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For Producer Use Only
Newswire: Increase to Minimum Guaranteed Interest Rate on ChoiceFour
MINIMUM GUARANTEED INTEREST RATE INCREASED FOR CHOICEFOUR SPDA
Change also affects Minimum Guaranteed Contract Rate for all EquiTrust products
Effective 1/1/2024, the Minimum Guaranteed Interest Rate for ChoiceFour, a single premium deferred annuity (SPDA) with one-year annual reset interest rate, will increase to 3.00%. The Minimum Guaranteed Contract Rate on all EquiTrust fixed and fixed index annuities (FIAs) will also change to 3.00%.
The Minimum Guaranteed Contract Rate is used to calculate the Minimum Guaranteed Contract Value.
Minimum Guaranteed Rates For contracts with effective dates 1/1/2024 – 12/31/2024
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Minimum Guaranteed Interest Rate
Minimum Guaranteed Contract Rate
Certainty Select®
1.00%
3.00% (87.5% prem)
ChoiceFour®
3.00%
3.00% (100% prem – S/C)
MarketPower Bonus Index®
1.00%
3.00% (87.5% prem)
MarketTen Bonus Index®
1.00%
3.00% (100% prem – S/C)
MarketValue Index®
1.00%
3.00% (87.5% prem)
MarketSeven Index®
1.00%
3.00% (87.5% prem)
MarketFive Index™
1.00%
3.00% (87.5% prem)
MarketForce Bonus Index™
1.00%
3.00% (87.5% prem)
MarketMax Index™
1.00%
3.00% (87.5% prem)
Bridge®
1.00%
3.00% (87.5% prem less LTC Rider charges)
Contracts have minimum guaranteed rates at two levels:
The Minimum Guaranteed Interest Rate represents the minimum annual credited rate that can be declared on Certainty Select, ChoiceFour and the fixed account on FIAs. The renewal rate on each of these products/accounts can never be less than the Minimum Guaranteed Interest Rate.
The Minimum Guaranteed Contract Rate is the rate associated with the minimum cash value floor, which is often referred to as the Minimum Guaranteed Contract Value. If a client surrenders their contract, the surrender value can never be less than this amount.
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Questions about the Minimum Guaranteed Interest Rate change? Give us a call at 866-598-3694.
EquiTrust does not offer investment advice to any individual and this material should not be construed as investment advice. Products underwritten, issued and distributed by EquiTrust Life Insurance Company, West Des Moines, Iowa.
