Fixed annuity review and rates
American Freedom Aspire 5
The American Freedom Aspire 5 is a flexible premium deferred annuity. A fixed annuity offers:
- Growth with an increasing interest rate
The American Freedom Aspire 5 offers an increasing interest rate to help build your retirement savings. A base interest rate will be set for each purchase payment you make. Each year during the purchase payment’s five-year term, the interest rate will increase by 0.10%. - Return of premium guarantee
If the unexpected occurs, you can surrender your American Freedom Aspire 5 without penalty after contract year three. You’ll receive your purchase payments, minus withdrawals and any applicable taxes. - Safety of principal
Regardless of market conditions, you won’t lose the money you contribute to your annuity unless you take a withdrawal or surrender your contract during its early withdrawal charge period. - Guaranteed retirement income
When you’re ready to turn the money you’ve accumulated in your annuity into retirement income, you can select from a variety of payout options, including an income stream that will last for the rest of your life.
Issue ages
- Qualified: 0–89
- Non-qualified: 0–89
- Inherited IRA: 0–75
- Inherited non-qualified: 0–75
Purchase payment
You can purchase this annuity with an initial purchase payment of $2,000 or more. You can add to your annuity at any time with additional purchase payments of at least $2,000. Great American only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Penalty-free withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. Amounts withdrawn in excess of the penalty-free withdrawal allowance may be subject to early withdrawal charges.
You can purchase this annuity with an initial purchase payment of $2,000 or more. You can add to your annuity at any time with additional purchase payments of at least $2,000. Great American only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Penalty-free withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. Amounts withdrawn in excess of the penalty-free withdrawal allowance may be subject to early withdrawal charges.
Interest Rates
| Guaranteed Years | Surrender Years | Guaranteed Yield | Current Yield |
|---|---|---|---|
| 5 | 5 | 4.8% | 4.8% |
| 5 | 5 | 5% | 5% |
| 5 | 5 | 4.8% | 4.8% |
| 5 | 5 | 5% | 5% |
MassMutual Ascend Life Insurance Company
Founded:
1851
A.M. Best:
A+
S&P:
A+
Moody's:
Aa3
Brochure
Free withdrawal
10%
Types of funds
Non-Qualified, IRA, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, and NQ Stretch