Secure Term Fixed Annuity IV - CP Series
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Key Takeaways
- Secure Term Fixed Annuity IV - CP Series is a single purchase payment fixed deferred annuity by NYLIAC.
- Choose between three, four, five, or seven-year initial interest rate guarantee period.
- Minimum withdrawal amount is $100, and the accumulation value cannot drop below $2,000 due to partial withdrawal.
- It features a Return of Premium benefit effective immediately upon full surrender.
- In case of death prior to annuitization, beneficiaries will receive the full accumulation value.
- Offers Living Needs Benefit/Unemployment Rider and Home Health Care Rider for flexible access to funds in qualifying circumstances.
Pros and Cons of Secure Term Fixed Annuity IV - CP Series
Pros
- Offers varying interest rate guarantee periods.
- Features Return of Premium benefit.
- Has additional benefits like Living Needs Benefit/Unemployment Rider and Home Health Care Rider.
Cons
- Additional purchase payments not permitted.
- Surrender charges may apply on withdrawals.
- Eligibility requirements apply to access rider benefits.
This is a single purchase payment fixed deferred annuity with a number of interest rate guarantee/surrender periods to choose from.
Interest crediting
Interest crediting
- Your initial interest rate will be determined by the amount of your purchase payment, when it is received, and the initial interest rate guarantee period selected.
- You have a choice of a three-, four-, five-, or seven-year initial interest rate guarantee period, which corresponds to a matching surrender-charge schedule.
- You will be eligible for the rate in effect on either the date the application is signed or the date the purchase payment is received in full, whichever is higher. For applications with a purchase payment, we must receive both the application and the purchase payment within 30 days of when the application is signed. If money is being sent to us separately as part of a tax-free exchange, rollover, or transfer from another institution initiated by NYLIAC, the application must be received by NYLIAC within 30 days of when the application is signed, and the funds must be received within 60 days of when the application is signed. For applications submitted electronically, the sign date is the date business is submitted onto the electronic system. If purchase payments are received outside of the periods described, the policy will be issued with the rate in effect on the date the last purchase payment is received.
Withdrawal options
- Minimum withdrawal amount is $100.
- The accumulation value may not fall below $2,000 due to a partial withdrawal.
- Each policy year, you may withdraw the greatest of:
- 10% of the accumulation value as of the previous anniversary.
- 10% of the current accumulation value.
- 100% of the gain earned in the policy. (For policies with a purchase payment amount of $100,000 or more. Not available in New York.) Withdrawals over the free withdrawal amount are subject to surrender charges as shown below, based on the surrendercharge period you select.
Return of Premium benefit
Upon full surrender, a Return of Premium benefit, which is effective immediately, entitles you to a return of at least the purchase payment you paid, less any prior withdrawals. Surrender charges on withdrawals will never exceed the total interest credited to the policy.
Death benefit
In the event of your death prior to annuitization, your beneficiaries will receive your policy’s full accumulation value.
Note: TSP funds have to be rolled into an IRA.
Upon full surrender, a Return of Premium benefit, which is effective immediately, entitles you to a return of at least the purchase payment you paid, less any prior withdrawals. Surrender charges on withdrawals will never exceed the total interest credited to the policy.
Death benefit
In the event of your death prior to annuitization, your beneficiaries will receive your policy’s full accumulation value.
Note: TSP funds have to be rolled into an IRA.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.25% |
| 4 years | 3.25% |
| 5 years | 2.5% |
| 7 years | 2.5% |