Flexible Premium Deferred Annuity Handbook. Concepts and Definitions

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1 Flexible Premium Deferred Annuity Handbook

2 Contents Overview of Annuities 3 Definition of Flexible Premium Deferred Annuity (FPDA) 4 What is the Difference Between a Qualified and Nonqualified Annuity? 5 Why Consider a Flexible Premium Deferred Annuity (FPDA)? 5 Features and Benefits the Flexible Premium Deferred Annuity Provides 6 Interest Rates 7 Access to Funds 8 Waiver of Surrender Charge 9 Annuity Payout Benefit 10 Death Benefits 12 What is a Beneficiary? 13 About Southland National Insurance 14 Footnotes 15 This handbook is for informational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation. Annuity product guarantees described throughout this handbook rely on the financial strength and claims-paying ability of the insurer. 2 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

3 Overview of Annuities What is an Annuity? An annuity is a contract between you and the insurance company. You pay a premium amount in either a lump sum or through a series of premium payments. In return, the insurance company agrees to make payments to you either over your life or for a certain number of years. Types of Annuities Annuities, when purchased, are either immediate or deferred. An immediate annuity means you pay a single premium and annuity payments are made immediately per the contract. A deferred annuity is set up with payments scheduled for some time in the future. The policy is established and will grow based on the preferences you have chosen and the terms of your contract. Then when retirement comes, you can annuitize the policy, and begin receiving payments. Funding an annuity may be a one-time lump sum payment, flexible premium payment, or some combination of the two. The latter two options provide more flexibility in growing the policy value as new funds may be added to the annuity policy any time you wish. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

4 Definition of Flexible Premium Deferred Annuity (FPDA) The Flexible Premium Deferred Annuity is an annuity that can be funded over time and then annuitized at a later date. There is the flexibility to add additional premium in regular intervals or as your financial situation allows. Interest will be determined by the number and amount of premium payments paid into the policy. Interest is paid from the date funds are placed in the policy. You are not required to make any specific amount or number of payments while the annuity is in deferred status. A Flexible Premium Deferred Annuity is designed to help you build assets for retirement that can create a reliable income stream when you stop working. A fixed annuity will pay a set interest rate. This will provide guaranteed** growth in the accumulated value and minimize risks. Rates will fluctuate as the interest rates change over time, but never go below the Minimum Interest Rate in your contract. Annuitizing the policy. This is the term for converting funds that are in the policy into payments. Once the policy is annuitized no additional premium payments can be made. Annuitizing the policy can be done through a variety of contractual options, but the main benefit a of an annuity is in receiving steady payments over time. There is a great deal of flexibility with annuity payout options. You can receive a certain amount each month, quarter or year. The payments may be able to increase each year to account for inflation. The payment can be set up to last a specific number of years or can be set up to last your lifetime. Each option will result in different payment levels. Payments are determined by your accumulated value at the time it is annuitized, your age and the annuity payout structure you choose. Inheriting the policy. The annuity should have a designated beneficary when the policy is established. The death benefit amount paid to beneficiaries will be determined by the contract, if it has been annuitized, and what withdrawals have been made. Typically the death benefit amount will be paid directly to beneficiaries, bypassing probate. This is an advantage because the annuity payout will be treated like an insurance policy and can provide heirs with funds immediately to cover needed expenses like burial, final expenses and any medical bills. 4 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

