Since I need to place money in a fixed option to secure the loan amount, what are my fixed options? Do they have any restrictions?
The fixed-fund(s) available to you depend on your contract. Generally, you have two fixed options. The first is the Fixed Account Plus (FB001). Only 20% of the money in the Fixed Account Plus may be transferred to other options each contract year. The second is the Short-Term Fixed account (FP002). Generally, any money placed in the Short Term Fixed account must remain there for at least 90 days before it may be transferred. However, this restriction does not apply to loan repayments. You may use a combination of both Fixed Account Plus and Short-Term Fixed money to secure the loan amount. Once the amount necessary to secure the loan is placed into the fixed investment option(s), that money will be removed from your annuity value and placed in an escrow account. As loan repayments are made, the principal payment amount will be returned to the fixed investment option that was used to secure the loan. The repayment amounts will be subject to any transfer restriction described above. Retu
Related Questions
- Since I need to place money in a fixed option to secure the loan amount, what are my fixed options? Do they have any restrictions?
- My only investment option is Fixed Account Plus. How do I transfer money into the variable options?
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