Palladium MYG MAX
Palladium MYG MAX
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.85% |
| 5 years | 5.3% |
| 6 years | 5.43% |
| 7 years | 5.35% |
| 10 years | 5.2% |
Tax-deferred growth
This product allows for tax-deferred growth until you need the money from your annuity.2 While it is growing tax-deferred, you will receive compounded interest on the entire amount in the annuity and not on the after tax amount as you would with taxable products each year.
Systematic Withdrawals
May be requested at any time prior to maturity for interest-only or fixed amounts. Minimum withdrawal amount is $100.00. 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 For earnings withdrawn before age 59½, a 10% federal tax penalty may apply to the taxable amount.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.
Market Value Adjustment (MVA)
If you withdraw any amount during the Surrender Charge Free Withdrawal period, 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.
Death Benefit
On the death of the owner, the death benefit will be the greater of the surrender value or the annuity value of the contract on the date proof of death is received by American National.
Options post-guarantee period
When the guarantee period you’ve chosen comes to an end, Palladium MYG Max gives you flexibility and choice. At the end of your guarantee period, you can either:
- Withdraw all money without penalty during a special 30-day window, or
- Continue the annuity and earn an annual effective interest rate declared annually on the policy anniversary.
Riders
No Riders for Palladium MYG MAX 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.
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: CA
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. American National reserves the right to have you examined by a licensed physician at our expense. The disability waiver is not available if: 1. you are receiving social security disability benefits on the date of issue; 2. you are age 65 or older when you become disabled; 3. you were diagnosed with a terminal illness prior to or on the date of issue;
Confinement
Unavailable in states: CA
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.
- A.M. Best A
- Fitch A
- S&P A
- Comdex 75