5 What is the Difference Between a Qualified and Nonqualified Annuity? Qualified Annuity A qualified annuity is purchased and funded with pretax dollars. This is money that is put into the annuity before taxes are deducted, reducing your taxable income at the time funds are placed in the policy. Generally, qualified annuities are purchased for the funding of an IRA, 403(b) tax-deferred annuity, or other type of tax-advantaged retirement arrangement. Tax deferment is a benefit to annuities that will save money today and allow the funds to grow tax deferred, or until the funds are withdrawn. When qualified annuities are eventually paid out, the entire withdrawal is taxable because the funds were initially paid in with pretax dollars. Nonqualified Annuity Nonqualified annuities are funded with after-tax dollars. The taxes are paid today on the money that is put into the annuity. This type of annuity does not have the same tax benefits qualified annuities have, but can still benefit from tax deferral. With nonqualified annuities there is greater flexibility regarding source of premium funds and there are fewer restrictions on premium amounts. Unearned income can be used for premiums, which sets it apart from IRAs, 401Ks and other retirement funding options. Only the earned interest is taxable in a nonqualified annuity. Gains on nonqualified funds are taxed at the time of distribution, and will vary depending on the payout option elected. Why consider a Flexible Premium Deferred Annuity (FPDA)? We are living longer, which can create a real challenge when it comes to retirement income planning. As pensions are reduced, it becomes imperative to plan for your own retirement. This includes funding it in a way that you will not outlive* your money. Retirement funding must keep pace with extended life expectancies. The flexibility of a Flexible Premium Deferred Annuity can provide a reliable retirement strategy with a consistent income stream. This provides more financial confidence in your retirement income. Gain the flexibility to make premium payments as often as you choose, within certain limits. Benefit from tax deferred growth and guaranteed** retirement income. Southland National Insurance 2015 Ayrsley Boulevard, Suite 202, Charlotte, NC

6 Features and Benefits the Flexible Premium Deferred Annuity Provides: Tax Deferment No income taxes will be due until you withdraw the money from your annuity. Earnings stay in the contract and aren t taxed as long as they remain in the policy. It is important to note that withdrawals before 59 ½ may result in additional penalties as the funds are earmarked for retirement and subject to IRS withdrawal rules. Reliable interest crediting The accumulated value will be credited with an effective annual interest rate of the guaranteed minimum interest rate as stated in the contract. The guaranteed minimum interest rate is established at issue and does not change nor vary by new premiums. See your contract for specific interest rate terms. Flexible Payments The SNIC FPDA allows additional premium payments at any time. All new funds will receive the guaranteed minimum interest rate at the time the additional premiums are received. Renewal Interest Rates SNIC may credit interest in excess of the guaranteed minimum interest rate described in the contract. Any excess interest rate will be declared at the beginning of the period that it is payable. There may be more than one interest rate in effect at any time under the policy as a result of additional premiums received. Surrender Charges and Premium Taxes A surrender charge will be assessed (unless the surrender qualifies for a waiver) if a surrender, full or partial, is made during the surrender charge period. Therefore, all premiums paid may not be returned upon surrender. Also, if a state has a premium tax, this will be deducted from either the premium paid or at the time of surrender, depending on the state s rules. Earn Interest on Your Interest Because earnings remain in your policy until withdrawn, you earn interest on your original premium and on interest earnings. This allows the principle of compound interest to work for your benefit. Turn Assets Into a Reliable Income Stream When you are ready to retire you can convert the Annuity into an income stream. When the policy is annuitized you will receive steady monthly, quarterly or annual payments you can rely on. The payout must begin by the annuitant s age 95. All or part of the accumulated value may be used when electing an annuity payout option. If a complete payout option is elected, all of the periodic income amount will be paid and not just a portion of the monthly amount. 6 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

7 Interest Rates The Flexible Premium Deferred Annuity credits interest on a daily basis to the annuity and the contract will provide: First year premium interest rate Renewal interest rate on policy anniversary Guaranteed minimum interest rate First Year Interest Rate A new premium interest rate is established monthly and will apply to additional premiums received during that month. Renewal Interest Rate After one year, the renewal interest rate is based on the accumulated value plus interest earned. There are three levels of accumulated value that impact the interest rate offered. The tiers are: Band 1: Accumulated value less than $10,000 Band 2: Accumulated value equal to $10,000 and up to and including $25,000 Band 3: Accumulated value greater than $25,000 Guaranteed Minimum Interest Rate The Flexible Premium Deferred Annuity offered by Southland has a guaranteed minimum interest rate of 1%, which is guaranteed** by the insurance company. Regardless of how low interest rates become, you are guaranteed to receive a 1% minimum rate established by the contract. The guaranteed minimum interest rate (GMIR) will be determined annually for policies issued during a calendar year. Once the policy is issued the GMIR will not change. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

