American Pathway VisionMYG
Corebridge Financial Inc. (AIG NY), formerly known as AIG Retirement Services, has undergone a transformative journey to become one of today’s leaders in the provision of annuities, life insurance, asset management, and retirement solutions. Established in 1926 under a different name (American General Insurance Company), the company has grown exponentially in the past decades to provide its industry-leading products and services. Their mission is to partner with financial professionals, institutions, and individuals by way of aiding their clientele to seize control over their finances in retirement. With a diverse customer base, the company has served as a spin-off to the American International Group (AIG) in recent years, marking its evolution into an independent, publicly traded entity.
American Pathway VisionMYG
Ratings:
- A.M. Best A
- Fitch A+
- S&P A+
- Moody's A2
- Comdex 80
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 4 years | 4.4% |
| 5 years | 3.65% |
| 6 years | 3.65% |
| 7 years | 3.7% |
| 10 years | 3.7% |
The initial interest rate on the single premium is guaranteed for either four, five, six, seven or 10 years, depending on the option selected. Depending on market conditions, some interest rate options may not be available at all times.
Guaranteed Minimum Interest Rate
At the end of the initial interest rate guarantee period, an interest rate will be declared annually and guaranteed for one year. The rate will not be less than the minimum guaranteed interest rate specified in your contract. The guaranteed minimum interest rate applicable during the withdrawal charge period may be higher than the guaranteed minimum rate applicable in subsequent years.
Penalty-free Withdrawal Privilege
After one year from the contract date, you may take multiple penalty-free withdrawals (without charges or MVA adjustments) each year not exceeding 15% of the previous anniversary contract value. Also, there is a 30-day window at the end of the initial interest rate guarantee period during which no withdrawal charge or market value adjustment will be imposed on a full or partial withdrawal. After the 30-day window expires, withdrawal charges will resume for any withdrawal in excess of penalty-free amounts.
Market Value Adjustment (MVA)
A market value adjustment applies during the initial rate term only. After the initial rate term, the MVA no longer applies, but the withdrawal charge continues for 10 years. The MVA is an adjustment that can either increase or decrease the withdrawal amount depending on the current interest rate environment. When interest rates at the time of withdrawal are higher than the level at the time the contract is issued, the MVA will result in a decrease. If interest rates are down, the MVA will increase the withdrawal amount. Should an MVA decrease apply, the amount charged will not result in your receiving less than the minimum withdrawal value as defined in your contract. MVA does not apply to withdrawals representing penalty-free withdrawal amounts, RM Ds, annuitization or death benefit. An external index referenced in your contract is used to measure rates.
Immediate Crediting
Interest crediting begins on the effective date of the contract.
Systematic Withdrawals
Systematic withdrawals are allowed at any time after contract issue by making a written election. $100 minimum amount monthly, quarterly, semiannually or annually. Systematic withdrawals may be subject to withdrawal charges.
Note: TSP funds have to be rolled into an IRA.
Riders
No Riders for American Pathway VisionMYG annuity.
Waivers
Terminal Illness
Unavailable in states: CA
Withdrawal charges and MVA (if applicable) will be waived for one full or partial withdrawal if the owner is diagnosed with a terminal illness that is expected to a result in death within one year. Initial diagnosis must be after the contract date and written documentation by a qualified physician is required. The owner must be initially diagnosed with a terminal illness after the contract date. Only one partial or a full withdrawal is permitted. (May not be available in all states)
Surrender Window
There is a 30-day window at the end of the initial interest rate guarantee period during which no withdrawal charge or market value adjustment will be imposed on a full or partial withdrawal. After the 30-day window expires, withdrawal charges will resume for any withdrawal in excess of penalty-free amounts through the 10th year. Additionally, RMDs which are based solely on this contract may be taken at any time after contract issue without charges or MVA.
Extended Care
Unavailable in states: CA
Withdrawal charges and MVA (if applicable) will be waived if the owner is confined to a qualifying institution or extended care facility for 90 consecutive days or longer after the first contract year. We must receive proof within 90 days of the last day such extended care was received. Waiver does not apply if extended care began before the contract was issued. (May not be available in all states)
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