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How Long Will My Money Last Mutual Of Omaha

Written By Friday, November 5, 2021 Add Comment Edit

Mutual of Omaha Ultra-Premier Fixed Annuity offers a competitive interest rate to help your money grow.

Safe, Secure Option for Your Money

You've worked hard to build your assets.

You certainly want to make sure that a portion of your assets are safe and won't be affected by a downturn in the stock market – especially when you're counting on using those assets for retirement.

One way to help build and protect your assets is with an Ultra-Premier annuity from United of Omaha Life Insurance Company (Mutual of Omaha).

With Ultra-Premier:

  • Interest rates are very competitive.
  • You choose a guaranteed interest rate period of either 5 or 7 years.
  • Your interest rate is guaranteed for the period you selected
  • You won't have to pay taxes on the money that grows until you begin receiving regular annuity payments.
  • Your money is backed by United of Omaha, a Mutual of Omaha company.

Here are some other things to know

Our Guarantees to You

  • All of your money works for you – you won't be charged with sales or administrative fees
  • Your beneficiary immediately receives all of the funds in your account if you die – this can help avoid costly probate delays

Access to Your Money

  • You can withdraw up to 10 percent of the money in your account each year without a withdrawal charge or market value adjustment (withdrawals before age 59 ½ are subject to a 10 percent federal income tax penalty)
  • If the unexpected happens, you have free access to your entire account value if one of these life events occurs:
    • Confinement to a hospital or long-term care facility
    • Unemployment
    • Disability
    • Terminal Illness
    • Death of a spouse or minor dependent
    • Damage to your residence
    • Transplant surgery

Policy Minimums and Maximums

  • $25,000 minimum (Qualified or Nonqualified)
  • $3 million maximum (without United of Omaha approval)

Additions

  • $500 minimum additions may be made during the first policy year (subject to policy maximums)
  • Additions are credited with the new money interest rate in effect at the time of the addition

Maximum Issue Age

  • 5-year: 89 years
  • 7-year: 88 years

Free Access to Your Account Value

10 percent of accumulated policy value per year may be withdrawn without a withdrawal charge or market value adjustment ($100 minimum per month).

Waiver of Withdrawal Charges

Withdrawal charges and market value adjustments will be waived for the following events.

Please refer to the policy for complete details.

Confinement to a Hospital or Long-Term Care Facility

Applies once the owner has been hospitalized or confined to a nursing home or long-term care facility for at least 30 consecutive days.

This waiver applies during confinement and within 91 days of the last day of confinement.

Unemployment

Applies once the owner has received unemployment benefits for at least 60 days.

If the owner is receiving unemployment benefits on the day the policy is issued, this waiver does not apply.

Disability

Applies once the owner has become totally disabled for more than 90 continuous days.

This waiver no longer applies once the owner has attained age 65.

Terminal Illness

Applies if the owner has been diagnosed with a terminal illness.

Death of a Spouse or Minor Dependent

Applies to one withdrawal if the spouse or a minor dependent of the owner dies.

For the death of a spouse, the maximum allowable surrender is 50 percent of the accumulation value as of the withdrawal date. For the death of a minor dependent, the maximum is 25 percent.

Mutual of Omaha Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.

Damage to Your Residence

Applies if the owner incurs physical damage of $50,000 or more to his or her primary residence.

Transplant Surgery

Applies if the owner undergoes transplant surgery, whether as an organ donor or recipient, of the following body organs:

  • heart,
  • liver,
  • lung,
  • kidney,
  • pancreas, or
  • bone marrow (recipients only).

Market Value Adjustment

If you request a cash surrender or partial withdrawal, a market value adjustment may be applied.

  • If the interest rate at the time of cash surrender or partial withdrawal is higher than the interest rate guaranteed for the guarantee period, the market value adjustment will always be downward.
  • If the interest rate at the time of cash surrender or partial withdrawal is lower than the interest rate guaranteed for the guarantee period, the market value adjustment will usually be upward.

Options for Continuing Your Policy

  • United of Omaha will notify the owner 45 days before the end of each 5- or 7-year guarantee period and provide the options to continue, surrender, or annuitize the contract.
  • You have a 30-day window after each 5- or 7-year guarantee period to surrender, continue, or annuitize the contract penalty-free.
  • If the owner does not contact United of Omaha, in writing, in the 30-day window after the current guarantee period ends, a new guarantee period of the same length will begin automatically.

The annual interest rate credited to your account will be based on then-current rates.

The withdrawal charges and Market Value Adjustment will also be reinstated.

Retirement Income Planning

If you're spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider.  These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Brochures

Mutual of Omaha Ultra-Premier Fixed Annuity

Disclaimer*: Brochures may vary by state.  For the most accurate information, please request info in the Request Quote form.

Taxes

Non-Qualified Annuity

Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you've earned will be taxed as ordinary income as you withdraw money.

Qualified Annuity

Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary income as you withdraw money.

Roth IRA Annuity

Withdrawals from Roth IRA annuities are tax-free as long as the IRS requirements are met.

Early-Withdrawals

If you withdraw money from your annuity before you turn age 59.5, you will receive a penalty of 10% plus ordinary income taxes from the IRS.

For more information:  How Are Annuities Taxed?

Why Buy This Fixed Annuity?

  • The annuity rate is guaranteed for the length of the term.
  • You will earn higher interest rates than the best CD rates and bank rates.
  • You will have liquidity without penalties and tax-deferred growth.
  • You could avoid probate.

Annuity Rates

The current fixed annuity rate is listed under the Additional Information tab.  You can also compare current annuity rates here.

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company's claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

How Long Will My Money Last Mutual Of Omaha

Source: https://www.annuityexpertadvice.com/shop/annuity/fixed-annuity/mutual-of-omaha-ultra-premier-fixed-annuity/

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