8 Access to Funds Surrender Charges An annuity contract is a long term retirement income strategy. The IRS has established tax penalties for removing funds from an annuity prior to age 59 ½. In addition to this restriction, each annuity policy will have a period of time that the funds must remain in the policy in order to avoid surrender charges. Surrender charges help cover costs associated with marketing and managing an annuity and its benefits if the annuity funds are withdrawn early. Because annuities are priced by the company to be long term products, removing the funds prior to the end of the surrender charge schedule will result in a surrender charge. At the time of withdrawal we reserve the right to deduct premium taxes, if applicable, and to withhold state or federal taxes from the surrendered value on the date the withdrawal is taken. Surrender charges are determined by how long the policy has been in force. Surrender charges do not restart when new premiums are added. The surrender charge percentages are shown in the table below: Year Surrender charge % 9% 9% 7% 6% 5% 4% 3% 2% 1% 0% Additional information about surrender charges for Southland s FPDA: The surrender value is paid for a full surrender. A partial surrender equals the percentage of the accumulated value surrendered less the surrender charge. No more than four partial surrenders are allowed during a policy year unless systematic partial surrenders are established. Each partial surrender must be at least $250. Following a partial surrender, the remaining accumulated value must be at least $1,000. Systematic partial surrenders may be made monthly, quarterly, semiannually or annually. Southland National Insurance Company (SNIC) will do appropriate tax reporting. Some or all of surrenders may be considered income to the owner. We must report such income according to the federal tax laws. There might also be tax penalties if surrenders are made before age 59 ½. 8 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

9 Waiver of Surrender Charges Surrender charges will be waived on a partial surrender of up to 10% of the accumulated value as of the most recent policy anniversary, once each policy year. This waiver may be used only once per policy year. Waiver of surrender charges is not available during the first policy year. In addition to the above, surrender charges will be waived if either the owner or joint owner is totally disabled or confined. Total disability is defined as when you have an injury or sickness which prevents you from performing any work for pay or profit for 12 months. Southland reserves the right to require a physical exam as proof of claim, at the company s expense. If the result of the physical exam is in conflict with the certification from your Physician, the result of the physical examination will rule. If the waiver of surrender charges is denied, SNIC must give the owner the option to accept or reject the proceeds prior to paying the full or partial surrender to the owner. Administrative Fees At Southland there are no administrative or management fees. Payment Options Payments may only be made in form of cash or cash equivalent. Premiums can be periodic, single, or through a 1035 exchange. Payments can be made at any time before the policy is annuitized, while the policy is in force. Minimum Additional Premiums can vary but must be at least $50 if paid by EFT, $250 otherwise (unless the minimum is waived). Southland National Insurance Corporation (SNIC) reserves the right to not accept additional premiums if the payment causes total premiums received to exceed $500,000, the Maximum Total Premium. SNIC reserves the right to not accept additional premiums if the interest rate being credited to the accumulated value equals the guaranteed minimum interest rate. Assuming all policy minimums have been satisfied, no additional premiums are ever required after the initial premium has been received. The policy will remain in force and continue to earn interest until it is terminated as defined in the policy. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

10 Annuity Payout Benefits You may elect to apply all or a portion of the accumulated value when choosing an annuity payout option when the policy is annuitized. Surrender charges will be waived on any portion of the accumulated value applied to an annuity payout option. If the amount to be annuitized is less than $2,000, Southland reserves the right to pay this out in the form of a full surrender in a lump sum. A supplementary contract will be issued for the payment of the annuity payout benefit. Annuity payouts will be made monthly on the annuity payout date unless a different schedule is agreed upon. Southland reserves the right to change the frequency of annuity payouts so each payment will be at least $25. Request for annuitization must be received 30 days before the annuity payout is scheduled to begin. Annuity payouts may not begin until 60 days after the issue date. Before payments begin we may require proof of the annuitant s identity. The start date cannot be after the maximum start date. If a joint payout option is chosen, the joint annuitant can be named at the time of annuitization. 10 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

11 Annuity Payout Benefits The age that will determine the annuity payout factor is the annuitant s current age on the birthday nearest the day the annuity payouts begin. The annuity payout options are: Option 1: Lifetime Income payments made for the life of the annuitant. Option 2: Lifetime Income with Guaranteed Period payments made over guaranteed period while annuitant is alive. If annuitant dies before guaranteed payments have been made, payments will be made to person designated to receive them. Option 3: Joint and Survivor Lifetime Income payments made while either the annuitant or joint annuitant are alive. Payments will end upon death of second annuitant. Option 4: Joint and Survivor Lifetime Income with a Guaranteed Period Payout will be paid for guaranteed period so long as at least one annuitant is alive. If both annuitants die before guaranteed payments have been made, payments will be paid to person designated to receive them. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC www. southlandnational.com 11

