You acknowledge and understand that by submitting a form/information to us, That you have provided your express consent that you may be contacted by an agent via e-mails, SMS text, phone calls and prerecorded messages at any phone number(s) that I provide, even if the number is a wireless number or on any federal or state do-not-call list. You understand that calls may be placed using automated technology, and that consent is not a requirement for purchase. products and quotes listed on this site are based upon the information you have provided and are purely illustrative in nature. We have provided these products with the expectation, and on the express condition, that you have understood our information requests, and that you have provided responses, which are truthful, accurate and complete in all material respects. Joe Signorella, agent and QLAC Quote does not provide any, and expressly disclaims all, warranties with respect to such products and quotes and will not be responsible for, and expressly disclaims any liability for, losses incurred as a result of, recommendations, illustrations or annuity product sales which are based in whole or in part on incorrect or incomplete information provided by you. All information contained on any page is distributed with the understanding that the authors, publishers and distributors are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. Consult your own legal or tax advisor with respect to your personal situation. Please also note that certain additional information will be required from you in order to complete any transaction in regards to specific annuity products you consider. Joe Signorella, agent and QLAC Quote cannot support or otherwise help you make a new annuity purchase through this website if the new annuity purchase involves an annuity replacement transaction. Use of this website and disclosure of your information may be used as consent to contact you. Not all policies or companies are available in all states. Agent(s) of QLAC Quote maybe licensed to sell policies in your state. Agent license number(s) are listed as required by state law: California residents: Joseph Robert Signorella – license number #0E57517. Agent will receive one-time first year commission less than 5.001 percent of your deposit amount paid directly from the insurance company. Some contracts have a lower commission structure then stated above but pay over a longer period of years the contract is in force. No annual fees are applied to your contract. The depositor directly pays no commissions/fees to the agent. Required under Section 789.8b of the California Insurance Code. You should be aware that the sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity or other asset to fund the purchase an annuity may have tax consequences, early withdrawal penalties, or other costs or penalties as a result of the sale or liquidation. You or someone on your behalf may wish to consult independent legal, tax, or financial advice before selling or liquidating any assets and prior to the purchase of any life insurance or annuity products being solicited or offered for sale. You have the right to contact the Department of Insurance for information, or to file a complaint. California Consumer Communication Bureau: 1-800-927-4357. The sum of all Purchase Payments to this contract may not exceed the lesser of (i) $125,000, less the sum of all premiums I have previously made to other QLACs, and (ii) 25% of the aggregate of the previous year end fair market values of all my IRAs (including QLAC Individual Retirement Annuities (IRAs), but excluding Roth IRAs), less premiums I previously paid to other QLAC IRAs.
- I am solely responsible for complying with the QLAC limits. If I fail to satisfy the Purchase Payment requirements under the Code or Treasury Regulations, I or issuing company may initiate a correction. Purchase Payment corrections must be completed no later than December 31 of the calendar year following the calendar year of the excess Purchase Payment. Failure to adhere to the QLAC limit may result in my contract no longer being considered a QLAC and, as such, it will be subject to the required minimum distributions (RMD) as determined by the Code or Treasury Regulations, which must be satisfied from other IRAs until income payments can commence under this contract.
- In no event will the Income Start Date be later than my 85th birthday. If the Change of Income Start Date provision and/or Flexible Income Feature (if applicable to the Income Type I have elected) are exercised after issue, Income Payments must fully commence no later than the Latest Income Start Date specified in my contract, which in no event will be later than my 85th birthday.
- This contract does not make available any commutation benefit, cash surrender right, or other similar feature.
- There is no death benefit available to my beneficiary(ies) unless I have elected the Lifetime Income with Cash Refund Income Type (if available), which provides a death benefit equal to the return of total Purchase Payments to this contract less any income payments already made.
- Insuring company shall furnish annual calendar year reports concerning the status of the annuity and information concerning required minimum distributions, and shall annually report Purchase Payments and the fair market value of this contract to the Internal Revenue Service (IRS) and me using Form 1098-Q.
- I should consult with my own independent legal and tax advisors prior to establishing a QLAC. We cannot provide tax advice.
- The Income Payment provided by the Income Option I elect is guaranteed by the insuring company. However, the current IRS rules on QLACs do not describe the limits on joint life Income Payments if the Annuitants divorce prior to commencing Income Payments and the primary Annuitant predeceases the Joint Annuitant (the former spouse). If such a scenario occurs, the Joint Annuitant (the former spouse) will remain as the primary Annuitant’s spouse as set forth in my Contract, and the former spouse will continue as the Joint Annuitant for the purposes of administering contract benefits. If future guidance from the IRS on QLACs requires any changes, my contract may be updated and benefits under my contract may be adjusted (potentially significantly reduced) to comply with IRS rules. If I divorce prior to commencing Income Payments, I will contact my financial representative and tax advisor for information about the QLAC status of my contract.
QLAC IRA annuity contract may allow you to elect an Income Start Date at issue, or change your Income Start Date after issue to begin Income Payments after the IRA required beginning date, generally April 1st of the year after you turn age 70½ per the Internal Revenue Code (IRC), by taking advantage of current permissive aggregation rules under applicable federal tax law. These rules generally provide that your annual required minimum distribution (RMD) must be calculated separately for each of your IRAs but permit you to total the amount of your annual RMDs and take that amount from any one or more of your IRAs. If you elect an Income Start Date to begin Income Payments beyond age 70½, you should understand the following: If you do not satisfy the RMD requirements from your other IRAs and/or do not take sufficient distributions to satisfy the RMD requirements, there is a 50% tax penalty applicable to the shortfall; You should have at least one other IRA with enough assets to satisfy the RMD applicable to both the QLAC contract and your other IRA if you elect an Income Start Date to begin QLAC Payments past 70½; and You will need to begin receiving Income Payments from your QLAC contract if you can no longer satisfy the RMD from other IRAs. Neither QLACQuote nor its affiliates or representatives thereof shall be liable for any penalties and interest charged due to your failure to satisfy the RMD requirements if you elect an Income Start Date to begin receiving Income Payments from your QLAC contract beyond the required beginning date. The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties.