Premiere 5SM and Premiere 7SM, which are no longer available for new sales after 6/18/2012, are flexible premium tax-deferred fixed annuities that offer a return -of-premium guarantee.
Premiere 5SM has a five-year decreasing surrender charge while Premiere 7SM has a seven-year decreasing charge. Both allow a client to withdraw earnings after 30 days from the contract date and to withdraw 10% of the annuity value without charges after the first contract year.
The product was available with a one-year, three-year, or five-year (available for Premiere 5SM only) or seven-year (available for Premiere 7SM only) guarantee on the initial rate.
All guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company. Find out more about Corebridge's financial strength and credit ratings here.