Asset Guard Series you can choose one of four guarantee periods to meet your specific needs including 2, 3, 4 or 5 years, locking in the interest rate for the entire period. Your money begins to work immediately; growing tax deferred and earning the specified rate for your selected period, regardless of what happens in the stock market. As long as you maintain your policy during the guarantee period, your principal and interest earned are guaranteed. This combination of principal protection and tax deferral make a GBU Life MYGA a smart decision for your retirement savings.
Penalty-Free Withdrawals You can make a withdrawal of up to 10% of the account value each year, including the first year, without penalty. If no withdrawal is taken in a year, you may take out a max of 20%. For qualified money, Required Minimum Distributions (RMDs) are permitted in excess of the 10%. During the 45-day renewal window, the entire contract value is available for free withdrawal.
Market Value Adjustment The MVA is a positive or negative adjustment based on the current interest rate environment at the time of withdrawal. An MVA and a surrender charge will apply if you access more than the 10% free withdrawal before the end of the initial interest rate guarantee period. The MVA does not apply to withdrawals after the surrender charge period, 10% free withdrawals, the death benefit, or when the contract is annuitized. Death Benefit Unless an annuity payment option has been selected, upon the death of the Owner and annuitant, the beneficiary to the contract will receive the contract value free of any withdrawal charges or a Market Value Adjustment (MVA). Annuity Payout Options The contract owner may choose to annuitize the contract value into an annuity payment at the end of the initial guaranteed term or during or after any successive guaranteed term. The amount applied to the annuitization option is the account value, with no surrender charge or MVA applied. The options available are:
Customizable Period Certain 5 Years to 25 Years
Life Income Period Certain
Life with Refund (Installment or Lump Sum)
Joint & Survivor Income
Joint & Survivor with Certain Period
Joint & Reduced Survivor
Joint & Survivor Reduced Life Income
Joint & Survivor Reduced with Certain Life Period
Renewal Policy At the end of each guarantee period, you have 45 days to renew your annuity for another period of 2, 3, 4 or 5 years ending at your 95th birthday. During this 45-day window, you may also add additional funds to your policy. The new rate for the guarantee period you select will be based on the then-current interest rate on your renewal date and may be different than your original guaranteed rate. If you do not make a choice within the 45-day window, your policy automatically renews using the same guarantee period you previously selected. You can also withdraw or surrender your annuity during that 45-day window without paying surrender charges or an MVA.