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Home : Fixed Annuities : Transflex
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TransFlex
TransFlexSM
TransFlex, from Transamerica Occidental Life Insurance Company, is a flexible premium deferred
fixed annuity that accepts flexible premium payments as low as $50 per month. It is designed to
accommodate new participants for existing group qualified1 retirement plans and for
those who want flexible premium payments.
Features:
- Maximum issue age is 85 (owner or annuitant)
- Minimum premium of $600 annually, $50 monthly, $150 quarterly, or $300 semi-annually for qualified1 and non-qualified funds. The maximum accumulated total premium accepted without prior approval from Transamerica Occidental Life Insurance Company is $1,000,000.
- Guaranteed* 1.5% minimum interest rate.
- Policy Value Credit.
- A seven-year surrender charge schedule of 8%, 8%, 7%, 6%, 5%, 4%, and 3% for each premium received. In Alabama, Indiana, Maryland, Massachusetts, Minnesota, New Jersey, Oregon, and Washington, the surrender charge period is based on the policy date rather than the premium date.
Policy Value Credit:
- If at the time of any premium date or premium anniversary, the policy value is at least $10,000 but less than $25,000, then a current policy value credit rate of 0.15% applies to that entire premium bucket for 12 months.
- If at the time of any premium date or premium anniversary, the policy value is more than $25,000, then a current policy value credit rate of 0.25% applies to that entire premium bucket for 12 months.
Surrender charge-free withdrawals are available through the following options:
- Beginning in the second policy year, up to 10% of the policy value (minimum $500) on the prior policy anniversary.
- Minimum Required Distribution – For tax-qualified plans, partial withdrawals taken to satisfy minimum required distribution requirements with respect to this policy under the Internal Revenue Code.
- Nursing Care and Terminal Condition Withdrawal Options – Beginning in the second policy year, the owner or the owner's spouse (annuitant or annuitant's spouse if the owner is not a natural person) must have been confined to a hospital or nursing facility for 30 consecutive days, or is diagnosed as having a terminal condition and confinement begins or diagnosis is made on or after the policy date. Minimum distribution is lesser of policy value or $1000 (In New Jersey, the minimum distribution amount is $500 and this option is not available to the spouse of the owner or annuitant). Not available in all jurisdictions.
- Systematic Payout Option (SPO) may start in the second policy year up to 10% of policy value on the prior anniversary date on a monthly, quarterly, semiannual, or annual basis. Minimum SPO amount is $50. Minimum SPO for NJ is $40 monthly.
- Payment as a result of death.
- Annuitization available after the third policy year (if income option is lifetime income or for a period of at least 60 months).
Under current federal tax laws, amounts withdrawn or distributed are subject, in whole or in part, to federal income tax. State income tax may also be applicable. In addition, a 10% federal income tax penalty may apply if distributions are made prior to the owner's reaching age 59 ½.
A Transamerica representative can help explain all the details of the TransFlex annuity and how it can meet your needs.
* Guarantees are backed by the claims-paying ability of Transamerica Occidental Life Insurance Company.
The guaranteed cash values will always be at least as great as the minimum cash values required by your state.
1 There is no additional tax deferral benefit derived from placing IRA or other tax-qualified funds into an annuity. Features other than tax deferral should be considered in the purchase of a qualified annuity.
A qualified financial professional can help you determine whether an annuity is appropriate for you. Consider your age, income, net worth, tax status, insurance needs, financial objectives, liquidity needs, time horizon, risk tolerance and any
other applicable information. Together, you can decide if an annuity is right for you.
TransFlexSM (Policy Form #AF905 101 203 605; FL Policy Form #AF924 101 203 605; OR Policy Form #AF955 101 203 605) is a flexible premium deferred fixed annuity issued by Transamerica Occidental Life Insurance Company, Cedar Rapids, IA 52499. Policy form and number may vary, and this product and its features may not be available in all jurisdictions. Not available in New York.
PSI 3247 0307
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