American Life & Security Corp.
American Life & Security Corp.
The American Life & Security Corp. was founded in 1960 and is based in Lincoln, Nebraska. They are committed to providing best-in-class life and annuity products. They combine the industry’s best practices with forward-thinking technology to deliver market-leading products and a seamless customer experience.
Protect your future with the PlanGap Annuity offered by American Life
PlanGap Annuity: 5 Year MYGA
If you experience a qualifying government-mandated reduction in Social Security benefits, you
will receive a PlanGap Bonus based upon how long you have held the Annuity. These funds can be
withdrawn without penalty to help cover the gap in your retirement income.
|Yield to Surrender||2.61%*|
|PlanGap Bonus||Up to 6% of Premium, credited for 5 years|
Based on the number of years contract is in force
|Single Premium||$1,000 minimum|
$1M+, additional review
|Guarantee Period||5 years|
|Contract Types||Non-qualified; Trusts; IRA – Traditional, Roth &|
SEP; 401k, 403b as rollovers (no 501c3 or 401a)
Renewals up to Age 99
|Enhanced Death Benefit||Remaining Account Value|
No MVA or Surrender Charge
|Surrender Charge||Initial period: 9%, 8%, 7%, 6%, 5%|
All renewal years: 5%
|Free Withdrawals, Years 2+||10% of Accumulated Value, PlanGap Bonus|
Required Minimum Distributions
PlanGap™ is a trademark of The Secure Companies, Inc. and is used pursuant to license.
On transfers, take RMD at current carrier to avoid chargeback and surrender charges in Year 1.
*Flexibility Bonus payable upon surrender during last 30-days of any guarantee period if no withdrawals other than RMDs.
Rate Lock: Applications must be IGO in the ALSC office by 5PM CDT (11:59PM if submitted by FireLight) the last business date before the rate change. ALSC must receive funding within 14 days of the rate change date for cash with app, and within 30 days of the rate change date for transfer funds.
The American Life PlanGap™ Annuity is issued by American Life & Security Corp, Lincoln, NE, and is issued on form ICC18-MYGA 001 08/19, and ICC18-MYGADBR 001 08/18, ICC20-MYGAEIC 001 01/20, ICC20-MYGALR 001 01/20, ICC20-MYGACVER 001 01/20 (riders/endorsements). This policy has limitations. American Life is not authorized, nor does it solicit business in all states. Product and features are subject to state availability; limitations and exclusions may apply. The contractual obligations are backed by the claims-paying ability of American Life & Security Corp. The American Life PlanGap™ Annuity is an annuity product; it is NOT an investment.
Effective Date: January 1, 2021
Guarantees based on the financial strength and claims paying ability of American Life & Security Corp. Withdrawals of taxable amounts are subject to income tax and may be subject to a market value adjustment, and if taken prior to age 59½, a 10% IRS penalty may also apply. Withdrawals, which may be subject to surrender charges and a market value adjustment, have the effect of reducing benefits and values.
The determination of whether Social Security benefits have been reduced (and whether the Social Security funding gap has been solved) will be made using the indices listed at www.SocialSecurityBenefitIndex.org (the “Indices”), which have been developed, are owned and will be maintained by Milliman, Inc. (“Milliman”) pursuant to a licensing agreement with American Life. Neither American Life nor any of its affiliates has control of or is responsible for the information contained in the Indices. Milliman reserves all rights and retains the authority to make determinations as to the manner in which the Indices are calculated and constructed including, but not limited to, having the right to change the methodology by which the Indices are computed and terminating one or more of the Indices. Social Security benefits are administered by the Social Security Administration (“SSA”), an agency of the United States government; neither American Life nor any of its affiliates has control of or is responsible for the actions of the SSA.