S&P 500 Fixed Indexed Annuity

S&P 500
Crediting Strategy

With the S&P 500 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.

S&P 500 Index Crediting Strategy

The S&P 500 is a capitalization weighted index that tracks the performance of 500 large companies listed on the US stock exchanges. The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 11.2 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 4.6 trillion of this total. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The companies that are tracked are selected by committee and must meet certain criteria before making the list of eligible companies.

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

Oceanview Life’s S&P 500 crediting strategy is the perfect solution for modern retirees and pre-retirees who want to secure their retirement savings. Our commitment to providing options that preserve and grow retirement savings is reflected in this innovative strategy. Take control of your retirement planning today – choose Oceanview Life.

S&P 500 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.

S&P 500 Annual Point to Point with Participation Rate

Annual point to point with participation rate works similarly to the annual point to point with cap, with a major distinction. Index returns are not subject to a cap, instead clients can participate in a portion of the gains.

S&P 500 2 Year Point to Point with Participation Rate

2 year point to point with participation rate works similarly to the annual point to point with cap, with a few key exceptions. First, the interest credit is determined based on two years of market returns, allowing for greater gains. Second, index returns are not subject to a cap, instead clients can participate in a portion of the gains.

S&P 500 Monthly Average Annual Point to Point with Cap Rate

Monthly average annual point to point with cap rate calculates a point to point to return on the average of the 12 month-aversary index values and the starting index value.

S&P 500 Daily Risk Control 5% Excess Return Annual Point to Point with Participation Rate

Annual point to point with participation rate works similarly to the annual point to point with cap, with a major distinction. Index returns are not subject to a cap, instead clients can participate in a portion of the gains.

S&P 500 Daily Risk Control 10% Excess Return Annual Point to Point with Participation Rate

Annual point to point with participation rate works similarly to the annual point to point with cap, with a major distinction. Index returns are not subject to a cap, instead clients can participate in a portion of the gains.

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 Fixed Indexed Annuity (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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