10% during contract term and reduces your contract value.
30 Days Prior to the end of the Contract’s Interest Rate Guaranteed Period, the Agent and Policy Holder will be alerted to the following options:
Surrender Contract (not subject to surrender charges or MVA). If client does not make an election, the Contract renews for the same Guarantee Surrender Charge Period at the declared new money rate (never less than 1%).
Apply for a new Contract Guarantee Period of choice with the declared new money rate with a corresponding new Surrender Charge Period.
Take a partial withdrawal (not subject to surrender charges or MVA), and renew the remaining value to the same Guarantee Period or apply to another Guarantee Period.
1035 Exchange Full or Partial account value
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.
The Harbourview FIA Series can provide an income stream for a term of your choosing, including the rest of your life.
Equal monthly payments for the annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death.
Life with 10 Year Period Certain
Equal monthly payments for the greater of 120 months or the annuitant’s remaining lifetime.
Joint and Last Survivor
This option provides payments during the lifetime of the annuitant and the lifetime of a designated second person. If at the death of the survivor, annuity payments have been made for less than 120 monthly periods, the remaining guaranteed annuity payments will be continued to the beneficiary.
*Once annuity payments have begun, no changes can be made.
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).
Nasdaq®, Nasdaq-100 Index®, Nasdaq-100®, NDX®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Oceanview Life and Annuity and affiliated companies. The Product has not been passed on by the Corporations as to their legality or suitability. The Product is not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, “FTSE4Good®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. The FIAX Russell 2000® Index (the “Index”) has been licensed for use by Oceanview Life and Annuity Company and affiliated companies (“Oceanview”). Oceanview products are not in any way sponsored, endorsed, sold, or promoted by Russell or the LSE Group and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Oceanview product is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Oceanview product. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Oceanview or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.