The Highlander is a deferred fixed indexed annuity issued by Clear Spring Life & Annuity Company.
This annuity offers 4.00% as an upfront bonus. When your full premium deposit is allocated to the fixed interest account, the current first year yield (including bonus if applicable) is 7.64% (see Rate Details below).
You can also allocate your premium between various strategy and index account options. For complete details on index account options, including current cap and participation rates, please contact AnnuityAdvantage at 1.800.239.0356.
An income rider is available that provides the option of activating a guaranteed lifetime income stream at a future date. The income payments cannot be outlived and your contract does not need to be annuitized.
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. Beginning in the second contract year, this annuity provides up to 10% (noncumulative) of the contract value as the penalty free withdrawal amount that may be withdrawn from the annuity each contract year.
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.