An annuity is a long-term insurance product that pays income. It can be incorporated into your financial strategy to accumulate money for retirement or turn a lump sum of money into guaranteed, steady income during retirement (after age 59 ½).
COF offers fixed annuities. Fixed annuities accumulate funds on a tax-deferred basis1, offer a death benefit to loved ones and give options to receive income for life, along with other contract-specific features. Money can be received from an annuity quarterly, annually, or in a lump sum payment. All guarantees, including death benefit payments, are dependent on the claims paying ability of Catholic Order of Foresters.
1Tax deferred: you do not pay taxes on your earnings until funds are withdrawn from your contract. Because annuities offer insurance and investment features, annuities may be subject to additional fees.
ADVANTAGE Flex™
Are you looking for a product in which you can make regular contributions on a periodic or non-periodic basis, earn a competitive rate and have the future option to receive a guaranteed regular income? Our ADVANTAGE Flex™ annuity may be the answer.
ADVANTAGE Plus™
Have you recently received a lump sum and are wondering where to put it? Catholic Order of Foresters offers an ADVANTAGE Plus™ annuity as a solution. This annuity allows for a single premium and offers the highest rate of all our annuity products. If you don’t need to make additional future contributions, the ADVANTAGE Plus™ annuity may be a great fit for you.
An annuity is a contract in which an insurance company makes a series of payments. There are two primary types of annuities, immediate and deferred. In an immediate annuity, once you purchase it, you create a stream of income and begin getting paid. In a deferred annuity, once you purchase it, you let it grow (the accumulation period) and receive income at a later date. Often, the type of annuity you choose depends on what stage of life you are in.
To make a withdrawal from your annuity, log into your online account and submit a Withdrawal Request Online Service Request.
If you have additional questions or need help accessing the portal, please contact the Home Office at 800-552-0145.
In order to avoid an IRS penalty, you must be 59 1/2 or older to withdraw funds. To avoid a surrender charge from Catholic Order of Foresters, review your contract. All surrender charges are listed there. To see the surrender charges for annuities Catholic Order of Foresters currently offers, please visit the product disclosures page.
A qualified annuity is an annuity contract that has been designated as an IRA and has certain tax benefits. A qualified annuity can have either traditional or Roth tax treatment. Please contact your tax adviser with additional questions.
A non-qualified annuity has two pieces of money: money you paid into the contract post-tax that will never be taxed, and an income portion deferred until a withdrawal is made.
RMD stands for Required Minimum Distribution. It is a portion of your IRA to be withdrawn when you reach a certain age. Individuals turning age 72 during 2023 or later will start their RMD at age 73. You can defer the first distribution until April 1, 2024. For those reaching age 74 after December 31, 2032, their start date is age 75. The IRS mandates this withdrawal on most qualified annuities. For those turning age 73, the beginning date for your first RMD is April 1 of the year following the calendar year in which you reach age 73. For each year following this initial year, the IRS mandates that you must withdraw your RMD by December 31.
For more information, please contact the Home Office at (800) 552-0145.
Not available in all states. Contact your agent or the Home Office for costs and complete coverage details. Contracts subject to terms and conditions. The description of benefits is brief and does not constitute, in itself, a contract. For complete description, terms and conditions, please see the contract documentation.
23-07-H3 V.09/23
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