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Options at End of Rate Guarantee Period
During the 30 days following the end of any Guarantee Period, the policy owner has three options:
During the 30 days following the end of any Guarantee Period, the policy owner has three options:
- Continue the Contract for a subsequent Guarantee Period of any duration then offered by Us, at the applicable rates then in effect.
- Apply the Accumulation Value to an Annuity Payout Option.
- Surrender all or a portion of the entire Contract for the Accumulation Value, without Surrender Charges and/or MVA.
- Take no action and the Contract will continue automatically for a subsequent Guarantee Period with:
- The same duration as the preceding Guarantee Period.
- The interest rates then in effect.
- No change to the allocation of the Accumulation Value.
Death Benefit
Full Accumulation Value upon the death of the owner or Annuitant (if the owner is a non-natural person) - If the sole beneficiary is the legal spouse, he/she has the option to become the new owner/annuitant.
Penalty-free withdrawals
The Policyholder can elect to purchase a Liquidity Rider, which provides for penalty-free withdrawals. The rider cost is a reduction in credited interest and allows for partial surrenders or withdrawals free of surrender charges and Market Value Adjustments: » For interest credited in the first Contract Year. » For up to 10% of the prior contract anniversary Accumulation Value beyond the first Contract Year. » For the Required Minimum Distributions at any amount beyond the first Contract Year, for Tax Qualified contracts.
Initial guaranteed interest rate period which corresponds with the numbers of years in the surrender period. Also, there is a minimum rate guarantee that’s guaranteed for the remainder of the contract.
Market Value Adjustment
An MVA is an adjustment based on the Constant Maturity Treasury (CMT), which either increases or decreases the cash surrender value during the Surrender Charge Period. If the CMT increases, the cash value will decrease. If the CMT decreases, the cash value will increase. The CMT maturity used will depend on the Guarantee Period then applicable.
Full Accumulation Value upon the death of the owner or Annuitant (if the owner is a non-natural person) - If the sole beneficiary is the legal spouse, he/she has the option to become the new owner/annuitant.
Penalty-free withdrawals
The Policyholder can elect to purchase a Liquidity Rider, which provides for penalty-free withdrawals. The rider cost is a reduction in credited interest and allows for partial surrenders or withdrawals free of surrender charges and Market Value Adjustments: » For interest credited in the first Contract Year. » For up to 10% of the prior contract anniversary Accumulation Value beyond the first Contract Year. » For the Required Minimum Distributions at any amount beyond the first Contract Year, for Tax Qualified contracts.
Initial guaranteed interest rate period which corresponds with the numbers of years in the surrender period. Also, there is a minimum rate guarantee that’s guaranteed for the remainder of the contract.
Market Value Adjustment
An MVA is an adjustment based on the Constant Maturity Treasury (CMT), which either increases or decreases the cash surrender value during the Surrender Charge Period. If the CMT increases, the cash value will decrease. If the CMT decreases, the cash value will increase. The CMT maturity used will depend on the Guarantee Period then applicable.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.95% |
| 5 years | 4.45% |
| 7 years | 3.75% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Optional Liquidity Rider | No | 0.10% rate reduction |