Bankers 7
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Bankers 7 is a Single Premium Deferred Annuity designed to accumulate money for retirement. It is suitable for use as an IRA or as an attractive alternative to CDs and other taxable vehicles. (Not available as 403(b) or SIMPLE IRA.) You can start your Bankers 7 annuity with a minimum premium of $10,000 (Non-Qualified) or $5,000 (Qualified).
How Interest is Credited
Interest is credited at an initial interest rate guaranteed for the first seven contract years. At the end of the seventh contract year and each contract year thereafter, a new rate will be declared for the following contract year. Beginning on the first day of the eighth contract year, your annuity will earn a portfolio interest rate, which may go up or down, but can never earn less than the contract’s minimum guaranteed rate at the time of your purchase. Your interest is credited and compounded daily to yield our declared annual rate. There are no front-end sales charges or annual administrative fees. 100% of your money works for you!
Liquidity
You may have access to your annuity at any time permitted by law. Your interest earnings are available when you need them. Without surrender charges or MVA, you may withdraw 100% of your accumulated interest two times per policy year or receive monthly interest checks. The minimum monthly interest check is $100. Withdrawals in excess of these amounts are subject to a Market Value Adjustment and surrender charges. Penalty-free withdrawals do not apply to full surrenders. A 10% IRS penalty may apply on amounts withdrawn before the owner reaches age 59½.
Market Value Adjustment (MVA)
The Market Value Adjustment is an amount by which we adjust the Accumulation Value. An MVA will apply to a full surrender or to a partial withdrawal subject to a surrender charge made before the seventh policy anniversary. The MVA may increase or decrease your Accumulation Value, depending on whether interest rates have declined, your Accumulated Value could be higher. If interest rates have increased, your Accumulated Value could be lower. The MVA is not assessed after the seventh policy anniversary or upon the death of the Annuitant/Owner.
Note: we take TSP as a rollover to IRA.
How Interest is Credited
Interest is credited at an initial interest rate guaranteed for the first seven contract years. At the end of the seventh contract year and each contract year thereafter, a new rate will be declared for the following contract year. Beginning on the first day of the eighth contract year, your annuity will earn a portfolio interest rate, which may go up or down, but can never earn less than the contract’s minimum guaranteed rate at the time of your purchase. Your interest is credited and compounded daily to yield our declared annual rate. There are no front-end sales charges or annual administrative fees. 100% of your money works for you!
Liquidity
You may have access to your annuity at any time permitted by law. Your interest earnings are available when you need them. Without surrender charges or MVA, you may withdraw 100% of your accumulated interest two times per policy year or receive monthly interest checks. The minimum monthly interest check is $100. Withdrawals in excess of these amounts are subject to a Market Value Adjustment and surrender charges. Penalty-free withdrawals do not apply to full surrenders. A 10% IRS penalty may apply on amounts withdrawn before the owner reaches age 59½.
Market Value Adjustment (MVA)
The Market Value Adjustment is an amount by which we adjust the Accumulation Value. An MVA will apply to a full surrender or to a partial withdrawal subject to a surrender charge made before the seventh policy anniversary. The MVA may increase or decrease your Accumulation Value, depending on whether interest rates have declined, your Accumulated Value could be higher. If interest rates have increased, your Accumulated Value could be lower. The MVA is not assessed after the seventh policy anniversary or upon the death of the Annuitant/Owner.
Note: we take TSP as a rollover to IRA.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 7 years | 5% |