The IQumulate® product is a multi-year guaranteed, single premium deferred annuity that offers a competitive, fixed interest rate over the full duration of the contract period. This product is designed for people who are seeking an additional source of income during retirement.
Issue Ages
18 - 90 ALB (age last birthday)
Premium
Minimum: $5,000
Maximum: $1,000,000
Greater than $1M will be subject to corporate office review. Additional premium is not permitted after issuance.
Guaranteed Period
3, 5, or 7 years
Funding Options
- Non-Qualified
- Qualified: IRA, Roth IRA, SEP IRA, Inherited IRA and Roth
Annuitization
Any time after the first policy year and no later than the Contract Maturity Date
Contract Renewal Options
- Automatically renew with the same guaranteed period with no changes.
- Switch to a different Contract Guaranteed Period, remove a rider, and/or request a partial withdrawal.
- Request a full withdrawal.
Contract Maturity Date
Contract anniversary following the oldest annuitant’s age 95.
Income Payout Date
The Income Payout Date is the Contract Maturity Date unless the owner requests an earlier date.
Market Value Adjustment
This product has an MVA based on an index, which will be shown on the contract data pages.
Withdrawal Charges and MVA
The Withdrawal Charges and MVA shown on the Contract Data Page will be waived when a full or partial withdrawal is requested and is received in our Administrative Office within thirty (30) days immediately following the end of a Contract Guaranteed Period.
Withdrawal Charge Schedule
Guaranteed
Period |
Contract Year |
| 1 |
2 |
3 |
4 |
5 |
6 |
7+ |
| 3 Years |
9.00% |
8.00% |
7.00% |
|
|
|
|
| 5 Years |
9.00% |
8.00% |
7.00% |
6.00% |
5.00% |
|
|
| 7 Years |
9.00% |
8.00% |
7.00% |
6.00% |
5.00% |
5.00% |
5.00% |
- During renewal guaranteed periods, withdrawal charges are 5% regardless of the guaranteed period.
- Florida: For issue ages 65+, withdrawal charges apply only to the first 10 contract years.
Death Benefit
The optional Enhanced Death Benefit rider waives the withdrawal charge and MVA at death of the owner.
Riders
| Partial Withdrawal Charges Waiver Rider | Election of this optional rider will reduce the interest rate by 0.20% |
| Nursing Home Withdrawal Charge Waiver Rider | Election of this optional rider does not affect the interest rate |
| Terminal Illness Waiver Rider | Election of this optional rider does not affect the interest rate |
| Enhanced Death Benefit Rider | Election of this optional rider will reduce the interest rate by 0.15% |
Dividends
This product is non-participating and does not pay dividends.
Quoting Illustration
Ability to quote and project values using Baltimore Life’s automated system.
Product and rider specifics can be found in contract form number ICC24-9107 and/or its state variations. Please refer to Form 9137 State Approval and Forms List for application, policy, and rider availability by state as this product and/or riders may not be available in all states.
