Allows members to use a percentage of their annuity cash value to pay for nursing home care without incurring Catholic Life early withdrawal charges. You may be eligible now or in the future for the Annuity Convalescent Care Benefit.
- The Annuity Convalescent Care Benefit is provided at no additional cost to all Catholic Life annuitants.
- During the certificate penalty period, Catholic Life Insurance will allow an annual one-time partial withdrawal of up to an additional 10% of the cash value as of the date of the withdrawal. Please note: the “Single Premium Interest Annuities” are only allowed an annual one-time 10% withdrawal for this benefit. If the annuitant is confined to a Convalescent Care Facility as defined herein, Catholic Life Insurance will allow the additional 10% withdrawal without a surrender charge. This confinement must last 30 consecutive days before benefits are available. If the Annuitant is released from a Convalescent Care Facility and wants to exercise the benefits, the request must be made in writing within 30 days after release.
- Catholic Life Insurance reserves the right to require proof of confinement with any such benefit request.
- In no event, however, shall partial withdrawals exceed 20% of the cash value. Partial withdrawals in excess of the 20% are subject to the surrender charge provision of the certificate.
- All requests must be made by the owner. Prior to age 59-1/2, a withdrawal may result in an IRS tax penalty. The owner should consult their tax adviser for possible tax consequences.
The Annuity Convalescent Care Benefit is not payable if confinement is due to any mental, psychoneurotic or personality disorder without organic disease. Alzheimer’s Disease is not excluded. Catholic Life provides the “Annuity Convalescent Care Benefit” at no additional cost. Some plans may be excluded from this benefit. Please contact the Membership Service Department for details.