Exhibit 4(i)
[SAFECO(TM) LOGO] Safeco Life Insurance Company
P.O. Box 3882
Seattle, WA 98124-3882
This is a legal Contract between the Owner (referred to in this Contract as
"you" and "your") and Safeco Life Insurance Company (referred to in this
Contract as "Safeco Life", "our", "us", and "we"). Safeco Life is a stock
company with its Home Office in Redmond, Washington.
This Contract is issued in consideration of the application and payment of the
initial Purchase Payment. Safeco Life will make annuity payments, beginning on
the Annuity Date, or pay a death benefit, subject to the terms of this Contract.
Safeco Life has executed and attested this Contract as of the contract date at
our Home Office in Redmond, Washington.
IF YOU HAVE QUESTIONS, COMMENTS, OR COMPLAINTS, PLEASE CONTACT SAFECO LIFE AT
1-800-4SAFECO (472-3326).
READ YOUR CONTRACT CAREFULLY
RIGHT TO EXAMINE THE CONTRACT: [If for any reason you are not satisfied with
this Contract, you may return it within 10 days from the date you received it to
Safeco Life or to the registered representative who sold you this Contract. When
we receive this Contract, we will refund your Contract Value. This may be more
or less than your Purchase Payments.]
Signed for Safeco Life Insurance Company by:
/s/ ▇.▇. ▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇.▇. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇. Vice President and Secretary President
INDIVIDUAL MODIFIED SINGLE PREMIUM DEFERRED VARIABLE ANNUITY
NON-PARTICIPATING
THIS IS A VARIABLE ANNUITY CONTRACT. WHEN YOUR CONTRACT VALUE AND ANNUITY
PAYMENTS ARE BASED ON THE INVESTMENT EXPERIENCE OF THE PORTFOLIOS, THE DOLLAR
AMOUNTS ARE NOT GUARANTEED AND WILL INCREASE OR DECREASE. SEE "PURCHASE PAYMENT
PROVISIONS", "INVESTMENT OPTIONS", AND "ANNUITY PAYMENT PROVISIONS" FOR DETAILS.
Safeco(R) and the Safeco logo are trademarks of Safeco Corporation.
CONTRACT DATA PAGE
PRODUCT: SPINNAKER(R) PLUS VARIABLE ANNUITY - [TAX SHELTERED ANNUITY]
OWNER/ANNUITANT: [▇▇▇▇ ▇▇▇]
Address: [▇▇▇▇ ▇▇▇▇ ▇▇.]
[▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-9999]
Date of Birth: [1/01/1969]
Age: [35]
Sex: [Male]
CONTRACT NUMBER: [LP12345678]
CONTRACT DATE: [5/01/2004]
INITIAL PURCHASE PAYMENT: [$50,000]
DELIVERED IN THE STATE OF [ANY STATE] AND GOVERNED BY ITS LAWS.
MAXIMUM ISSUE AGE: [85]. The contract date must be prior to the Owner's [86th]
birthday.
MAXIMUM ANNUITIZATION AGE: [90]. Annuity payments must begin prior to the
Annuitant's [91st] birthday.
MINIMUM INITIAL PURCHASE PAYMENT: [$50,000]
MINIMUM SUBSEQUENT PURCHASE PAYMENTS: [$250]. Subsequent Purchase Payments
are only accepted within 6 months of the contract date.
MINIMUM GUARANTEED INTEREST RATE: [1.50%]
ADDITIONAL INTEREST ON FIXED ACCOUNT IN FIRST CONTRACT YEAR:
Additional interest will be credited on amounts allocated to the fixed-term
dollar cost averaging (DCA) options as follows. The additional interest will be
credited to the declining balance remaining in the option for the period of time
selected.
TOTAL PURCHASE PAYMENTS ADDITIONAL INTEREST
----------------------- -------------------
[6-month DCA $50,000 - $99,999.99 4.80%]
[ $100,000 and above 5.40%]
[12-month DCA $50,000 - $99,999.99 2.40%]
[ $100,000 and above 2.70%]
Additional interest will be credited on amounts allocated to the Fixed Account
(excluding the [6-month and 12-month] dollar cost averaging options) as follows:
TOTAL PURCHASE PAYMENTS ADDITIONAL INTEREST
----------------------- -------------------
[$50,000 - $99,999.99 1.20%]
[$100,000 and above 1.35%]
If a Purchase Payment brings the total Purchase Payments to an amount equal to
or greater than [$100,000], the additional interest credited to all Purchase
Payments will increase from an annual effective interest rate of [1.20%] to an
annual effective interest rate of [1.35%] from the date we receive that Purchase
Payment to the end of the first Contract Year.
Spinnaker(R) is a registered trademark of Safeco Life Insurance Company.
1
INSURANCE CHARGE: The mortality and expense risk charge is equal on an annual
basis to [1.25%] of the average daily net assets of each Portfolio.
MINIMUM WITHDRAWAL: [$250] ([$100] if withdrawals made by electronic funds
transfer), or the contract value if less. You must withdraw the entire amount
out of an investment option if, after a withdrawal, the remaining balance in the
investment option would be less than [$500]. You must withdraw the entire
contract value and your Contract will terminate if, after a withdrawal, the
remaining contract value would be less than [$1,000].
CONTINGENT DEFERRED SALES CHARGE: May be assessed on a withdrawal. The
contingent deferred sales charge is stated as a percentage of the amount
withdrawn that exceeds the 10% free withdrawal amount. Total contingent deferred
sales charges will not exceed 9% of the Purchase Payments made under this
Contract.
CONTRACT YEAR CONTINGENT DEFERRED SALES CHARGE
------------- --------------------------------
[1 8% of amount withdrawn]
[2 7% of amount withdrawn]
[3 6% of amount withdrawn]
[4 5% of amount withdrawn]
[5 4% of amount withdrawn]
[6 3% of amount withdrawn]
[7 2% of amount withdrawn]
[8 1% of amount withdrawn]
[After 8 0% of amount withdrawn]
WITHDRAWAL CHARGE: [$25] or 2% of the amount withdrawn, whichever is less, for
each withdrawal after the first withdrawal in a Contract Year.
TRANSFERS: The minimum amount you can transfer out of any investment option at
one time is [$500], or the entire value of the investment option if less. In
addition to this [$500] minimum, transfers out of the Fixed Account are limited
to a maximum of [10%] of the Fixed Account value per Contract Year. We may waive
this [10%] limitation upon written notice to you. If we waive it, we reserve the
right to reinstate the [10%] limitation upon written notice. You must transfer
the entire amount of the investment option if, after a transfer, the remaining
balance would be less than [$500]. The minimum amount you can transfer into any
investment option is [$50].
TRANSFER CHARGE: Each Contract Year, [12] transfers are free of charge. For each
transfer after the [12th] transfer in a Contract Year, the transfer charge is
[$10] or 2% of the amount transferred, whichever is less.
PREMIUM TAXES: [As of the contract date, premium taxes are not charged in your
state. However, if we ever incur such taxes, we reserve the right to make a
deduction from your Contract for the payment of the premium taxes assessed in
connection with your Contract.]
2
SEPARATE ACCOUNT:
Safeco Resource Variable Account B
ELIGIBLE INVESTMENTS:
[1. Safeco RST Money Market Portfolio]
[2. Safeco RST Bond Portfolio]
[3. ▇▇▇▇▇▇▇▇ ▇.▇. Government Fund - Class 2]
[4. Dreyfus VIF - Quality Bond Portfolio - Initial Shares]
[5. Federated High Income Bond Fund II]
[6. Federated Capital Income Fund II]
[7. American Century VP Balanced]
[8. Fidelity VIP Asset Manager Portfolio]
[9. Dreyfus Stock Index Fund, Inc. - Service Shares]
[10. ING VP Natural Resources Trust]
[11. Fidelity VIP Contrafund Portfolio ]
[12. Fidelity VIP Growth & Income Portfolio]
[13. Fidelity VIP Growth Portfolio]
[14. American Century VP Value]
[15. Dreyfus VIF - Appreciation Portfolio - Initial Shares]
[16. Fidelity VIP Equity-Income Portfolio]
[17. American Century VP Ultra Class II]
[18. Mutual Shares Securities Fund - Class 2]
[19. Dreyfus IP - MidCap Stock Portfolio - Initial Shares]
[20. JPMorgan Mid Cap Value Portfolio]
[21. AIM V.I. Capital Development Fund (Series II Shares)]
[22. Dreyfus IP - Technology Growth Portfolio - Initial Shares]
[23. The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares]
[24. INVESCO VIF-Health Sciences Fund]
[25. Franklin Small Cap Fund - Class 2]
[26. AIM V.I. Aggressive Growth Fund (Series I Shares)]
[27. INVESCO VIF-Real Estate Opportunity Fund]
[28. American Century VP International]
[29. ▇▇▇▇▇▇▇▇▇ Growth Securities Fund - Class 2]
[30. ▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund - Class 2]
[31. JPMorgan International Equity Portfolio]
[32. AIM V.I. International Growth Fund (Series II Shares)]
[33. Safeco RST Core Equity Portfolio]
[34. Safeco RST Multi-Cap Core Portfolio]
[35. Safeco RST Growth Opportunities Portfolio]
[36. Safeco RST Small-Cap Value Portfolio]
[37. Safeco Life Fixed Account]
ANNUITY SERVICE OFFICE:
HOME OFFICE: MAILING ADDRESS: TELEPHONE: ▇▇▇-▇▇▇▇▇▇▇
Safeco Life Insurance Company Safeco Life Insurance Company FAX: ▇▇▇-▇▇▇-▇▇▇▇
Retirement Services Retirement Services
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇.▇. Box 3882
Redmond, WA 98052-9669 Seattle, WA 98124-3882
3
TABLE OF CONTENTS
CONTRACT DATA PAGE Insert
DEFINITIONS
Accumulation Phase 1
Accumulation Unit 1
Annuitant 1
Annuity Date 1
Annuity Unit 1
Beneficiary 1
Contract 1
Contract Year 1
Fixed Account 1
General Account 1
Income Phase 1
IRC 1
Owner 1
Portfolios 1
Purchase Payment 1
Separate Account 1
THE
ANNUITY CONTRACT
ABOUT THE CONTRACT 2
OWNER 2
ANNUITANT 2
BENEFICIARY 2
Change of Beneficiary 2
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS 3
ALLOCATION OF PURCHASE PAYMENTS 3
ACCUMULATION UNITS 3
INVESTMENT OPTIONS
VARIABLE INVESTMENT OPTIONS 5
Substitution of Shares 5
FIXED ACCOUNT 5
Interest Crediting 5
Interest Compounding 6
Minimum Value Guarantee 6
CONTRACT VALUE 6
TRANSFERS 6
Limits on Excessive Transfers 7
CHARGES
INSURANCE CHARGE 8
CONTINGENT DEFERRED SALES CHARGE 8
WITHDRAWAL CHARGE 9
TRANSFER CHARGE 9
PREMIUM TAXES 9
INCOME OR OTHER TAXES 9
i
WITHDRAWAL PROVISIONS
WITHDRAWALS 10
Repetitive Withdrawals 10
ANNUITY PAYMENT PROVISIONS
ANNUITY OPTIONS 11
Life Annuity 11
Life Annuity with Guaranteed Period 11
Joint and Survivor Life Annuity 11
Payments Based on a Number of Years 11
Automatic Option 12
ANNUITY PAYMENTS 12
Fixed Annuity Payments 12
Variable Annuity Payments 12
Changing Portfolio Elections after the Annuity Date 13
DEATH BENEFIT PROVISIONS
DEATH OF ANNUITANT Prior to the Annuity Date 14
DEATH OF OWNER ▇▇▇▇▇ to the Annuity Date 14
Calculation of Death Benefit 14
Limitation on Death Benefit 15
Payment of Death Benefit 15
DEATH OF ANNUITANT On or After the Annuity Date 15
DEATH OF OWNER On or After the Annuity Date 16
GENERAL PROVISIONS
ACCOUNT STATEMENTS 17
ASSIGNMENT OF BENEFITS 17
COMMUNICATIONS 17
ESSENTIAL DATA 17
EVIDENCE OF SURVIVAL 17
JURISDICTION 17
MISSTATEMENT OF AGE OR SEX 17
NONPARTICIPATION 17
SEPARATE ACCOUNT 17
STATE REQUIRED BENEFITS 18
SUSPENSION OF ANNUITY PAYMENTS, WITHDRAWALS, OR TRANSFERS 18
TERMINATION OF CONTRACT 18
THE CONTRACT 18
VOTING RIGHTS 18
ANNUITY PURCHASE RATE TABLES
VARIABLE ANNUITY PURCHASE RATE TABLE 19
FIXED ANNUITY PURCHASE RATE TABLE 20
ii
DEFINITIONS
ACCUMULATION PHASE The period between the date we allocate your first
Purchase Payment and the Annuity Date.
ACCUMULATION UNIT A measurement used to calculate the value of a
Portfolio during the Accumulation Phase and variable
annuity payments made under the Payments Based on a
Number of Years annuity option.
ANNUITANT The natural person(s) on whose life/lives annuity
payments are based. You are the Annuitant unless you
designate someone else before the Annuity Date.
ANNUITY DATE The date annuity payments begin under an annuity
option.
