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American Life Fee-Based MYGA

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This MYGA contract is a single premium deferred annuity with fixed interest rate guaranteed periods and matching surrender charge schedules. It offers a 30-day window after the conclusion of the guarantee period for contract owners to determine, without cost, whether they will renew their contract, complete a full or partial surrender, or transition to a full or partial contract annuitization.

Issue Ages
0 – 90, based on Annuitant’s issue age; Annuitant must be a natural person. 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.

Single Premiums
Minimum Initial - $10,000 Premiums larger than $1,000,000 may receive additional review by American Life. Subsequent Premiums are not allowed; if multiple transfers are expected, notify American Life to hold for last-to-issue.

Penalty Free Withdrawals
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 (for qualified contracts), whichever is greater, without incurring fees. To activate this, however, there can be no withdrawals other than RMDs during the first contract year.
RMDs: any RMD taken in Year 1 will be assessed a surrender penalty and commission chargeback.

Interest Only Withdrawals
Interest-only withdrawals are available only after the first year. The client may choose: 1) the first check to include all Year 1 interest; or 2) elect only to take interest earned going forward and keep Year 1 interest accruing in the account.

Market Value Adjustment (MVA)
Where applicable, MVA is applied on any withdrawals / full surrender in excess of the penalty free or RMD amount during the surrender period. In general, if interest rates (as measured by the index) have increased or have decreased by less than 0.25% (0% in states with no offset), an additional amount is deducted from the withdrawal. Conversely, if rates have fallen by 0.25% or more, an amount will be added to the withdrawal. See the contract for the MVA calculation.

Death Benefit
Remaining Account Value. No MVA or Surrender Charge.

Roth Conversion
American Life Traditional IRA Annuity policyholders now have the option to request full conversion of their policy values to a Roth IRA or just a portion. A partial conversion can be elected as a one time event or as an annual systematic conversion of a requested amount.  
If the request is for a Full Roth Conversion, a Free Withdrawal Amount will not be available on the new Converted Roth IRA policy until the following policy anniversary. 
No MVA or surrender charge will be assessed on the conversion amount.

MYGA Interest Rates

Annual percentage yield (APY)
earned over the investment term
3 years 6.25%
5 years 6.25%

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