Frequently Asked Questions
How do I establish my annuity?
To get started, simply complete the application (and applicable forms), enclose a check for your initial purchase (minimum $2,000) and mail it in. If you are transferring funds from an existing annuity, you do not have to send money with the application, but be certain to enclose a completed 1035 Exchange form (found in the application booklet) with your application. Please note, investment is accepted through some qualified plans. However, special forms are required and additional limitations may apply. Please call before completing the application. Also, keep in mind, there may be penalties and withdrawal charges, which may be substantial, associated with an early withdrawal from an existing annuity.
How long does it take to set up my annuity?
Once we receive your check and completed application, your annuity will be issued within two business days. Payments made by rolling over or exchanging another annuity will often take several weeks because we have to wait for the other insurance company to process the exchange or rollover.
How do I make online trades?
Making online trades is easy and convenient. Simply go to the home page and select the Online Trades button. You can be sure your trades will be secure. You’ll be asked to sign in with a user id and password. Select your policy(ies) and choose Start Online Trades. After entering your daytime phone number and email address, you can choose to make an Interfund Transfer, Portfolio Reallocation or Cancel the Previous Transaction. Use whole dollar amounts or percentages. After a Verify screen, you’ll submit your transaction and receive an email confirmation. At anytime, if you have any questions, you can contact the Trade Desk at 1-800-745-1112.
What are the ticker symbols for the funds in my annuity? I'd like to follow their performance.
Although they may seem similar, the investment options in your annuity are not mutual funds so there are no ticker symbols. However, you can follow your annuity's performance on our website.
Do I get an annuity statement?
Yes each calendar quarter a statement is mailed to you. A summary annual statement is also delivered each contract year. You'll also receive a confirmation statement anytime you add more money to your annuity or anytime a trade is made within your annuity. You can elect to receive these statements electronically through e-delivery.
How can I take money out of my annuity?
Because there are no withdrawal charges, you can withdraw from your annuity at any time. You can even arrange for automatic withdrawal to be made as frequently as once a month or once a year. You can also convert your annuity to a payout phase (annuitize) as early as the fifth anniversary or as late as age 95 in most states. You have two basic options: a one-time, lump-sum withdrawal or a variety of regular monthly income payments. With your payment, you'll receive a statement outlining any gains (since you're only required to pay income taxes on the gains). Gains are taxed as ordinary income and withdrawals may be subject to IRS penalties if you are under age 59-1/2.
Can I borrow from my annuity?
No, annuities generally do not have loan provisions. You can access part of the value of your annuity through partial withdrawals.
IRAs have minimum required distributions starting at age 70-1/2. Do annuities have similar requirements?
If the annuity is part of an IRA, the same requirements apply. However, if the annuity is not part of an IRA, no IRS distribution rules apply.
What does “load” mean?
In the context of a financial product, “load” usually refers to the sales commission. It is deducted from money you pay to purchase or invest in a financial product either (1) up front, (2) over time, (3) as a withdrawal charge if you quit early or as a combination of the three. When you buy the Ameritas No-Load Variable Annuity, you avoid such sales commissions and withdrawal charges.
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