ANNUITY UNIT A measurement used to calculate variable annuity
payments during the Income Phase, except for the
Payments Based on a Number of Years annuity option.
BENEFICIARY The person(s) named by the Owner and joint Owner, if
any, to receive any death benefit payable in
accordance with the provisions of this Contract.
CONTRACT This Flexible Premium Deferred Variable Annuity.
CONTRACT YEAR A 12-month period starting on the contract date
shown on your contract data page and each
anniversary of that date.
FIXED ACCOUNT The investment option of this Contract that provides
for guaranteed interest. Purchase Payments allocated
to the Fixed Account become part of Safeco Life's
General Account.
GENERAL ACCOUNT The assets of Safeco Life other than those
attributable to Separate Accounts.
INCOME PHASE The period beginning on the Annuity Date during
which the payee receives annuity payments.
IRC The Internal Revenue Code of 1986, as amended.
OWNER The person(s) or entity(ies) named on the contract
application. The Owner has all ownership rights
under this Contract.
PORTFOLIOS The variable investment options available under the
Contract.
PURCHASE PAYMENT An amount paid to Safeco Life for allocation under
this Contract, less any premium tax due at the time
this payment is made.
SEPARATE ACCOUNT A segregated asset account established under
Washington law and shown on the contract data page.
1
THE
ANNUITY CONTRACT
ABOUT THE CONTRACT This Contract is an agreement between Safeco Life
and you, the Owner, where we promise to pay an
income in the form of annuity payments, beginning on
the date you select, or a death benefit. When you
are investing money, your Contract is in the
Accumulation Phase. Once you begin receiving annuity
payments, your Contract is in the Income Phase.
You purchased this Contract with the initial
Purchase Payment you paid, and the Contract became
effective on the contract date, shown on your
contract data page.
The Contract is called a variable annuity because
you can allocate money among variable investment
Portfolios available within the Separate Account.
The investment performance of the Portfolio(s) you
select may be positive or negative and affects the
value of your Contract and the amount of any
variable annuity payments. You may also allocate
money to the Fixed Account which credits guaranteed
interest rates.
OWNER The Owner is shown on the contract application and
cannot be changed. On the contract date, the Owner
must not have been older than the maximum issue age
shown on the contract data page. The Owner may
exercise all ownership rights under this Contract.
If this Contract is owned by joint Owners, they must
jointly exercise their ownership rights, unless we
are directed otherwise by both joint Owners in
writing. On the contract date, each joint Owner must
not have been older than the maximum issue age shown
on the contract data page. The joint Owner cannot be
changed. An Owner who is a non-natural person (for
example, a corporation or a trust) may not name a
joint Owner.
ANNUITANT The Annuitant is/are the person(s) on whose
life/lives annuity payments are based. You are the
Annuitant unless you designate someone else before
the Annuity Date. If you designate someone else as
Annuitant, that person must not be older than the
maximum issue age on the contract date and the
maximum annuitization age when annuity payments
begin. The maximum issue age and the maximum
annuitization age are shown on the contract data
page.
An Owner who is a non-natural person may not change
the Annuitant.
BENEFICIARY The Beneficiary receives any death benefit payable
in accordance with the provisions of this Contract.
You initially name your Beneficiaries on the
contract application.
CHANGE OF You may change your Beneficiary designation at any
BENEFICIARY time by sending us a signed and dated request.
However, if a Beneficiary designation is
irrevocable, that Beneficiary must consent in
writing to any change. A new Beneficiary designation
revokes any prior designation and is not effective
until we record the change. We are not responsible
for the validity of any Beneficiary designation nor
for any actions we may take prior to receiving and
recording a Beneficiary change.
2
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS You may be able to make additional Purchase Payments
within six months of the contract date, subject to
your state's requirements. The minimum dollar
amounts are shown on the contract data page.
Purchase Payments must be in lawful currency of the
United States and submitted to our Home Office at
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or P.O.
Box 3882, Seattle, WA 98124-3882, or in a manner
agreed to by Safeco Life.
We reserve the right to refuse any Purchase Payment.
If we do not accept a Purchase Payment, we will
return it within five business days.
ALLOCATION OF PURCHASE Your initial Purchase Payment will be allocated
PAYMENTS according to your instructions on your
contract application. Unless you tell us otherwise,
subsequent Purchase Payments will be allocated in
the same proportion as your most recent Purchase
Payment (unless that was a Purchase Payment you
directed us to allocate on a one-time-only basis).
Once we receive your Purchase Payment, the portion
to be allocated to the Fixed Account is credited as
of the day it is received. The portion to be
allocated to the Portfolios is effective and valued
as of the next close of the New York Stock Exchange
(NYSE). If for any reason the NYSE is closed when we
receive your Purchase Payment, it will be valued as
of the close of the NYSE on its next regular
business day.
When we are required to guarantee a return of
Purchase Payments during the Right to Examine
period, we reserve the right to initially apply
amounts designated for the Portfolios to the Safeco
RST Money Market Portfolio as shown on the cover
page of this Contract. These amounts will then be
allocated in the manner you selected, unless you
have canceled the Contract.
ACCUMULATION UNITS When you make Purchase Payments or transfers into a
Portfolio, we credit your Contract with Accumulation
Units. Similarly, when you request a withdrawal or a
transfer of money from a Portfolio, Accumulation
Units are liquidated. In either case, the increase
or decrease in the number of your Accumulation Units
is determined by taking the dollar amount of the
Purchase Payment, transfer, or withdrawal and
dividing it by the value of an Accumulation Unit on
the date the transaction occurs.
We calculate the value of an Accumulation Unit for
each Portfolio after the NYSE closes each day. To
determine the current Accumulation Unit value, we
take the prior day's Accumulation Unit value and
multiply it by the Net Investment Factor for the
current day.
3
The Net Investment Factor is used to measure the
daily change in Accumulation Unit value for each
Portfolio. The Net Investment Factor equals:
- the net asset value per share of a Portfolio at
the end of the current day plus the per share
amount of any dividend or income distributions
made by the Portfolio that day; divided by
- the net asset value per share of a Portfolio at
the end of the prior day plus the per share
amount of any dividend or income distributions
made by the Portfolio that day; minus
- the daily insurance charges, expressed as a
percentage of the total net assets of the
Portfolio.
The value of an Accumulation Unit will usually go up
or down from day to day.
4
INVESTMENT OPTIONS
VARIABLE INVESTMENT You may allocate money to the Portfolios shown on
OPTIONS the contract data page. We reserve the right to add,
combine, restrict, or remove any Portfolio as an
investment option of this Contract. Portfolios have
different investment objectives. Investment
performance of a Portfolio may be positive or
negative.
SUBSTITUTION OF If any shares of the Portfolios are no longer
SHARES available, or if in our view no longer meet the
purpose of the Contract, it may be necessary to
substitute shares of another Portfolio. We will seek
prior approval of the Securities and Exchange
Commission (SEC) to the extent required by law and
give you notice before doing this.
