Waypoint MYGA
The Waypoint MYGA annuity is perfect for protecting your money against market fluctuations, ensuring a steady income stream. It assures a fixed return rate throughout your contract, with various guarantee periods to choose from.
Beyond offering 100% principal protection, it enables tax-deferred growth. The annuity allows 10% annual penalty-free withdrawals. As a cherry on top, it offers a Market Value Adjustment Rider at no extra cost.
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 2 years | 4.9% |
| 3 years | 5.05% |
| 5 years | 5.2% |
| 7 years | 5.1% |
| 10 years | 4.9% |
- Fixed Rate of Return: You are guaranteed a rate of return throughout the duration of your contract with us. You can choose a 2-, 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 Waypoint 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 You may be subject to regular income taxes on the interest portion of the annuity contract when withdrawn.*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: You can withdraw up to 10% of your Account Value each year, penalty-free. Beyond that, you are subject to a Surrender Charge.
Before you begin your journey with us, here are additional details of the Waypoint MYGA.
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 of an amount up to the remaining annual free withdrawal amount available as of the date of the withdrawal without incurring a surrender charge. Any amount withdrawn during a contract year that exceeds the free withdrawal amount will be subject to a surrender charge. A 10% IRS penalty may apply to withdrawals prior to age 59 1/2. The free withdrawal amount is reduced by any withdrawals taken since the last contract anniversary.
This annuity also offers a Market Value Adjustment (MVA) Rider at no added cost. The MVA Rider has a Market Value Adjustment feature which will decrease or increase the amount you receive when you make a Withdrawal or elect to begin taking annuity payments during the Guarantee Period. MVA does not apply to Free Withdrawals taken during the Guarantee Period.
Death Benefit
If you are the owner and annuitant and you die before we start to pay you income from your annuity, we will pay the value of your annuity to the beneficiary you have chosen and on file with us. If you die after the payouts have begun, the remaining payments, if any, will be made to your 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).
Required Minimum Distributions (RMDs)
In year two of the contract, you may make multiple withdrawals of an amount (minimum withdrawal amount is $500.00) up to the remaining annual Free Withdrawal amount available as of the date of the withdrawal without incurring a Surrender Charge. 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. Per the RMD rules, depending on when you reach age 70 1/2, you’ll need to begin withdrawing a minimum amount from certain accounts at either age 70 1/2 or 72.
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 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.
Riders
No Riders for Waypoint MYGA annuity.
Waivers
Nursing Home
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 that 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 within 90 days of the last day of confinement in an eligible nursing home, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible.
Terminal Illness
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 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 guarantee period, you may elect to Surrender the contract with no surrender charges and market value adjustment.
- A.M. Best A-
