Meaning ? Modified Single Premium for Indexed Annuities ?

[LostDollar]

When the data sheet for a Fixed Index Annuity says the premium is

Modified Single Premium

What does that mean?

And, is the answer you give me correct only for one carrier, or is it common across all carriers in the industry?

Thank you.

 

[Tahoe Ray]

When the data sheet for a Fixed Index Annuity says the premium is

Modified Single Premium

What does that mean?

And, is the answer you give me correct only for one carrier, or is it common across all carriers in the industry?

Thank you.

It's a common term but some carriers may have slightly different definitions.

Normally modified single means that you can make additional premium deposits inside a limited window, such as 1 year vs. the term flexible premium where you could typically make additions beyond that.

 

[LostDollar]

It's a common term but some carriers may have slightly different definitions.

Normally modified single means that you can make additional premium deposits inside a limited window, such as 1 year vs. the term flexible premium where you could typically make additions beyond that.

Thank you.

I will have to call or email NAC and find out what their version of modified single premium is then. I can't see it explained in their product brochure.

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Edit 11/06/2023
Your comments helped me focus my question to them.
NAC is going to use 1 year.
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