ProOption Multi-Year Guaranteed Annuity with ROP 5

ProOption Multi-Year Guaranteed Annuity with ROP 5

Product Name

ProOption Multi-Year Guaranteed Annuity with ROP 5

Annuity Type

Multi-Year Guarantee Annuity

Issuing Insurance Company and Ratings

Clear Spring Life & Annuity Company - View details

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Product Information

The ProOption Multi-Year Guaranteed Annuity with ROP 5 is a deferred multi-year guarantee annuity issued by Clear Spring Life & Annuity Company.

The current 5 year guarantee period annual yield is 4.00% (see Rate Details below). This is the guaranteed annual yield, including bonuses if applicable, for the initial guarantee period term, up to the first penalty free full withdrawal window. The ProOption Multi-Year Guaranteed Annuity with ROP 5 has a full penalty free withdrawal window after 5 years.

During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. In the first contract year, this annuity provides interest only withdrawals. Beginning in the second contract year, up to 10% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.

This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.

Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.

Clear Spring Life & Annuity Company is rated “A-” by A.M. Best, was founded in 1985, and has over $12.5 billion in total assets.

Rate Details

Nov 1st, 2022
Dec 1st, 2022
5 years

Premium Amount: $5,000 - $1,000,000

Current Upcoming
5 Year Guarantee Period Annual Yield: 4.00% 4.00%
Interest rate start of year 1 through end of year 1: 3.80% 3.80%
Interest rate start of year 2 through end of year 2: 3.90% 3.90%
Interest rate start of year 3 through end of year 3: 4.00% 4.00%
Interest rate start of year 4 through end of year 4: 4.10% 4.10%
Interest rate start of year 5 through end of year 5: 4.20% 4.20%

Initial Surrender Charge and MVA Periods

Early Surrender Charges: 5 years
Market Value Adjustment (MVA): 5 years
Penalty Free Full Withdrawal Window Available After: 5 years

State variations may exist, refer to product disclosure for details. 

Policy Details

Min Premium Non-Qualified: $10,000
Max Premium Non-Qualified: $1,000,000
Max Issue Age Non-Qualified: 90
Rate Lock on Transfers: 45 days
Death Benefit: Accumulation Value

Min Premium Qualified: $5,000
Max Premium Qualified: $1,000,000
Max Issue Age Qualified: 90
Subject to MVA: Yes
Income Rider Available: No

Penalty Free Withdrawal Provisions

First Year Withdrawals: Interest Only
Cumulative Withdrawals: No
Penalty Waivers: Annuitization, Death, Nursing Home and Terminal Illness

Years 2+ Withdrawals: 10%
RMD Friendly: Yes

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  NY (as of 03/06/2019)