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This document provides instructions for requesting a cash withdrawal from a Lifetime Variable Select contract. It includes necessary tax information and withdrawal procedures.

How to fill out request for cash withdrawal

How to fill out Request for Cash Withdrawal from Lifetime Variable Select Contract

1. Obtain the Request for Cash Withdrawal form from your financial advisor or the insurance provider's website.
2. Fill in your personal details including your name, policy number, and contact information.
3. Specify the amount you wish to withdraw from your Lifetime Variable Select Contract.
4. Indicate whether the withdrawal should be taken from a specific fund or proportionately across all funds.
5. Review and sign the form to affirm your request.
6. Submit the completed form to the insurance provider via their specified submission method (mail, email, etc.).

Who needs Request for Cash Withdrawal from Lifetime Variable Select Contract?

1. Policyholders of a Lifetime Variable Select Contract who wish to access cash from their investment.
2. Individuals seeking to make adjustments to their investment portfolio or manage their cash flow.

People Also Ask about

Can variable annuities be surrendered?

A "surrender charge" is a type of sales charge you must pay if you sell or withdraw money from a variable annuity during the "surrender period" – a set period of time that typically lasts six to eight years after you purchase the annuity.

How are variable annuity withdrawals taxed?

A nonqualified variable annuity doesn't entitle you to a tax deduction in the years you contribute money, as is the case with a traditional IRA or 401(k) plan. You won't be taxed on the gains in your account until you withdraw money. At that time, the gains will be taxed as ordinary income, not capital gains.

How to withdraw money from a variable annuity?

Let's get started on the four ways to get out of a variable annuity. Withdraw The Penalty-Free Amount Each Year. Most variable annuities allow you to withdraw a certain amount that is free from surrender charges each year. Cash It Out. Transfer It Into A Better Annuity. Annuitize It.

What is the difference between annuitization and lifetime withdrawal?

Cash value: When you annuitize payments, you no longer have access to any cash value in the contract. Should you choose lifetime withdrawals instead, you'd still have access to the cash value, and it could continue earning interest.

What is the penalty for early withdrawal from MYGA?

Free withdrawal amounts may vary by product. Keep in mind that any withdrawals will reduce the contract value. Additionally, withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, a 10% federal tax penalty may also apply.

Is there a penalty for withdrawing from a variable annuity?

The insurer issuing the annuity assesses surrender fees if funds are withdrawn during the annuity's accumulation phase, and the IRS charges a 10% early withdrawal penalty and income tax on the withdrawn funds if the annuity holder is younger than 59½.

Can I withdraw from my variable annuity without penalty?

Withdraw The Penalty-Free Amount Each Year Most variable annuities allow you to withdraw a certain amount that is free from surrender charges each year. Typically, that amount is 10% of the value of the policy.

For pdfFiller’s FAQs

What is Request for Cash Withdrawal from Lifetime Variable Select Contract?

The Request for Cash Withdrawal from Lifetime Variable Select Contract is a formal document that policyholders submit to withdraw funds from their variable life insurance policy or investment account, which is part of the Lifetime Variable Select Contract.

Who is required to file Request for Cash Withdrawal from Lifetime Variable Select Contract?

The policyholder of the Lifetime Variable Select Contract is required to file the Request for Cash Withdrawal to access the cash value accumulated in their account.

How to fill out Request for Cash Withdrawal from Lifetime Variable Select Contract?

To fill out the Request for Cash Withdrawal, the policyholder must provide personal information, policy details, the amount to be withdrawn, and any relevant signatures required by the issuing insurance company.

What is the purpose of Request for Cash Withdrawal from Lifetime Variable Select Contract?

The purpose of the Request for Cash Withdrawal is to allow policyholders to access the cash value of their variable life insurance policy when needed, whether for emergencies, investments, or other financial needs.

What information must be reported on Request for Cash Withdrawal from Lifetime Variable Select Contract?

The information that must be reported includes the policy number, the policyholder's name and contact details, the requested withdrawal amount, and any supporting documents required by the insurance provider.