The Annuitization Waiver is available on the following GCU Annuities:
• One Plus Four
• Triple Advantage
• Five Year Advantage
• Flex 8
This waiver provides for a complete dismissal of any surrender charges currently in effect on the annuity provided that the annuitant elects a Single Premium Immediate Annuity that:
• If a Fixed Period Certain Only election, must be for at least 5 or more years, or;
• ANY Life Income Option
For example, if the annuitant was in the second year of a Flex 8 Annuity, surrender charges in that year would normally be 8% of any amount over the surrender charge free provisions for that year. If the annuitant elected to annuitize the contract to any Life Income Option, GCU would agree to waive the surrender charge that was in effect at that time.
This waiver is provided by its inclusion on the Annuity Disclosure Form. It is not contractual, is by Decree of the GCU Board of Directors, and could be discontinued at any time.
Please note regarding benefits issued by Board Decree: While a specific benefit may be discontinued in the future, once it is on a contract, it may not be removed. Only new contracts issued after the change of the decree would be affected.
(Terms of Service and sale are subject to change)