Guardian Eagle Annuity isa single premium deferred annuity is funded by a single payment and allows your money to grow over a period of time with compound interest. This means the interest builds on the amount that has already accrued, so the longer your money remains untouched, the more opportunity it will have to accumulate. These funds are tax-deferred, so you won’t pay any taxes on this money until it is withdrawn.
All of ELCO’s MYGAs are purchased with a single premium (a lump sum). Contract owners do have 90 days to make additional contributions to their annuity, but no additional funds can be added once that window passes.
Free Withdrawal: 15% of the principal (remaining principal, not original) once per contract year.
15% penalty free withdrawal is available in the first contract year on the 10-year MYGA term after 30 days