FIXED ACCOUNT The Fixed Account is part of Safeco Life's General
Account and provides for guaranteed interest rates
as follows.
INTEREST CREDITING We establish the annual effective interest rates
that apply to Purchase Payments allocated to the
Fixed Account. The annual effective interest rate
will be at least the minimum guaranteed interest
rate shown on the contract data page.
Each Purchase Payment allocated to the Fixed Account
will be credited with the interest rate established
for the date that we receive the Purchase Payment.
This rate will apply to the Purchase Payment for an
initial period of at least 12 months from the date
we receive it.
We can adjust the interest rate after the completion
of that initial period. The adjusted rate will apply
to that Purchase Payment and its credited interest
for at least 12 months, when the rate can again be
adjusted. From then on, we cannot adjust the
interest rate more often than every 12 months.
In the first Contract Year, additional interest will
be credited to Purchase Payments allocated to the
Fixed Account as shown on the contract data page
under "ADDITIONAL INTEREST ON FIXED ACCOUNT IN FIRST
CONTRACT YEAR". If you make additional Purchase
Payments to the Fixed Account, each will be credited
with the applicable additional interest from the
date we receive it to the end of the first Contract
Year.
If a portion of the initial Purchase Payment is
allocated to either a 6-month or a 12-month dollar
cost averaging option, then additional interest as
shown on the contract data page will be credited to
the declining balance in that option for the period
of time selected. Only the initial Purchase Payment
is eligible for these dollar cost averaging options.
Different interest rates may apply to each of your
Purchase Payments depending on the interest rate
established for the date that we received the
Purchase Payment and any subsequent rate
adjustments.
5
For the purpose of crediting interest, when you take
a withdrawal from the Fixed Account, the Purchase
Payment you last made, and the interest credited to
it, is considered to be withdrawn first.
If you stop allocating Purchase Payments to the
Fixed Account, we will continue to credit your
balance in the Fixed Account with the applicable
interest rate(s).
INTEREST COMPOUNDING Safeco Life credits interest daily on each Purchase
Payment allocated to the Fixed Account from the date
we receive your payment up to, but not including,
the date you withdraw the funds from the Fixed
Account.
Annual effective interest rates show the effect of
daily compounding of interest over a 12-month
period.
MINIMUM VALUE Upon a total withdrawal from the Fixed Account, you
GUARANTEE will not receive less than 90% of your Purchase
Payments and transfers allocated to the Fixed
Account accumulated at an annual effective interest
rate of 3% each year, less prior withdrawals and
transfers from the Fixed Account accumulated at an
annual effective interest rate of 3% each year. If
necessary to meet this minimum, charges will be
waived.
CONTRACT VALUE Your contract value is the sum of the values in the
Portfolios and the Fixed Account attributable to
your Contract. We calculate this by:
- adding all the Purchase Payments you invested;
- subtracting the charges which have been
deducted;
- subtracting the withdrawals you have made;
- adjusting for each Portfolio's gain or loss;
- adding the interest we credit while any of your
contract value is in the Fixed Account;
- subtracting the amounts withdrawn for an
annuity option; and
- subtracting the amounts withdrawn to pay the
death benefit.
TRANSFERS During the Accumulation Phase, you can transfer
money among the Portfolios and the Fixed Account.
The minimum amounts that can be transferred are
shown on the contract data page. In each Contract
Year a specified number of transfers are free of
charge. Each additional transfer in a Contract Year
may have a transfer charge. The number of free
transfers and the transfer charge are shown on the
contract data page.
We reserve the right to modify, suspend, or
terminate transfer privileges at any time. In
addition, if we receive a transfer request that is
to be allocated to the Fixed Account and we are not
able to invest the money such that we can credit at
least the minimum guaranteed interest rate, we
reserve the right to reject the portion of the
transfer request that was to be allocated to the
Fixed Account.
6
LIMITS ON EXCESSIVE We may restrict or eliminate the right to make
TRANSFERS transfers among Portfolios if such rights are
executed by you, a market timing firm, or other
third party authorized to initiate transfers or
exchange transactions on your behalf. For example,
we reserve the right to reject any transfer request
if, in our judgment, you are engaging in a pattern
of transfer that may disadvantage other contract
owners or would cause a Portfolio to be unable to
invest effectively in accordance with its investment
objectives and policies or would otherwise be
potentially adversely affected. In addition, if we
or any affected Portfolio believes you are engaging
in activity as described above or similar activity
which will potentially hurt the rights or interests
of other contract owners, we have the right to
restrict the number of transfers you make.
We will continue to monitor the transfer activity
occurring among the Portfolios and may modify these
transfer restrictions at any time if we deem it
necessary to protect the interest of all contract
owners. These modifications may include curtailing
or eliminating, without notice, the ability to use
the Internet or telephone in making transfers.
7
CHARGES
The following charges apply to your Contract:
INSURANCE CHARGE Each day we make a deduction for the mortality and
expense risk charge. We do this as part of our
calculation of the value of Accumulation Units and
Annuity Units. This charge is equal, on an annual
basis, to a percentage of the average daily net
assets of each Portfolio. The percentage is shown on
the contract data page.
CONTINGENT DEFERRED A contingent deferred sales charge may be assessed
SALES CHARGE on withdrawals from your Contract. The charge
is a percentage of the amount withdrawn and is shown
on the contract data page.
When the withdrawal is for only part of your
contract value, the charge will be deducted from the
remaining contract value, unless you tell us
otherwise.
You can withdraw 10% of your contract value each
Contract Year without a contingent deferred sales
charge. The determination of whether more than 10%
of the contract value has been withdrawn is made at
the time of withdrawal. If you take more than one
withdrawal in a Contract Year, the previous
withdrawals in the Contract Year are added to the
current contract value to determine whether more
than 10% of the contract value has been withdrawn in
that Contract Year.
Contingent deferred sales charges will not be
assessed on the following:
- withdrawals, if the total amount withdrawn
during the Contract Year does not exceed 10% of
the contract value;
- withdrawals taken for payment of the withdrawal
charges, transfer charges, or premium taxes;
- repetitive withdrawals, if the withdrawals are
equal or substantially equal and are expected
to deplete the contract value over your life
expectancy or the joint life expectancy of you
and your Beneficiary;
- annuity payments;
- withdrawals taken on account of your death; and
- withdrawals taken after you have been confined
to a hospital or nursing home for 30
consecutive days if:
- the confinement begins after the contract
date; and
- the withdrawal is taken:
- during confinement; or
- within 60 days after confinement
ends.
We may require proof of confinement.
