With the Russell 2000 crediting strategy from Oceanview Life, we further our commitment to provide options that benefit the modern retiree or pre-retiree, in preserving and growing their retirement savings.
Russell 2000
Crediting Strategy
Russell 2000 Index Crediting Strategy
The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
Contract Features of the Fixed Indexed
Annuity
- Premium Requirements
Minimum $20,000 - Issue Ages
3, 5-Year Up to Age 89 + 364 days
7, 10-Year Up to Age 84 + 364 days
(non-qualified and qualified assets) - Multi-Year Guaranteed Period Options
3, 5, 7, and 10 Years - Withdrawals
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.
Crediting Strategies of the Fixed Indexed
Annuity
Secure your financial future with Oceanview Life’s Russell-200 crediting strategy. This innovative strategy is designed to preserve and grow retirement savings, and is a testament to our commitment to modern retirees and pre-retirees. Don’t miss out on this opportunity – choose Oceanview Life for your retirement planning needs.
Russell 2000 Annual Point to Point with Cap Rate
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Riders of the Fixed Indexed Annuity
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.
No Charge
Terminal Illness*: 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.
No Charge
*Waiver of surrender and MVA charges based on final review of claim.
Terms of the Fixed
Indexed Annuity
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
Spousal Continuation: 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.
*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.
Settlement Options of the Fixed
Indexed Annuity
The Harbourview FIA can provide an income stream for a term of your choosing, including the rest of your life.
Life Only: 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.
*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.
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