Palladium MYG
The Palladium MYG annuity product is a great choice for those planning their retirement. It offers impressive fixed interest rates, guaranteeing steady and secure growth. Optional guarantee periods from 3 to 10 years offer the freedom to tailor your investments to your future planning. Not to mention tax-deferred growth increments for your annuity value, giving you control over your earnings!
One standout highlight is the product's flexibility and accessibility. Each contract year, you can withdraw up to 10% of the annuity value free of surrender charges. And if sudden health crises strike, this annuity provides waivers for confinement, terminal illness, and disability. Plus, you can bypass probate by naming beneficiaries, ensuring your legacy is protected. Rest easy knowing your financial future is secure with Palladium MYG's guaranteed annual growth!
Palladium MYG
Ratings:
- A.M. Best A
- Fitch A
- S&P A
- Comdex 75
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.45% |
| 5 years | 4.65% |
| 6 years | 4.65% |
| 7 years | 4.65% |
| 8 years | 4.65% |
| 9 years | 4.65% |
| 10 years | 4.65% |
Systematic Withdrawals
May be requested at any time prior to maturity for interest-only or fixed amounts. Minimum withdrawal amount is $100.00 ($50 if paid by direct deposit). Please see contract for more information. Withdrawals of earnings are subject to income tax. For earnings withdrawn before age 59½, a 10% federal tax penalty may apply to the taxable amount. Withdrawals from the annuity will affect both the annuity value and the death benefit.
Surrender Charge Free Withdrawals
10% of the beginning contract year annuity value may be withdrawn without penalty every year. Interest only may be withdrawn in the first year in NY. At the end of the selected guarantee period, there is a 30-day window to withdraw all funds without a surrender charge and any applicable MVA.
Market Value Adjustment
If you withdraw any amount during the Surrender Charge Free Withdrawal period in excess of the allotted 10% Surrender Charge Free Withdrawal amount, additional adjustments may be applied that could increase or decrease the total withdrawal amount. Values are determined by comparing market interest rates on the contract’s issue date to its surrender date. The MVA is not applicable in all states.
Notes:
American National will accept the following Inherited IRA:
- Non-Spouse ONLY if the original owner passed away prior to 01/01/2020.
- If the DOD is on or after 01/01/2020 we will only accept Spousal Inherited IRAs.
Riders
No Riders for Palladium MYG annuity.
Waivers
Terminal Illness
Unavailable in states: CA, and CT
American National will waive the surrender charge for any full surrender or partial surrender when the owner(s) is/are diagnosed with a terminal illness or injury that is expected to cause death within 12 months. American National requires proof of terminal illness – a written certification of terminal illness prepared by a licensed physician who has examined the owner(s) and is qualified to provide the certification.
Annuitization
After 3rd year if annuitized for at least 5 years.
Surrender Window
At the end of your guarantee period, you can withdraw all money without penalty during a special 30-day window.
Disability
Unavailable in states: CT
American National will waive the surrender charge for any full surrender or partial surrender when you are physically disabled or diagnosed with a disabling terminal illness. American National requires proof of such disability or disabling terminal illness, including written confirmation of receipt and approval of a claim for social security disability benefits. Proof of continued disability may be required through the date of any partial surrender.
Confinement
Unavailable in states: CA, and CT
American National will waive the surrender charge for any full surrender or partial surrender made while you are confined in any of the following facilities for 30 or more consecutive days: 1) A hospital licensed or recognized as a general hospital; 2) A convalescent care facility; 3) A hospice facility licensed, certified or registered in accordance with state law. This waiver applies to full surrender or partial surrenders requested no later than 90 days after the last day of confinement to such facility. The confinement waiver is not available if you are confined to a hospital, convalescent care or hospice facility on the date of issue or if the application is signed by a power of attorney. You must be 80 years old or younger on the date of issue. The nursing home waiver does not include home health care.
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