Hospital may be defined in one of two ways:
(1) a lawfully operated institution that is
licensed as a hospital by the Joint
Commission of Accreditation of Hospitals;
or
(2) a lawfully operated institution that
provides in-patient treatment under the
direction of a staff of physicians and has
24-hour per day nursing services.
Nursing home is defined as a facility licensed
by the state that provides convalescent or
chronic care for in-patients who, by reason of
illness or
8
infirmity, are unable to properly care for
themselves.
9
WITHDRAWAL CHARGE The withdrawal charge, shown on the contract data
page, is deducted for each withdrawal after the
first withdrawal in a Contract Year. This charge
will be deducted from your remaining contract value,
unless you tell us otherwise.
We will not deduct this charge for annuity payments,
repetitive withdrawals, or if you withdraw the
entire contract value.
TRANSFER CHARGE The transfer charge is deducted from your Contract
for each transfer in excess of the number of free
transfers allowed in a Contract Year. The transfer
charge and the number of free transfers are shown on
the contract data page.
Scheduled transfers authorized by us as part of an
investment strategy such as dollar cost averaging,
appreciation or interest sweep, portfolio
rebalancing, or asset allocation programs do not
count against your free transfers.
PREMIUM TAXES The contract data page shows whether or not premium
tax is charged in your state as of the contract
date.
INCOME OR OTHER TAXES Currently we do not pay income or other taxes on
earnings attributable to your Contract. However, if
we ever incur such taxes, we reserve the right to
deduct them from your Contract.
10
WITHDRAWAL PROVISIONS
WITHDRAWALS Before the commencement of annuity payments, you may
withdraw part or all of your contract value. The
minimum amount that can be withdrawn is shown on the
contract data page.
To take withdrawals, you must send a written request
to our Home Office. Unless you tell us differently,
partial withdrawals will be made pro rata from each
investment option. Once we receive your request,
withdrawals from the Portfolios will be effective as
of the next close of the NYSE.
A withdrawal may have a contingent deferred sales
charge and a withdrawal charge.
REPETITIVE WITHDRAWALS You may request repetitive withdrawals of a
predetermined amount on a monthly, quarterly, or
annual basis by completing the appropriate form.
11
ANNUITY PAYMENT PROVISIONS
ANNUITY OPTIONS The Income Phase will start no later than the
maximum annuitization age shown on the contract data
page, or an earlier date if required by law. During
the Income Phase, the payee (you or someone you
choose) receives regular annuity payments beginning
on the Annuity Date.
To start the Income Phase, you must notify us in
writing at least 30 days prior to the date that you
want annuity payments to begin. You may choose
annuity payments under an annuity option described
in this Contract or another annuity option that you
want and that we agree to provide. You cannot start
the Income Phase until the Contract has been in
effect for at least one year (eight years for the
Payments Based on a Number of Years annuity option).
If the amount applied to an annuity option is less
than $5,000, we may pay you in a lump sum where
permitted by state law. We reserve the right to
change the payment frequency if payment amounts
would be less than $250.
Switching to the Income Phase is irrevocable. Once
you begin receiving annuity payments, you cannot
switch back to the Accumulation Phase. You cannot
add Purchase Payments, change or add an Annuitant,
change the annuity option, or change between fixed
and variable annuity payments. When the Contract
switches to the Income Phase, the minimum guaranteed
death benefit will no longer be applicable.
LIFE ANNUITY The payee receives monthly annuity payments as long
as the Annuitant is living. Annuity payments stop
when the Annuitant dies.
LIFE ANNUITY WITH The payee receives monthly annuity payments for the
GUARANTEED PERIOD longer of the Annuitant's life or a guaranteed
period of five or more years as selected by you and
agreed to by us. If the Annuitant dies before all
guaranteed payments have been made, the rest will be
made to the payee designated by the Owner. Annuity
payments stop the later of the date the Annuitant
dies or the date the last guaranteed payment is
made.
As an alternative to monthly payments, the payee may
elect to have the present value of the guaranteed
variable annuity payments remaining as of the date
the notice of death is received by us commuted at
the assumed investment return of 4% and paid in a
single payment.
JOINT AND SURVIVOR The payee receives monthly annuity payments as long
LIFE ANNUITY as the Annuitant is living. After the Annuitant
dies, the payee receives a specified percentage of
each annuity payment as long as the second Annuitant
is living. You name the second Annuitant and payment
percentage at the time you elect this option.
Annuity payments stop the later of the date the
Annuitant dies or the date the second Annuitant
dies.
PAYMENTS BASED ON A The payee receives annuity payments based on a
NUMBER OF YEARS number of years as selected by you and agreed to by
us. You must select a period of at least five years.
You may select monthly, quarterly, or annual annuity
payments. Each annuity payment reduces the number of
Accumulation Units and/or value of the Fixed Account
in the Contract. Annuity payments continue until
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the entire value in the Portfolios and/or the Fixed
Account has been paid
13
out. You can stop these annuity payments at any time
and receive a lump sum equal to the remaining
contract value. This option does not promise to make
payments for the Annuitant's life. If the Owner dies
before all annuity payments have been made, there
will be a death benefit payable in accordance with
the "DEATH OF OWNER On or After the Annuity Date"
provision.
This annuity option is only available after the
eighth Contract Year and if your contract value is
$25,000 or more at the time this option is selected.
AUTOMATIC OPTION If you do not choose an annuity option at least 30
days before the latest Annuity Date allowed under
this Contract and if your contract value is at least
$25,000, we will make annuity payments under the
Payments Based on a Number of Years annuity option.
The number of years will be equal to the Annuitant's
life expectancy. If your contract value is less than
$25,000, we will make annuity payments under the
Life Annuity with Guaranteed Period annuity option.
The guaranteed period will be equal to 10 years.
ANNUITY PAYMENTS You can choose whether annuity payments will be made
on a fixed basis, variable basis, or both. If you
don't tell us otherwise, annuity payments will be
based on the investment allocations in place on the
Annuity Date. After the Annuity Date, you may not
switch between fixed annuity payments and variable
annuity payments.
FIXED ANNUITY The dollar amount of each fixed annuity payment will
PAYMENTS stay the same. Annuity payments under the Payments
Based on a Number of Years annuity option will be
based on the minimum guaranteed interest rate and
the number of annuity payments you selected. Annuity
payments under all other annuity options will be
determined by applying the contract value that you
want to use to purchase fixed annuity payments to
the Fixed Annuity Purchase Rate Table of this
Contract, or the current rates at that time if more
favorable to you. If premium taxes are required by
state law, these taxes will be deducted before the
annuity payments are calculated.
VARIABLE ANNUITY The dollar amount of each variable annuity payment
PAYMENTS will vary depending on the investment performance of
the Portfolios that you selected. Annuity payments
under the Payments Based on a Number of Years
annuity option will be based on a reasonable rate of
return and the number of annuity payments you
selected. Annuity payments under all other annuity
options will be determined as described below.
FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of
the first variable annuity payment is the sum of the
payments from each Portfolio determined by applying
the contract value used to purchase variable annuity
payments, as of the 15th day of the preceding month,
to the Variable Annuity Purchase Rate Table of this
Contract. If the NYSE is not open on that date, the
calculation will be made on the next day that the
NYSE is open. If premium taxes are required by state
law, these taxes will be deducted before the annuity
payment is calculated.
14
SUBSEQUENT VARIABLE ANNUITY PAYMENTS: The dollar
amount of each subsequent variable annuity payment
is the sum of the payments from each Portfolio,
which are determined by multiplying the number of
Annuity Units credited for that Portfolio by the
Annuity Unit value of that Portfolio as of the 15th
of the month preceding the annuity payment. If the
NYSE is not open on that date, the calculation will
be made on the next day that the NYSE is open.
NUMBER OF VARIABLE ANNUITY UNITS: The number of
Annuity Units credited for each Portfolio is
the amount of the first annuity payment
attributable to that Portfolio divided by the
value of the applicable Annuity Unit for that
Portfolio as of the 15th day of the month
preceding the Annuity Date. The number of
Annuity Units used to calculate the variable
annuity payment each month remains constant
unless you change Portfolio elections.
VALUE OF VARIABLE ANNUITY UNITS: The value of
an Annuity Unit will usually increase or
decrease from one month to the next. For each
month after the first month, the value of an
Annuity Unit of a particular Portfolio is:
- the value of that Annuity Unit as of the
15th day of the preceding month (or the
next day that the NYSE is open);
- multiplied by the Net Investment Factors
for that Portfolio; and
- divided by the Assumed Investment Factor
for the period.
The Net Investment Factor is a number that
represents the change in the Accumulation Unit
value of a Portfolio on successive days when
the NYSE is open. The Net Investment Factor for
any Portfolio for any valuation day is
determined by dividing the current Accumulation
Unit value by the prior day's Accumulation Unit
value. The Net Investment Factor will likely be
different than the Assumed Investment Factor,
and therefore the Annuity Unit value will
usually increase or decrease.
The Assumed Investment Factor for a one-day
valuation period is 1.00010746. This factor
neutralizes the assumed investment return of 4%
in the Variable Annuity Purchase Rate Table.
We guarantee that the dollar amount of each variable
annuity payment made after the first payment will
not be adversely affected by variations in actual
mortality experience or actual expenses incurred in
excess of the expense deductions provided for in the
Contract.
CHANGING PORTFOLIO If you have selected variable annuity payments,
ELECTIONS AFTER THE after the Annuity Date you may request to change
ANNUITY DATE Portfolio elections once a month. Transfers are not
allowed to or from the Fixed Account. Changes will
affect the number of units used to calculate annuity
payments.
15
DEATH BENEFIT PROVISIONS
DEATH OF ANNUITANT If the Annuitant is not an Owner and the Annuitant
PRIOR TO THE ANNUITY dies before the Annuity Date, you must designate a
DATE new Annuitant. If no designation is made within 30
days after we are notified of the Annuitant's death,
you will become the Annuitant.
If this Contract is owned by a non-natural person
(for example, a corporation or trust), the death of
the Annuitant will be treated as the death of the
Owner. In this case, all references to "Owner" and
"joint Owner" in these provisions are replaced by
"Annuitant" and "joint Annuitant".
DEATH OF OWNER If any Owner dies before the Annuity Date, we will
PRIOR TO THE ANNUITY pay a death benefit to the:
DATE - surviving Owner or joint Owner; or if there is
no surviving Owner or joint Owner or if the
Owner is a non-natural person, then
- surviving primary Beneficiary(ies); or if none,
then
- surviving contingent Beneficiary(ies); or if
none, then
- the estate of the last Owner to die.
If the death benefit is payable to the Owner's
spouse, the spouse will have the option to continue
the Contract and will then be the Owner of the
Contract.
CALCULATION OF DEATH The death benefit is the higher of:
BENEFIT (1) the current contract value; or
(2) if the death benefit is payable upon the sole
Owner's or older joint Owner's death, the
minimum guaranteed death benefit.
When determining the higher of (1) or (2) above, the
calculations are based on the earlier of:
- the date we receive proof of death and the
first election of how to take the death benefit
payment; or
- six months from the date of death.
IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
DEATH BENEFIT PAYMENT ELECTION WITHIN 6 MONTHS
OF THE DATE OF DEATH: If the minimum guaranteed
death benefit exceeds the contract value, we
will add the difference to the contract value
on the date we receive the required information
so that the contract value will equal the
minimum guaranteed death benefit. This
additional amount will be allocated to the
investment options in the same proportion that
Purchase Payments were last allocated.
Thereafter, the contract value will be subject
to investment performance and applicable
charges until the date the death benefit is
paid.
IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
DEATH BENEFIT PAYMENT ELECTION MORE THAN 6
MONTHS AFTER THE DATE OF DEATH: If the minimum
guaranteed death benefit exceeds the contract
value on the 6-month anniversary of the date of
death, we will credit the difference with
interest at the prevailing money market rates
from the 6-month anniversary until the date we
receive the required information. At that
16
time we will allocate this additional amount,
with the credited interest, to
17
the investment options in the same proportion
that Purchase Payments were last allocated.
Thereafter, the contract value will be subject
to investment performance and applicable
contract charges until the date payment is
made.
MINIMUM GUARANTEED DEATH BENEFIT: The minimum
guaranteed death benefit is initially equal to the
first Purchase Payment. It is immediately increased
by additional Purchase Payments and adjusted for
withdrawals. After such withdrawals, the minimum
guaranteed death benefit will be recalculated by
multiplying the prior minimum guaranteed death
benefit by the ratio of the contract value after the
withdrawal to the contract value before the
withdrawal.
MINIMUM GUARANTEED DEATH BENEFIT RESET: The minimum
guaranteed death benefit will be reset on each
8-year contract anniversary until the older Owner
attains age 72. The reset benefit is equal to the
immediately preceding minimum guaranteed death
benefit or the contract value on that date, if
higher.
LIMITATION ON DEATH At most, one minimum guaranteed death benefit will
BENEFIT be paid during the life of the Contract. In
addition, the maximum amount that we will add to the
contract value is limited to $1 million. This
limitation applies to any amount added to the
contract value so that the contract value equals the
minimum guaranteed death benefit. All subsequently
issued contracts will be aggregated for this
limitation if your death triggers payment of a death
benefit under such contracts.
