SPINNAKER (FLEXIBLE PREMIUM) //SPINNAKER PLUS (MODIFIED SINGLE PREMIUM) Qualified - $30 Qualified & Non-Qualified - $50,000 Non-Qualified - $2,000 ($100 under Systematic Investing)Variable Annuity Agreement • April 30th, 2001 • Safeco Separate Account C
Private placement variable annuityVariable Annuity Agreement • July 1st, 2021
A variable annuity is an insurance contract designed to provide a regular source of income. The contractual agreement is between you and the sponsoring insurance company. You purchase your variable annuity, and the company invests your money in your choice of financial vehicles, which might include mutual funds, stocks and bonds. After a set period of time, you begin to receive payments of your initial investment and earnings. This might sound too good to be true, and many financial experts contend variable annuities have a plethora of problems. One of the primary complaints about variable annuities is the operating fees. Forbes reports that fees average at 2 percent, maxing out at 3 to 4 percent annually. SmartMoney contends variable annuity fees are at least 1 percent higher than the average mutual fund fees. Bottom line: You’re going to pay higher fees on a variable annuity than other investment vehicles. You’re also going to pay charges. The Securities and Exchange Commission warns
