American Fusion MYGIA
If you're after stability and the potential for growth in retirement, American Fusion MYGIA is worth considering. With its unique fusion of a five-year compounding rate guarantee plus the opportunity for a bonus if the S&P 500 Index hits a certain performance threshold, it offers both predictability and the chance to earn more.
Moreover, American Fusion MYGIA offers flexibility with penalty-free withdrawal options - an essential feature for unexpected life events. Plus, it's comforting to know your spouse is covered with the Spousal Continuation feature. This annuity has wisely knit together the threads of stability, growth, and flexibility, making it a compelling choice for a secure future.
American Fusion MYGIA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 5% |
Single Premiums
Minimum Initial - $10,000
Premiums larger than $1,000,000 may receive additional review by American Life. Maximum Initial - $5,000,000 Subsequent Premiums are not allowed. If multiple transfers are expected, notify American Life to hold for last-to-issue.
Issue Ages
- 0 – 90, based on Annuitant’s issue age.
- Issue Age Limits apply to all Owners and Annuitants; i.e. the oldest owner/ annuitant cannot be older than the maximum issue age and the youngest owner/annuitant cannot be younger than the minimum issue age.
American Life will notify Contract Owners 30 days prior to the end of the Interest Rate Guarantee Period regarding the following renewal choices:
- Continue contract for the same guarantee period at the declared renewal rate; or
- Continue contract for another guarantee period made available at the time of renewal, but not to extend beyond the maturity date indicated on the Contract Schedule page; or
- Continue contract with a one-year rate period at the one-year interest rate made available at the time, but not lower than the Contract Minimum Guarantee Rate indicated on the Contract Schedule page with no MVA; or
- Take a partial withdrawal incurring no surrender charges or MVA, then apply the remaining contract value to any guarantee period that is made available (that can be different than the preceding guarantee period); or
- Apply the full or partial contract cash value toward a lifetime or shorter duration of at least 5 years, with a settlement (income) option as indicated in the Settlement Options, without incurring surrender charges or MVA; or
- Completely withdraw the cash value and surrender contract without incurring surrender charges or MVA.
Interest-only withdrawals are available only after the first year. The client may choose:
- the first check to include all Year 1 interest; or
- elect only to take interest earned going forward and keep Year 1 interest accruing in the account. Recurring interest only withdrawals are available on a monthly, quarterly or annual basis. If interest-only withdrawals are taken, the contract will no longer be eligible for the Bonus Interest Credit at the end of the term.
Year 1: not available
Years 2+: up to 10% of the Contract Value as of the last contract anniversary. Starting in the 2nd year of the contract, the Owner may withdraw up to 10% of the contract value as of the prior anniversary, or take Required Minimum Distributions (RMDs) for qualified contracts, whichever is greater, without incurring surrender charges or applicable MVA. Any RMD taken in Year 1 will be assessed a surrender charge and commission chargeback.
If withdrawals are in excess of RMD, the contract is no longer eligible for the Bonus Interest Credit at the end of the term.
Death Benefit
With the included Enhanced Death Benefit Rider the death benefit is full Contract Value paid to the Beneficiary(ies) upon the Owner’s death. Spousal Beneficiaries may elect to continue the contract. Death benefit is paid on “first to die” for Joint Owned contracts. Surviving spouse has option to continue policy or have death benefit paid.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Bonus Interest Credit Rider | Yes |
Waivers
Death
No MVA or Surrender Charge at Death
Surrender Window
American Life will notify Contract Owners 30 days prior to the end of the Interest Rate Guarantee Period regarding the following renewal choices: 1. Continue contract for the same guarantee period at the declared renewal rate; or 2. Continue contract for another guarantee period made available at the time of renewal, but not to extend beyond the maturity date indicated on the Contract Schedule page; or 3. Continue contract with a one-year rate period at the one-year interest rate made available at the time, but not lower than the Contract Minimum Guarantee Rate indicated on the Contract Schedule page with no MVA; or 4. Take a partial withdrawal incurring no surrender charges or MVA, then apply the remaining contract value to any guarantee period that is made available (that can be different than the preceding guarantee period); or 5. Apply the full or partial contract cash value toward a lifetime or shorter duration of at least 5 years, with a settlement (income) option as indicated in the Settlement Options, without incurring surrender charges or MVA; or 6. Completely withdraw the cash value and surrender contract without incurring surrender charges or MVA.
- A.M. Best B++
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