Great American Life Insurance Company Annuities
American Legend 7
Offer your clients multiple indexed strategies with the American Legend 7. With a seven-year early withdrawal charge period, this product accepts multiple purchase payments (subsequent minimum payment: $2,000). Multiple commission options available! For a complete product description, see the Product Overview located under the Marketing Materials tab.
- Non-Qualified 0-85
- Inherited non-qualified 0-75
- Inherited IRA 0-75
- Qualified 0-85
- Inherited non-qualified
- 403(b) (Traditional and Roth)
- IRA (Traditional, Roth, SEP, SIMPLE and Inherited)
- Single and flexible purchase payments
- All purchase payments paid into purchase payment account
- Moved into interest strategies on 6th and 20th of each month
- $1 million for ages 0-75
- $750,000 for ages 76-80
- $500,000 for ages 81+ without prior Home Office approval
- 1-Year Declared Rate
- S&P 500 1-Year Point-to-Point
- S&P 500 1-Year Monthly Sum
- GLD 1-Year Point-to-Point
- S&P 500 Risk Control 1-Year Point-to-Point with Par Rate
- S&P U.S. Retiree Spending 1-Year point-to-point
- iShares U.S. Real Estate 1-Year point-to-point
- 7-year declining 9%, 8%, 7%, 6%, 5%, 4%, 3%
- During the first contract year, 10% of purchase payments may be withdrawn without an early withdrawal charge or market value adjustment.
- After the first contract year, 10% of the account value as of the most recent contract anniversary may be withdrawn without an early withdrawal charge or market value adjustment.
A market value adjustment will apply to withdrawals or surrenders during the seven-year term
- Fixed dollar and RMDs
- Terminal Illness Waiver
- Extended Care Waiver
- Purchase payment account value
- Declared rate strategy value
- Interest strategy value
- The surrender value equals the greater of the account value less any early withdrawal charges, or the guaranteed minimum surrender value.
87.5% of purchase payments, plus interest credited daily at a minimum guaranteed rate of 1%, less prior withdrawals, net of applicable early withdrawal charges and market value adjustments
- Fixed period payout
- Life payout
- Life payout with payments for at least a fixed period
- Joint and one-half survivor payout
- The greater of the account value or GMSV will be paid upon the death of the owner.
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