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Plans to Fit Your Needs: Non-Qualified Annuities

We can assist you in making your retirement goals a reality. National Catholic Society of Foresters (NCSF) offers non-qualified annuities, a safe and flexible way to have your money work for you.

What Are Non-Qualified Annuities?

A non-qualified annuity is funded with after-tax dollars. Since that money has already been taxed, the only portion of the policy eligible for taxation is the wealth accumulation on it. This option makes the most sense for a recent retiree who is looking to immediately take income on their policy, or for an individual who has already contributed the maximum dollar amount allowed in a qualified plan.

Advantages of a Non-Qualified Annuity Earn Money on Your Money

The biggest advantage of a tax-deferred account is the fact that potential accumulation will be at its maximum as the policy is not incurring income taxes. Additionally, you will most likely be in a lower tax bracket once you retire and start taking income, so the policy will be taxed at a lower percentage. Other benefits include:

There is no limit on the amount of non-qualified money that can be placed in an annuity or the amount of annuities that can be purchased.
You can purchase a non-qualified annuity regardless of whether or not you are covered under a retirement plan at work or if you have a Traditional IRA or Roth IRA.
There is no set age as to when you must withdraw money from a non-qualified annuity. You can keep contributing to the annuity and not withdraw as long as you like.
Upon your death, your spouse may be able to continue the annuity with tax-deferred earnings until withdrawal. However, the annuity remains part of your estate for tax purposes.

We offer both 7-Year and 10-Year Certificates non-qualified annuities. One of our NCSF’s local insurance producers can help you determine what type of non-qualified plan makes sense for your business and key employees.

Safety & Security Behind NCSF Annuities

NCSF is a legal reserve life insurance society and is subject to stringent financial reserve requirements. These reserves are invested with your financial security in mind, and in compliance with state insurance department rules. Our portfolio contains high-quality investments. We publish our financial statement annually and it is distributed to our members.

Additional Benefits as a NCSF Member

With NCSF, you’re buying more than a product to support your family’s future security. You join more than 26,000 members striving to make a difference in their local communities. As a not-for-profit organization, money that would typically be paid to shareholders in a for-profit company is instead given back to the NCSF members, parishes and communities in the form of programs and benefits made possible by insurance sales.

About NCSF

NCSF is a community-based insurance organization that offers products and member benefits that assist individuals and their families in achieving financial security, while helping to build stronger communities by supporting service projects that reflect common shared values.

Annuities FAQs

What is an annuity?

An annuity is a type of policy issued by an insurance company that allows you to save money for retirement. The money you pay in can be either a lump sum or several payments. These contributions then earn interest, generally tax-deferred, and after a period of time, provide you with a stream of income.

Can I withdraw my funds without a penalty?

To avoid an IRS penalty, you must be 59 ^1/2 or older. To avoid a surrender charge from NCSF, please consult your contract. All surrender charges are listed there.

What is the difference between a qualified and non-qualified annuity?

A qualified annuity is when money is contributed as pre-tax money and has certain tax benefits. A non-qualified annuity has two pieces regarding money: money you paid into the policy post-tax that will never be taxed, and an income portion that is deferred until a withdrawal is made. Please contact your tax advisor with further questions.

What is a Required Minimum Distribution?

Qualified contracts – those held in IRAs – are subject to the same required minimum distribution (RMD) rules as other qualified retirement investments. Non-qualified contracts offer tax-deferred growth of after-tax funds and have no required withdrawals until annuitization, as defined by the annuity’s contract.

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Make the most out of your retirement.

Get Your Life Insurance Quote

Plans to Fit Your Needs: Non-Qualified Annuities

What Are Non-Qualified Annuities?

Advantages of a Non-Qualified Annuity Earn Money on Your Money

Safety & Security Behind NCSF Annuities

Additional Benefits as a NCSF Member

About NCSF

Annuities FAQs

What is an annuity?

Can I withdraw my funds without a penalty?

What is the difference between a qualified and non-qualified annuity?

What is a Required Minimum Distribution?