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Summary of Western National Flex 5 Annuity

Safety for your funds.1 With the return-of-premium guarantee, you can even ask for and receive 100% of your purchase payment (premium) back—at any time—less any withdrawals already taken, or the withdrawal value (annuity value less any withdrawal charges), whichever value is greater.

Tax-deferral advantage.2 You can postpone taxes on your interest earnings until you are ready to make withdrawals.

  • Meanwhile, your principal and earnings earn interest.

  • Even the money that otherwise would have gone toward paying federal income taxes stays in the account, earning interest.

  • That means you can accumulate more money over a shorter period of time, which ultimately can provide you with a greater income.  

Competitive rates—earn guaranteed interest.3 The Western National Flex 5 Annuity offers a choice of a one-, three-, or five-year interest rate guarantee option on your original purchase payment. Lock in the initial interest rate guarantee option that works best for you.

  • The one-year option may include an up-front premium bonus.4

  • The three-year option may include an interest enhancement during the first three contract years.

Guaranteed minimum renewal rate.1 Regardless of future economic conditions, your annuity is guaranteed to renew at or above the minimum interest rate stated in your contract.

Easy access to your money.2 In case of an emergency, you can take advantage of the annuity’s penalty-free early withdrawal privilege.

  • After 30 days from the contract date, you may take multiple penalty-free withdrawals each year not exceeding in total the greater of (1) the accumulated interest earned or (2) up to 15% of the previous anniversary annuity value.

  • If you do not use all of the 15% free withdrawal percentage in a contract year, you may carry over the unused portion to the next contract year up to a maximum of 20% of the most recent contract anniversary annuity value.

  • You can access more than the permitted free withdrawal amount any time. However, such withdrawals will incur the following withdrawal charges for five years from the contract date: 9%, 8%, 7%, 6%, 5%, 0%.
     

Early withdrawal charge waivers.  Multiple early withdrawal charge waivers are available and can be used if you: need to stay in a nursing home, are unable to perform certain activities, or discover you have a terminal illness.

Estate-planning advantage (death benefit). Fixed annuities generally avoid the expense and delay of probate (a court-supervised process that establishes the validity of a will).

  • Plus, with the Western National Flex 5 Annuity, you can designate and/or change your beneficiary(ies) at no cost.

  • The annuity guarantees the contract value will be paid directly to the beneficiary, without withdrawal charge fees.1 

Multiple income payout options. When you are ready to start taking income, you can choose an income option that guarantees income for life or for a certain period. 

No initial sales charges or annual administrative fees. Once your contract is issued, 100% of your money will begin earning interest.


For more information:
Clients: Call Client Care Center at 1-877-289-0256.
Selling Agents: Call Internal Wholesaling at 1-888-237-4210.


1 This and all guarantees mentioned are subject to the claims-paying ability of The United States Life Insurance Company in the City of New York. Annuities have limitations.

2 Taxes are due upon withdrawal and withdrawals taken prior to age 59½ may be subject to a 10% federal income tax penalty. Contractual withdrawal charge fees may also apply..

3 Depending on market conditions, some interest rate options may not be available at all times. Please check with your licensed representative for availability.

4 The premium bonus is considered earnings and is not included in the calculation of the optional return-of-premium guarantee or the allowed first-year permitted free withdrawal amount. Premium bonus rates may vary and are subject to change. Check with your licensed representative for the current premium bonus percentage.

Tax-qualified contracts such as IRAs, 401(k)s, etc., are tax deferred regardless of whether or not they are funded with an annuity. If you are considering funding a tax-qualified retirement plan with an annuity, you should know that an annuity does not provide any additional tax-deferred treatment of earnings beyond the treatment by the tax-qualified retirement plan itself. However, annuities do provide other features and benefits such as income options.

Neither The United States Life Insurance Company in the City of New York nor its agents or representatives are authorized to give legal, tax or accounting advice. Please consult your attorney, accountant, or tax advisor.

The Western National series of annuities is issued and underwritten in New York by The United States Life Insurance Company in the City of New York and in all other states by Western National Life Insurance Company.