DISCONTINUED PRODUCT - Product not available to new enrollees.
Maximum Solutions [0-54]
Product ID: 43
Type:
Variable Annuity
Discontinued 
$201
1.06%
6 Years / 7.00%
No
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Address: - Product Details
- Fees and Charges
- Investment Options
Marketed under the name Maximum Solutions, this annuity offered by Horace Mann Life Insurance Company is available for issue ages 0-54 and requires a minimum $50,000 deposit. Subsequent deposits may also then be made through payroll reduction. It provides approximately 40 variable investment options, along with a fixed account with a guaranteed interest rate of 3.25% during the lifetime of the contract. An enhanced death benefit is provided.
Select the topics below to expand and view additional product details
Asset allocation is a strategy for managing your investment portfolio. You decide how much to allocate into each investment type, also called asset class, based on your risk tolerance and your financial goals. This annuity offers a fixed account and 32 variable investment options comprising all the Morningstar asset classes. The minimum allocation to each investment option is $100. You can allocate your current premiums amongst up to 24 investment options at a time.
Rebalancing is the periodic adjusting of investment option balances to maintain a pre-established asset allocation strategy. You may request a rebalancing of your portfolio either once or on a periodic basis. For periodic rebalancing requests, you may select from a quarterly, semiannual or annual period. You may rebalance your portfolio value into as many as 10 other investment options.
Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities is averaged over time and possibly over various market cycles. You may preschedule a series of transfers from the fixed account and between the variable investment options to take advantage of dollar cost averaging. You may select from a 3-month, 6-month, or 12-month period to complete the DCA program. You may transfer value from one existing investment option into as many as 10 other investment options.
Loans against the fixed account value are available starting at issue of the policy. The minimum loan amount required is $500. The maximum loan amount is limited by (1) Internal Revenue Code limits, or (2) $50,000 or (3) 50% of the fixed surrender value. You must repay the loan within five years unless the loan is to be used to acquire or build a dwelling unit that will be used as principal residence, in which case the repayment period can be as long as 25 years, subject to a minimum quarterly repayment of $250. The term of the loan cannot extend beyond age 70.
The company provides for the payment of Internal Revenue Code Required Minimum Distributions based on the value of this contract. Surrender charges and early withdrawal penalties would not apply. The company provides these distributions on an annual payment basis.
The company provides (1) Joint with 50% to the Survivor, (2) Joint with 67% to the Survivor, and (3) Joint with 100% to the Survivor. This option can be elected anytime after issue of the contract. This option is available on a fixed and variable payout basis. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of both annuitants.
The company provides a lifetime income on the life of one individual. This option can be elected anytime after issue of the contract. This option is available on a fixed and variable payout basis. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of the annuitant.
The company provides a lifetime income on the life of one individual. A Certain Period of 10., 15, or 20 years can be selected. This option can be elected anytime after issue of the contract. This option is available on a fixed and variable payout basis. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Upon the death of the annuitant, annuity payments would continue to be made to the beneficiary until the end of the selected Certain Period.
The company provides a lump sum option. This is in essence a surrender of the contract. This option can be elected anytime after issue of the contract. Surrender charges and early withdrawal penalties would apply when this option is selected.
The company provides a Period Certain settlement option whereby the annuitant can select payments to be made for a specified period of time. The specified period can be as short as five years and as long as 30 years. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option can be changed to a lifetime option. A lump sum is not allowed after annuity payments have begun until the end of the surrender charge period. Upon the death of the annuitant, remaining annuity payments would be made to the beneficiary.
Fixed Amount:
The company provides a Fixed Amount settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that payments extend beyond the surrender charge period. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option can be changed to a lifetime option. A lump sum is not allowed after annuity payments have begun until the end of the surrender charge period. Upon the death of the annuitant, remaining annuity payments would be made to the beneficiary.
The company provides a Fixed Amount settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that payments extend beyond the surrender charge period. This option is available only on a fixed payout basis. This option can be elected anytime after issue of the contract. Surrender charges and early withdrawal penalties would not apply when this option is selected. Once annuity payments have begun, this option can be changed to a lifetime option. A lump sum is not allowed after annuity payments have begun until the end of the surrender charge period. Upon the death of the annuitant, remaining annuity payments would be made to the beneficiary.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
0.95% | Annually | Percentage of Annual Assets | Yes | No | No |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 7.00% |
| 2 | 6.00% |
| 3 | 5.00% |
| 4 | 5.00% |
| 5 | 5.00% |
| 6 | 0.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Percent of contract value:
15.00%
Death:
Yes
Disability:
Yes
The surrender charges and early withdrawal penalties are not applied on Required Minimum Distributions.
