West Coast Life
Income Advantage
Plus Annuity
REFERENCE GUIDE
The West Coast Life Income Advantage Plus Annuity is a
single premium immediate annuity enabling you to convert
your assets to a reliable stream of payments in retirement.
An annuity is the only purchase that can ensure a payment
stream for as long as you choose even for as long as you live.
Availability
The maximum issue age is 85 for those selecting the life only or life with
cash refund payment options. The maximum issue age is 99 for those
choosing the certain period, life with certain period or life with installment
refund payment options.
This contract is not available in New York.
Purchase Payments
The minimum purchase payment is $10,000. Amounts over $1 million
require prior approval from West Coast Life Insurance Company.
Payment Options
Annuity payments are available monthly, quarterly, semi-annually and
annually. They may begin immediately or be deferred for up to one year
from the time of purchase.
You may choose from the following payment options:
life only
life only for two lives
certain period (5-30 years)
life with certain period (single or joint and survivor)
life with installment refund (single or joint and survivor)
life with cash refund (single or joint and survivor)
Tax Advantage1
When you purchase your West Coast Life Income Advantage Plus
Annuity with after-tax dollars, a portion of your annuity income payments
will not be subject to income tax. Your annuity income payments will
be part interest and part return of your original purchase payment. The
amount of each annuity income payment that is return of your purchase
payment is determined by the contracts exclusion ratio. Only the interest
portion of your annuity income payments will be taxable.
WCLAC.1071
(07.10)
However, if your West Coast Life Income Advantage Plus Annuity is
purchased with before-tax dollars, the full amount of each annuity income
payment will be taxable.
Optional Benefits
This is a summary of product
features. Please consult the
contract for a complete
explanation of benefits,
limitations and exclusions.
In addition to the regular annuity payment schedules, the West Coast Life
Income Advantage Plus Annuity offers these valuable benefit options:
PAYPlus Option2
This option provides annual annuity payment increases that compound on the
anniversary of your first annuity payment. Annual increases of up to 10% of the
prior years annuity payment are available.
The West Coast Life Income
Advantage Plus Annuity is an
immediate annuity contract issued by
West Coast Life Insurance Company
located at 2801 Highway 280 South,
Birmingham, AL 35223. Policy form
WCL-2112 and state variations thereof.
Product features and availability may
vary by state. Consult contract for
benefits, options, limitations and
exclusions. All West Coast Life
Income Advantage Plus Annuity
payments and all guarantees are
subject to the claims paying ability of
West Coast Life Insurance Company.
Commutable Value Option3
This option is only available with certain period payment contracts and enables
you to fully surrender (cash out) your annuity and receive a percentage of your
adjusted purchase payment(s).
The primary consideration in purchasing an immediate annuity should be to
meet a need for an immediate and continuing stream of annuity payments.
If you exercise the Commutable Value Option, your annuity payments will stop;
therefore, the Commutable Value Option generally should be used only in the
event of an emergency or if your financial situation has changed significantly
since the purchase of the annuity.
You may receive less than your purchase payment(s) when you exercise the
Commutable Value Option. The Commutable Value is calculated based on the
income year in which you exercise the option and the length of your certain
period contract, as illustrated below.
Portion of Adjusted Purchase Payment to be Returned
(adjusted for prior annuity payments that have been made)
Income Year in which
Commutable Value
Option is Exercised
5-12 Year
Certain Period
13-16 Year
Certain Period
17-30 Year
Certain Period
1 to 3
80%
80%
80%
100%
80%
80%
100%
100%
80%
6 or more
100%
100%
100%
The tax treatment of annuities is subject to change. Neither West Coast Life nor its
representatives offer legal or tax advice. Withdrawals of earnings from an annuity will
be subject to income tax and may be subject to a 10% IRS penalty tax if taken before
age 59 . A portion of the earnings from taxable investments may be subject to lower
tax rates on capital gains and dividends.
There is no additional tax deferral benefit for contracts purchased in an IRA or other
tax-qualified plan, since these are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if you value some of the other
features of the annuity and are willing to incur any additional costs associated with
the annuity to receive such benefits. You should consult your attorney or tax advisor
regarding your individual situation.
2
This option may only be selected at the time of purchase and may not be selected if the
Commutable Value Option is selected.
This option may only be selected at the time of purchase and may not be selected if
the PAYPlus Option is selected. The Commutable Value Option is not available in New
Jersey or Oregon. Availability may vary in other states, as well.