VantagePoint MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.95% |
| 5 years | 5.2% |
| 7 years | 5.2% |
| 10 years | 4.95% |
- Fixed Rate of Return: You are guaranteed a rate of return throughout the duration of your contract with us. You can choose a 3-, 5-, 7-, or 10-year guarantee period.
- 100% Principal Protection: Regardless of market fluctuations, your money is protected from economic volatility.
- Tax-Deferred Growth: The interest earned via your VantagePoint MYGA is tax-deferred until withdrawals are made. You may be subject to regular income taxes on the interest portion of the annuity contract when withdrawn.*
- Access to Funds: After the first year, you can withdraw up to 10% of your contract value based on the prior contract anniversary - each year, penalty-free. Beyond that, you are subject to a Surrender Charge.
Issue Ages
Up to age 89 and 364 days
Free Withdrawals
After the first year, 10% of the contract value on the prior contract anniversary.
After the first contract year, you may make multiple withdrawals ($500.00 minimum withdrawal) of an amount up to the remaining annual free withdrawal amount available as of the date of the withdrawals without incurring a surrender charge and a Market Value Adjustment. Any amount withdrawn during a contract year that exceeds that amount will be subject to the surrender charge and a Market Value Adjustment. A 10% IRS penalty may apply to withdrawals prior to age 59 ½. The free withdrawal amount is reduced by any withdrawals taken since the last contract anniversary.
Required Minimum Distributions (RMDs)
After the first contract year, you may make multiple withdrawals of an amount ($500.00 minimum withdrawal) up to the remaining annual free withdrawal amount available as of the date of the withdrawal without incurring a surrender charge or Market Value Adjustment.
Fixed annuities are generally not subject to required minimum distribution (RMD) rules, but do apply to annuities held within a separate IRA, 401(k) or other retirement account. RMDs are a federal tax law that requires annuity owners to withdraw a minimum amount each year. Beginning in 2023, the SECURE 2.0 Act for RMDs raised the age that you must begin taking RMDs to age 73. Individuals born in 1950 or earlier are unaffected by this change and must take any RMDs due for 2022 and later years.
Renewal Policy
30 days prior to the end of the initial interest guarantee period or any subsequent guarantee period, you will be sent a notification which will state when the guarantee period is ending and provide the renewal rate and surrender charges in effect for the subsequent guarantee period.
Prior to the end of the guarantee period, you may elect to:
- Continue your contract for the same guarantee period at the declared renewal rate.
- Surrender the contract with no surrender charges and no market value adjustment.
- Apply the contract value to a settlement option.
- Continue the contract for another guarantee period that is available at the time of renewal.
- Take a partial withdrawal, with no surrender charges or market value adjustments and apply the remaining value to another guarantee period, which may be the same or different than the prior guarantee period.
Death Benefit
If the owner of the contract dies before the annuitization of payments have begun, the contract will pay the value of the annuity to the beneficiary in a lump sum payment. If you die after the payments have begun, the remaining payments, if any, will be made to the beneficiary based on the payout option chosen.
Settlement Options
Lump Sum, Life Only; Life with 10-Year Period Certain; Joint and Last Survivor with 10-Year Period Certain (if annuitized).
Riders
No Riders for VantagePoint MYGA annuity.
Waivers
Nursing Home
Unavailable in states: CA
We will waive the surrender charges and the market value adjustment will not apply, subject to the free withdrawal provisions, if the contract owner is: (1) confined to an eligible nursing home for a period of at least 90 consecutive days prior to becoming eligible for this benefit, and if the owner was not confined to an eligible nursing home during the first contract year; and, (2) if there is no amount available for free withdrawal under the free withdrawal provision; and, (3) if you have been the owner continuously since the contract date; and (4) you were less than 80 years old on the contract date. Proof of confinement must be provided and must be accompanied by a written statement. Any written request for a withdrawal under this provision must be given to Axonic Insurance Services within 90 days of the last day of confinement in an eligible nursing home or earlier, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible.
Terminal Illness
Unavailable in states: CA
If you become terminally ill, which shall mean, if any medical conditions which a physician certifies has reduced your expected life span to 12 months or less, you may request by written notice to make a full surrender or partial withdrawals ($1,000 minimum) and Axonic Insurance Services will waive the surrender charges and the market value adjustment will not apply in accordance with the conditions set out in this rider, if (1) you have been the owner continuously since the contract date and (2) you were less than 80 years old on the contract date.
Surrender Window
30 days prior to the end of the initial interest guarantee period you may elect to Surrender the contract with no surrender charges and no market value adjustment.
- A.M. Best A-
