Complete a California Settlement Election Form C-5515 and a W-4P Form and send them, along with proof of birth and the original contract, by mail. *If you do not have the original contract, a California Statement Of Lost Contract C-5431 is required in its place.
Annuitization normally occurs between the ages of 50 and 85.
How much income you receive depends on how much you put into the annuity, your age, sex, current interest rates and the income plan you select when the income phase begins.
The minimum monthly annuity payment is $20.00.
There are no penalties for annuitization on Flexible Premium Fixed Annuities.
There are penalties associated with annuitization of a single premium annuity within its first 6 contract years {Charge Schedules}
There are 7 different payout plans available at the time of annuitization:
Life without Refund – This option provides annuity payments for the lifetime of the annuitant.
Life with Installment Refunds – This option provides annuity payments for the lifetime of the annuitant. If the annuitant dies before receiving an amount equal to the original annuitization amount, payments will continue to the beneficiary until the total of all annuity payments equals the original annuitization amount.
Life with Period Certain – This option provides annuity payments for the lifetime of the annuitant and guarantees that if the annuitant dies before the end of the period certain elected by the annuitant (5, 10, 15 or 20 years) then payments will continue to the beneficiary for the balance of the period certain elected.
Joint and Last Survivor Life Annuity – This option provides for annuity payments to two annuitants until both of them die.
Life with Cash Refund – This option provides annuity payments for the lifetime of the annuitant and guarantees that a refund will be made if the annuitant dies before receiving an amount equal to the original annuitization amount.
Joint and Contingent Life – This options provides for annuity payments until the death of the last of the joint annuitants. One of the annuitants is specified as the primary annuitant, with the other being the contingent annuitant. Payments are made in the original amount for lifetime of the primary annuitant. Payments as stated percentages ( 50%, 66 2/3%, 75%, or 100%) of the original amount are made during the lifetime of the contingent annuitant following the death of the primary annuitant.
Annuity Certain – This option provides for annuity payments of a fixed amount ($25 minimum) or for a fixed period of years (7 year minimum). If the fixed amount option is chosen, benefits cease when all funds in the annuitant’s account have been distributed. If the fixed period is chosen, benefits cease at the end of the chosen period.
