Nationwide Platinum V Plus

Laurel, DE(Zone 7a)

As some of you may know Steve lost his job in January after many years. He turns 60 in 2 weeks, he has no severence or retirment where he worked as it was non profit, but he did have a 401 plan. He must now do something with the money in the 401 and we are considering the Nationwide Platinum V Plus. It offers a guaranteed interest for the first 5 years and then a 60 day grace period to consider renewal for the next 5 years. A withdrawal of 10% of the principal is penalty free each year, of course will be taxed.

We do not want to annuitize this but would be interested in some sort of payout in the years to come. We are not likely to w/d any money at least for a year or so depending on our financial situation. I don't believe however that this account would be insured by FDIC or NCUSIF, should we be that risky?
Is anyone familiar with this Platinum Plan?
Thanks for any information or experiences you may have.

We can keep the money in a rollover with his present Principal group. Interest would be lower than the nationwide, but money all accessible after 90 days w/o penalty, but we are going to try hard not to w/d as we will definitely need this money for our later years, if so fortunate to make it there!
We are also considering just CDs at our local credit union.

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