PAYMENT OF DEATH To pay the death benefit, we need proof of death
BENEFIT acceptable to us, such as a certified copy of a
death certificate, plus written direction regarding
how to pay the death benefit payment. If the death
benefit is payable to an Owner's estate, we will pay
it in a single payment.
The death benefit may be paid as:
- a lump sum payment or series of withdrawals
that are completed within five years from the
date of death; or
- annuity payments made over life or life
expectancy. To receive annuity payments, this
election must be made within 60 days from our
receipt of proof of death. Annuity payments
must begin within one year from the date of
death. Once annuity payments begin, they cannot
be changed.
If a person entitled to receive a death benefit dies
before the death benefit is distributed, we will pay
the death benefit to that person's named beneficiary
or, if none, to that person's estate.
DEATH OF ANNUITANT If the Annuitant is not the Owner and dies after the
ON OR AFTER THE Annuity Date, then we will continue paying any
ANNUITY DATE remaining annuity payments to the payee designated
by the Owner.
18
DEATH OF OWNER If the Owner dies after the Annuity Date, then any
ON OR AFTER THE amounts paid after the death of the Owner will
ANNUITY DATE depend on which annuity option was selected. If the
Owner dies while annuity payments are being paid
under the Payments Based on a Number of Years
annuity option, we will pay a death benefit equal to
the contract value as of the date we receive proof
of death and the first election of how to take the
death benefit payment. If the Owner dies while
annuity payments are being paid under another
option, we will pay any remaining annuity payments
in accordance with that option. We will pay
remaining annuity payments at least as rapidly as
under the annuity option then in effect. The right
to receive the death benefit under the Payments
Based on a Number of Years annuity option or to
change the payee for remaining annuity payments
under another annuity option is determined as
follows:
- the surviving Owner or joint Owner; or if none,
then
- the surviving primary Beneficiary(ies); or if
none, then
- the surviving contingent Beneficiary(ies); or
if none, then
- the estate of the last Owner to die.
19
GENERAL PROVISIONS
ACCOUNT STATEMENTS At least once each calendar year we will furnish you
with a statement showing your contract value or, if
applicable and required by law, your Annuity Units
and the Annuity Unit values.
ASSIGNMENT OF BENEFITS This Contract may not be sold, transferred,
assigned, discounted, or pledged as collateral for a
loan or as security for the performance of an
obligation or for any other purpose (other than a
transfer incident to a divorce or a tax-free
exchange under IRC Section 1035).
COMMUNICATIONS All written communications to you will be addressed
to you at your last known address on file with
Safeco Life.
All written communications to Safeco Life must be
addressed to Safeco Life at its Home Office at ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ or
P.O. Box 3882, Seattle, Washington 98124-3882.
ESSENTIAL DATA You and each person entitled to receive benefits
under this Contract must provide us with any
information we need to administer this Contract. We
are entitled to rely exclusively on the completeness
and accuracy of data furnished by you, and we will
not be liable with respect to any omission or
inaccuracy.
EVIDENCE OF SURVIVAL When any payments under this Contract depend upon
any person being alive on a given date, we may
require satisfactory proof that the person is living
before making such payments.
JURISDICTION In the event of a dispute, the laws of the
jurisdiction in which the Contract is delivered will
apply.
MISSTATEMENT OF AGE We may require satisfactory proof of correct age or
OR SEX sex at any time.
- If annuity payments are based on life or life
expectancy and the age or sex of any Annuitant
has been misstated, annuity payments will be
based on the corrected information.
Underpayments will be made up in a lump sum
with the next scheduled payment. Overpayments
will be deducted from future payments until the
total is repaid. We will not credit interest on
underpayments or charge interest on
overpayments.
- If the age of any Annuitant or Owner has been
misstated, the amount of any death benefit
payable will be determined based on the correct
age of the Annuitant or Owner.
NONPARTICIPATION This Contract is nonparticipating, which means it
will not share in any distribution of profits,
losses, or surplus of Safeco Life.
SEPARATE ACCOUNT The Separate Account holds the assets that underlie
the contract values invested in the Portfolios. The
assets in the Separate Account are the property of
Safeco Life. However, assets in the Separate Account
that are attributable to Contracts are not
chargeable with liabilities arising out of any other
business we may conduct. ▇▇▇▇▇▇, gains and losses
(realized and unrealized), resulting from assets in
the Separate Account are credited to or charged
against the Separate Account without regard to other
income,
20
gains or losses of Safeco Life.
21
STATE REQUIRED BENEFITS The benefits of this Contract will not be less than
the minimum benefits required by any statute of any
state in which this Contract is delivered.
SUSPENSION OF ANNUITY We may be required to suspend or postpone payment of
PAYMENTS, WITHDRAWALS, annuity payments, withdrawals, or transfers from the
OR TRANSFERS Portfolios for any period of time when:
- the NYSE is closed (other than customary
weekend or holiday closings);
- trading on the NYSE is restricted;
- an emergency exists such that disposal of or
determination of the value of the Portfolio
shares is not reasonably practicable; or
- the SEC, by order, so permits for your
protection.
In addition, we retain the right to defer payment of
withdrawals or transfers from the Fixed Account for
a period of 6 months after receiving the request.
The interest rates credited to the Fixed Account
during this period will not be less than the rate
required under state law.
TERMINATION OF CONTRACT This Contract will terminate when Safeco Life has
completed all of its duties and obligations under
the Contract.
THE CONTRACT The Contract, contract data page, and contract
application, as may be amended, and any endorsements
are the entire Contract. Only an authorized officer
of Safeco Life may change this Contract. Any change
must be in writing. Safeco Life reserves the right
to change the provisions of this Contract to conform
to any applicable law, regulation, or ruling issued
by a government agency.
VOTING RIGHTS Safeco Life is the legal owner of the Portfolios'
shares. However, when a Portfolio solicits proxies
in connection with a shareholder vote, we are
required to ask you for instructions as to how to
vote those shares. All shares are voted in the same
proportion as the instructions we received. Should
we determine that we are no longer required to
comply with the above, we will vote the shares in
our own right.
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ANNUITY PURCHASE RATE TABLES
VARIABLE ANNUITY PURCHASE RATE TABLE
MORTALITY TABLE USED: The rates in the Variable Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. An age setback of 1 year will
be used if the annuity payments begin in the year 2013-2022, 2 years if the
annuity payments begin in the year 2023-2032, and an additional 1-year setback
for each additional 10 years. The assumed investment return in the table is
4.00%.
Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Safeco Life upon request.
CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY VARIABLE ANNUITY*
JOINT & SURVIVOR**
LIFE ANNUITY LIFE ANNUITY LIFE ANNUITY 5 YEARS
NO PERIOD CERTAIN 5 YEARS CERTAIN 10 YEARS CERTAIN LIFE CERTAIN
AGE MALE FEMALE MALE FEMALE MALE FEMALE ANNUITY AND LIFE
60 $ 197.53 $ 212.16 $ 198.19 $ 212.54 $ 200.20 $ 213.72 $ 230.94 $ 230.94
61 193.64 208.52 194.37 208.94 196.57 210.24 227.76 227.76
62 189.65 204.77 190.44 205.23 192.88 206.66 224.45 224.46
63 185.55 200.90 186.42 201.42 189.13 202.98 221.03 221.04
64 181.35 196.93 182.31 197.50 185.33 199.22 217.48 217.50
65 177.06 192.84 178.12 193.47 181.50 195.37 213.81 213.83
66 172.68 188.65 173.87 189.33 177.63 191.43 210.02 210.04
67 168.23 184.34 169.56 185.09 173.76 187.42 206.09 206.12
68 163.72 179.91 165.22 180.74 169.88 183.34 202.05 202.08
69 159.18 175.37 160.85 176.29 166.01 179.20 197.88 197.92
70 154.60 170.71 156.48 171.73 162.17 175.01 193.59 193.64
71 150.02 165.94 152.11 167.08 158.37 170.78 189.18 189.24
72 145.44 161.07 147.76 162.36 154.62 166.52 184.66 184.74
73 140.86 156.11 143.42 157.57 150.93 162.26 180.03 180.13
74 136.27 151.08 139.09 152.73 147.30 158.01 175.30 175.43
75 131.68 145.99 134.77 147.87 143.74 153.79 170.48 170.63
76 127.09 140.88 130.49 143.00 140.26 149.63 165.58 165.76
77 122.51 135.74 126.25 138.13 136.87 145.54 160.59 160.83
78 117.95 130.59 122.05 133.29 133.58 141.54 155.55 155.83
79 113.42 125.44 117.92 128.46 130.42 137.65 150.44 150.79
80 108.93 120.28 113.85 123.67 127.38 133.89 145.29 145.72
81 104.49 115.13 109.87 118.94 124.48 130.28 140.10 140.62
82 100.10 110.01 105.98 114.28 121.74 126.86 134.89 135.53
83 95.78 104.94 102.19 109.72 119.16 123.63 129.67 130.45
84 91.53 99.92 98.50 105.28 116.75 120.62 124.46 125.41
85 87.36 94.99 94.94 100.98 114.50 117.82 119.27 120.42
86 83.26 90.15 91.50 96.85 112.41 115.23 114.12 115.52
87 79.24 85.43 88.21 92.92 110.47 112.85 109.02 110.72
88 75.30 80.83 85.06 89.19 108.68 110.66 103.99 106.04
89 71.50 76.43 82.09 85.70 107.04 108.66 99.07 101.53
90 67.84 72.24 79.28 82.44 105.56 106.88 94.29 97.19
* The consideration shown refers to the net value of the Portfolios used to
purchase a variable annuity after premium taxes or other applicable charges
are deducted. For example, if the Annuitant is a 65-year old male, a Life
Annuity initially equivalent to a monthly income of $1,000 will cost
$177,060. However, because this is a variable annuity, the dollar amount of
this monthly income is not guaranteed and may increase or decrease.
** Annuitant and second Annuitant are assumed to be the same age.
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FIXED ANNUITY PURCHASE RATE TABLE
MORTALITY TABLE USED: The rates in the Fixed Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. The effective interest rate
assumed in the table is 2.00%.
Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Safeco Life upon request.
CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY FIXED ANNUITY*
JOINT & SURVIVOR**
LIFE ANNUITY LIFE ANNUITY LIFE ANNUITY 5 YEARS
NO PERIOD CERTAIN 5 YEARS CERTAIN 10 YEARS CERTAIN LIFE CERTAIN
AGE MALE FEMALE MALE FEMALE MALE FEMALE ANNUITY AND LIFE
60 $ 255.94 $ 279.92 $ 256.65 $ 280.33 $ 258.98 $ 281.70 $ 311.12 $ 311.13
61 249.36 273.38 250.13 273.83 252.70 275.34 304.87 304.88
62 242.72 266.76 243.56 267.26 246.40 268.91 298.51 298.52
63 236.01 260.05 236.93 260.60 240.09 262.42 292.04 292.05
64 229.25 253.27 230.27 253.88 233.78 255.88 285.46 285.48
65 222.44 246.42 223.57 247.09 227.50 249.29 278.79 278.81
66 215.61 239.50 216.87 240.23 221.25 242.67 272.02 272.04
67 208.76 232.51 210.18 233.31 215.06 236.02 265.15 265.18
68 201.92 225.45 203.52 226.33 208.93 229.36 258.20 258.23
69 195.12 218.32 196.91 219.30 202.90 222.69 251.16 251.21
70 188.37 211.14 190.37 212.22 196.98 216.04 244.06 244.11
71 181.68 203.90 183.91 205.12 191.19 209.41 236.88 236.95
72 175.07 196.62 177.54 198.00 185.53 202.84 229.66 229.74
73 168.55 189.33 171.28 190.88 180.01 196.34 222.38 222.49
74 162.10 182.04 165.10 183.81 174.64 189.94 215.08 215.21
75 155.71 174.78 159.01 176.79 169.43 183.67 207.75 207.91
76 149.41 167.58 153.04 169.85 164.39 177.55 200.41 200.61
77 143.20 160.44 147.18 163.00 159.52 171.61 193.08 193.33
78 137.08 153.39 141.45 156.26 154.85 165.86 185.77 186.08
79 131.07 146.41 135.87 149.64 150.39 160.32 178.49 178.87
80 125.19 139.52 130.43 143.14 146.14 155.02 171.25 171.71
81 119.42 132.74 125.16 136.80 142.13 149.99 164.06 164.63
82 113.80 126.08 120.06 130.63 138.35 145.25 156.95 157.64
83 108.31 119.55 115.13 124.65 134.83 140.82 149.93 150.77
84 102.96 113.18 110.38 118.89 131.56 136.71 143.01 144.03
85 97.76 106.98 105.83 113.37 128.54 132.93 136.21 137.45
86 92.70 100.97 101.48 108.12 125.74 129.45 129.54 131.05
87 87.79 95.16 97.34 103.14 123.18 126.28 123.02 124.85
88 83.02 89.57 93.42 98.48 120.82 123.38 116.67 118.88
89 78.46 84.26 89.74 94.14 118.68 120.77 110.53 113.17
90 74.10 79.24 86.28 90.11 116.76 118.46 104.61 107.73
* The consideration shown refers to the net value of the Fixed Account used to
purchase a fixed annuity after premium taxes or other applicable charges are
deducted. For example, if the Annuitant is a 65-year old male, a Life
Annuity which provides a guaranteed monthly income of $1,000 will cost
$222,440.
** Annuitant and second Annuitant are assumed to be the same age.
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