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The Legacy Annuity can be set up so that the named beneficiaries receive either a lump sum benefit or an income stream to avoid situations where the beneficiary may be tempted to spend their inheritance in a manner that would be detrimental to them or against your wishes.

Legacy Annuities have an eight year surrender period (a "penalty for early withdrawal" that decreases each year) but we allow for penalty free withdrawals of up to 10% per year during the surrender period. In addition, Legacy Annuities allow for the penalty free withdrawal of up to an additional $25,000 of your funds due to confinement in an eligible nursing home.2

1. LCBA Annuities have a rate guarantee that is calculated using 5-year constant maturity treasury rates and will not be less than 1.0% nor greater than 3.0%. 
2. This benefit is provided under the Nursing Home Rider #NHR-99