12 Death Benefits Upon death you are able to pass along the remaining value of the annuity to your children or heirs, if they are listed as beneficiaries. If your spouse is listed as the sole beneficiary he or she may have the option to continue the annuity or request a lump sum. Any death benefit paid under this policy will include interest from the date of death until the death benefit is paid at a rate not less than that required by state law. The beneficiary may elect to defer payment of the death benefit as allowed by law or IRS regulation. Proof of death is required in order to receive any death benefit payout. This proof can be in the form of a certified copy of the death certificate, a certified copy of a decree of a court of competent jurisdiction as to the finding of death, or another proof SNIC deems satisfactory. The beneficiary may take all or part of the death benefit as a single lump sum or an annuity payout. A single lump sum is paid immediately. Annuity payout options can be selected the same as previously defined and are permitted by Code Section 72(s) and the regulations thereunder. Under Code section 72(s), if the owner or joint owner dies, the death benefit must be distributed as follows: - If annuity payout benefits remain due, they must be distributed at least as rapidly as under the annuity payout option upon which they were based as of the date of death; - If death occurs before all of the accumulated value has begun distribution, the death benefit must be distributed within five years of the date of death. Proceeds payable to a named beneficiary who is a natural person may be distributed in substantially equal installments over the beneficiary s lifetime or a period certain that does not exceed the life expectancy of the beneficiary provided these installment payments begin within one year after the date of death; - If the sole beneficiary is the owner s surviving spouse, he or she may continue the policy as owner upon the owner s death. If the owner s surviving spouse chooses to continue the policy as owner, all policy provisions will apply to him or her as if he or she were the original owner; - If the owner is not a natural person, the death of the annuitant is treated as the death of the owner for these distribution requirements. 12 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC www. southlandnational.com

13 What is a Beneficiary? Beneficiaries are named at the time of the application and can be changed by the owner while the policy is in force. Each irrevocable beneficiary must give consent to additions or changes to the beneficiary designation. The owner may select a date for the change to be effective. The beneficiary change will be effective on the date the request is signed and it will not affect any payment or action SNIC makes before we receive and record the request. If there is more than one beneficiary, they will be paid equal shares unless otherwise requested by the owner. Beneficiary percentages must be in whole percentage amounts. If no beneficiary is named or if no beneficiary is alive when the death benefit becomes payable, the death benefit will be paid to the owner s estate. The death benefit is paid upon the first death of an annuitant, owner and joint owner. The death benefit equals the accumulated value as the date of the death. If a beneficiary dies before receiving his or her share, then his or her share will be paid in the following order unless otherwise changed by the owner: To any surviving beneficiary in the same class of beneficiary; To any contingent beneficiary; To the beneficiary s surviving spouse; To the beneficiary s surviving children (equally); or To the beneficiary s estate. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC www. southlandnational.com 13

14 About Southland National Insurance Southland National Insurance was founded in Our goal is to provide quality products that meet the needs of our customers. We know and understand the need to provide more clarity for our customers when it comes to taking charge of your retirement. The culture at Southland National Insurance is one where our employees enjoy working with clients and business partners. We take the time to listen to our customer's needs and will always try to respond with customer service that puts the customer first. 14 Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

15 Disclaimer and Footnotes * The phrase, You will not outlive your money refers to optional lifetime annuity payout options available upon annuitization. ** Annuity product guarantees rely on the financial strength and claims-paying ability of the insurer. This handbook is for informational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation. Annuity benefits described herein will vary based on the terms and conditions of the contract and any attached rider(s), if applicable. The contract and riders contain additional limitations that you need to review and understand. This handbook provides general information on issues many people consider in making the decision as to whether or not they should purchase an annuity. This information is not designed to be a recommendation to buy a specific product as each recommendation for sale should be based on your specific financial goals and objectives. Southland National Insurance 2015 Ayrsley Town Boulevard, Suite 202, Charlotte, NC

16 Southland National Insurance Corporation Corporate Office: 2015 Ayrsley Town Boulevard, Suite 202 Charlotte, NC Administrative Office: 2200 Jack Warner Parkway, Suite 150 Tuscaloosa, AL www. southlandnational.com SNIC

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