Page 7 - WL-Winter-Magazine-2023

Q: What is thE maturity datE on an annuity?
Why doEs it mattEr?
A: The maturity date is when a settlement option
will be selected, and periodic income payments will
begin. This is called annuitization of the contract.
This date is initially specified in the contract by the
annuity owner at the time of application. When the
annuity reaches the maturity date, regular periodic
payments will automatically begin with a Life Income
with a Guaranteed Period, unless a different settle-
ment option is selected.

Q: can thE maturity datE BE changEd?
A: Yes. If you choose a maturity date prior Woman’s lifE offErs:
to the maximum maturity age allowed in your con-
tract, you can change or extend it at any time prior to ▶ Intuitions Flexible Premium Deferred Annuity
®
reaching that maturity date. Once the contract is an-
nuitized, it cannot be changed, stopped, or reversed. (M03-2800 FLEX)
®
▶ Intuitions Five Single Premium Deferred
Q: can monEy BE takEn out of an annuity Annuity (M03-2900 SPDA)
BEforE it rEachEs maturity?
A: Yes. Up to ten percent of the funds can be with- ▶ Flexible Premium Deferred Annuity
drawn after the first certificate year without a fee from (M99-2200 FLEX)
Woman’s Life. Depending on the type of plan, your
age, and IRS requirements, there may be other fees ▶ Single Premium Deferred Annuity
or taxes required. No withdrawals are allowed before (M99-2300 SPDA)
the first certificate anniversary.
If you need to withdraw more than 10% of your
funds, depending on the type of plan, your age, IRS In our ever-changing economy, it is important, espe-
requirements, and surrender charge periods, there cially for women, to save aggressively for retirement.
may be fees and/or taxes required. It’s best to con- Few Americans have a pension plan, and Social Secu-
sult with your personal tax or financial advisor before rity is only designed to provide a small portion of the
withdrawing funds from your annuity. retirement income most of us will need. A deferred
annuity from Woman’s Life can be an effective way
Q: What arE surrEndEr chargEs and hoW arE to save for your secure financial future. It can help
thEy dEtErminEd? you achieve your retirement dreams such as travel,
A: Surrender charges are fees that are applied if you continuing education, hobbies, or spending time with
decide to withdraw all or part of your annuity contract grandchildren.
before the end of the surrender charge period. These To find out if a deferred annuity from Woman’s Life
fees are calculated based on the terms of your contract is a good fit for your financial plans, speak with your
and the amount withdrawn. Woman’s Life annuities Woman’s Life Representative or call us at 800-521-
have surrender charge periods of 5 years, 8 years, or 9292 ext. 261.
10 years, depending on the specific plan you choose.
Withdrawals and surrenders will decrease the value of your annuity
Q: What happEns aftEr thE surrEndEr chargE and/or the income you receive. Withdrawals made prior to age
pEriod Ends? 59½ may be subject to a 10% federal tax penalty.
A: After the surrender charge period ends and prior Always consult with your personal tax or financial advisor.
to annuitization, withdrawals may be requested at Woman’s Life annuities are not a deposit. Not FDIC insured. Not
any time and for any amount, up to the full account insured by any Federal Government Agency. Not guaranteed by
value. Common withdrawal requests include par- any bank. May lose value.
tial withdrawals (amounts requested as needed), or Not all products are available in all states; refer to individual
consecutive partial withdrawals set up as automatic product information for details. For complete costs and details,
distributions, such as monthly, quarterly, or annually, speak with your Woman’s Life representative or call Woman’s Life
to meet your needs. at 800-521-9292.

WINTER 2023 WOMANSLIFE.ORG 5