Queens, New York Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York is a legal document that outlines the terms and conditions of participation in a variable insurance product fund offered by Lincoln Life and Annuity Company of New York. This agreement establishes the rights and responsibilities of both parties involved and ensures a transparent and mutually beneficial relationship. The Queens, New York Participation Agreement covers various aspects related to the investment and management of the variable insurance products fund. It typically includes provisions regarding the investment options available, the calculation and distribution of returns, fees and expenses associated with the fund, and the rights and obligations of the policyholders. One of the key features of the Queens, New York Participation Agreement is the availability of different types of participation options. These options may include: 1. Accumulation Phase Participation: This type of participation agreement allows policyholders to accumulate funds over a specified period by allocating their premiums to various investment options offered by the variable insurance products fund. The returns achieved during this phase will depend on the performance of the chosen investment options. 2. Income Phase Participation: Once the policyholder reaches a specified date or age, they can transition from the accumulation phase to the income phase. In this type of participation agreement, the policyholder can convert their accumulated funds into regular income payments, either as a fixed annuity or with the potential for variable payments based on the fund's performance. 3. Death Benefit Participation: This type of participation agreement ensures that the policyholder's beneficiaries receive a predetermined death benefit in case of the policyholder's untimely demise. The agreement may define the formula or calculation method used to determine the death benefit payout. Additionally, the Queens, New York Participation Agreement may incorporate provisions for withdrawals, loans, and surrender charges related to the variable insurance products fund. It may also outline the process for making changes to the investment options, reallocating funds, or transferring between different participation agreements. In summary, the Queens, New York Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York is a comprehensive legal document that governs the relationship between the insurer and policyholders. It provides clarity on investment options, returns, fees, and the rights and obligations of the participants. The different types of participation agreements offered allow policyholders to tailor their involvement based on their financial goals and requirements.
Queens New York Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York
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FAQ
A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic pay- ments to you, beginning either immediately or at some future date. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments.
A life insurance policy is an example of a fixed annuity in which an individual pays a fixed amount each month for a pre-determined time period (typically 59.5 years) and receives a fixed income stream during their retirement years.
An annuity is essentially a contract with an insurer, where individuals agree to pay the company a certain amount of money, either in a lump sum or through installments, which entitles them to receive a series of payments at some future date. These payments often last for a specific time spansay, 10 years.
A variable annuity is a contract between you and an insurance company. It serves as an investment account that may grow on a tax-deferred basis and includes certain insurance features, such as the ability to turn your account into a stream of periodic payments.
Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
Regulation. Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
Variable annuities are regulated by state insurance commissions, as well as by the SEC. The NAIC's web site contains an interactive map of the United States with links to the home pages of each state insurance commissioner.
Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws.
A variable annuity can provide a regular income stream for life, but when you die, the insurance company can keep what's left. If you withdraw funds before age 59½, you usually must pay a 10% tax penalty. You may have to pay a surrender fee if you need to get your money out early.
Annuities are not life insurance policies. They are, in fact, designed to serve the exact opposite purpose. Whereas life insurance guarantees income in the event of your death, an annuity guarantees income in the event that you live longer than you expect to.