Effective 12/31/2020, Proflex will be closed for new applications and sales in all states.
Effective 8/1/2019, Proflex will be closed for new applications/sales in New York only. All other states, except NY, will remain open at this time for new applications.
The ProFlex® Annuity is a flexible premium deferred fixed annuity that can provide the participant with guaranteed interest earnings to help diversify an overall retirement portfolio. The company declares a new interest rate at the beginning of each month and guarantees that all new deposits received during that month will earn that month’s interest rate for the remainder of that calendar year. The company’s current practice (which is not guaranteed) is that each month’s deposits will continue to earn that month’s current interest rate for one additional calendar year. Thereafter, the deposit and related interest will be consolidated with deposits and interest credited during earlier periods. These consolidated amounts will earn a "pool rate" that The Variable Annuity Life Insurance Company declares each January 1 and guarantees for the remainder of the calendar year.
The ProFlex® Annuity is approved in all states except WA.
Withdrawals greater than the annual 10% free out amount may be assessed a 5% withdrawal charge based on premiums received in the past five years, for the first 12 policy years (may be less in some states). Income taxes must be paid at withdrawal and federal restrictions and tax penalties may apply to early withdrawals.
All guarantees are backed by the claims-paying ability at The Variable Annuity Life Insurance Company.