Polaris Platinum III offered by SunAmerica

Introduction
Type of Product Variable Annuity
Product NamePolaris Platinum III
Offered bySunAmerica
Company Info

SunAmerica is a company tha... read more

Contract and Purchasing
Minimum Premium Payment10000
Maximum Premium Payment1500000
Minimum Additional Premium Payment500
Maximum Age at Start of Contract86
Investments
Ability to Select Asset AllocationYes
Total Number of Investment Options50 [Find annuities with more investment options]
Fixed Account
Features and Benefits
Free WithdrawalsYes
Free Withdrawal Limit10
Waiver of Withdrawal ChargesAvailable
Guaranteed Death BenefitAvailable
Are Telephone Transactions AllowedYes
Fees and Expenses
Minimum Total Fees and Expenses2.02 [Find annuities with lower fees and expenses]
Maximum Total Fees and Expenses3.13 [Find annuities with lower fees and expenses]
Minimum Mortality and Expense Risk Charge "M&E Fee"1.3 [Find annuities with lower mortality and expense fees]
Maximum Mortality and Expense Risk Charge "M&E Fee"1.3 [Find annuities with lower mortality and expense fees]
Administrative Fee35.00 [Find annuities with lower administrative fees]
Contract Maintenance Fee0 [Find annuities with lower contract maintenance fees]
Early Withdrawal Charges / Surrender Fees
Minimum Investment Management Fee0.72 [Find annuities with lower investment management fees]
Maximum Investment Management Fee1.83 [Find annuities with lower investment management fees]
Sales Compensation
Maximum Commissions7.75 [Find annuities with lower commissions] [Find annuities with higher commissions]
Contact Information
Company OfferingSunAmerica
Company TypeInsurance Company
Phone Number800-445-7862
Websitehttps://www.sunamerica.com/
Talk to a Financial Advisor
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Reviews and Ratings
Average Review

5/5 from 1 Reviews


Key Phrases:
Annuity Product Types: 

Product Ratings and Reviews

Rating:
5
Average: 5 (1 vote)

Income Plus and Income Builder are the living benefit riders that accompany the SunAmerica Polaris VA line.

Both appear to be somewhat standard guaranteed minimum withdrawal benefits (GMWBs).

Info on the SunAmerica website is currently unavailable, so the company is presumably in the process of setting / resetting the rates associated with these GMWBs.

The Income Plus rider provides a somewhat lower guarantee rate but also allows for withdrawals to begin as early as age 45.

The Income Builder offers a higher rate if contract owners are willing to defer drawing income for a period of time, and a lower (lower than the Income Plus rate) rate if withdrawals begin at younger ages.

The interesting thing about both living benefit features is that their costs are tied to the Chicago Board of Options Exchange (CBOE) volatility index.

Higher levels of market volatility create higher hedging costs for SunAmerica.  As a result, SunAmerica has tied a proxy for their own hedging costs (the CBOE volatility index) to the actual costs incurred by their customers.

While the living benefit rider costs move up and down with the volatility index, rider costs will not increase more than 25 basis points during the year.

Interesting concept and a move towards greater transparency in a murky industry.

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