Flexible Premium Deferred Annuity
Fact Sheet
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Issued by |
Catholic Order of Foresters is a 501(c)(8) fraternal benefit life insurance society |
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Product |
Advantage Flex Flexible Premium Deferred Annuity offered on either a qualified1 or non-qualified tax basis |
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Issue Ages |
20 - 85 Age last birthday |
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Minimum Initial Contribution |
$2,000 or monthly $150 bank draft |
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Maximum Contribution |
$300,000 without prior approval |
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Additional Contributions |
- Minimum: $25 - Maximum: Determined at COF's discretion |
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| Interest Crediting |
- Initial interest rate determined by contribution amount when received. - At end of initial interest rate guarantee period, annuity will receive current credited rate that will never be less than the minimum interest rate stated in your policy. |
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| Administrative Fee | $30 Administrative charge, if Accumulated Value is less than $5,000, beginning with third contract anniversary and each anniversary that follows. | ||||||||||||||||||||
| Accumulated Values | Based on contribution received, less withdrawals and surrender charges, together with accumulated interest. | ||||||||||||||||||||
| Surrender Values | Equals Accumulated Value less surrender charge. | ||||||||||||||||||||
| Surrender Charges |
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| Surrender Charge Waiver Provisions |
Surrender charge waived on partial withdrawals occurring in policy year two and later2 when member incurs one of the following: - Nursing home confinement (up to 50%) after 90 days, only through issue age 80- Heart attack occurrence (up to 25%) - Internal cancer diagnosis (up to 25%) |
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| Withdrawals3 | After the first anniversary, the owner may withdraw up to 10% of the Accumulated Value as of the immediately preceding contract anniversary without a surrender charge in any one contract year. | ||||||||||||||||||||
| Death Benefit | Accumulated Value at date of death |
Please contact your local agent for more product information and details.
1Tax-qualified retirement plans (Traditional IRAs, TSAs, SEPs, and SIMPLE IRAs) already provide tax deferral under the Internal Revenue Code, so the tax deferral of an annuity does not provide any additional benefit.
2Limited to a single episode of any of the above events
3Withdrawals may be subject to regular income tax and, if made prior to age 59½, could be subject to a 10% IRS penalty. Surrender charges may also apply.
