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Ceres Life MYGA
Ceres Life MYGA
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About Product
Premium Type
Single Premium
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$1,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, Traditional IRA, SEP IRA, IRA-Roth, and Inherited IRA
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 5.25% |
| 5 years | 5.45% |
| 7 years | 5.5% |
The Ceres Life multi-year guaranteed annuity (MYGA) is a fixed deferred annuity that can support your clients for as long as they need it. Our MYGA provides a competitive guaranteed fixed interest rate for a period of years—delivering the potential for a lifetime of retirement income.
Issue age
Issue age
- Minimum (Owner): Age 18 or age of majority (AL and NE age 19; MS age 21)
- Minimum (Annuitant): 0
- Maximum: Age 85 qualified, age 90 non-qualified
Premium payments
- Minimum: $25,000 qualified, $50,000 non-qualified
- Maximum: $1,000,000 (without Ceres Life approval in available states)
- Cash payments must be received by the 10th business day after the application date.
- Exchanges/transfers must be received within 60 calendar days after the application date.
Guarantee Periods
- Initial Interest Rate Guarantee Period: Begins upon purchase of contract and continues for three, five, or seven years, depending on the period chosen.
- Renewal Guarantee Period: At the end of the Initial Guarantee Period, the contract can be renewed into the same Guarantee Period or a new Guarantee Period.
Guarantee Period interest rate
- Credited interest rates typically vary by the Guarantee Period elected and will not change throughout the Guarantee Period elected.
- Any credited interest rate will never be lower than the minimum guaranteed interest rate, which will be set at issue for the life of the contract.
Market Value Adjustment
A positive or negative adjustment that may be applied upon withdrawal, beyond the free
withdrawal amount, or, under certain conditions, if Accumulation Value is annuitized.
Free withdrawal provisions
A positive or negative adjustment that may be applied upon withdrawal, beyond the free
withdrawal amount, or, under certain conditions, if Accumulation Value is annuitized.
Free withdrawal provisions
- With the Free Partial Surrender Rider, after the first contract year, the Owner can take a withdrawal without a surrender charge of up to 10% of the Accumulation Value at the previous anniversary.
- With the interest-only rider, the Owner can withdraw the earned interest after the first contract year.
Partial withdrawals
Minimum: $500 for a one-time withdrawal or $250 for systematic withdrawals.
Systematic withdrawal program and required minimum distribution
Minimum: $500 for a one-time withdrawal or $250 for systematic withdrawals.
Systematic withdrawal program and required minimum distribution
- Available elections include a specific dollar amount, a specific percentage of Accumulation Value, or the interest earned.
- An RMD is calculated and distributed per IRS requirements.
Annuity options
- Annuity payment options range from income for life to payments for a specific period.
- The earliest date the Owner can annuitize is after the first contract year.
Maximum age income begins
- The later of the 100th birthday of the Owner or the oldest Owner for joint contracts.
Death benefit
- Accumulation phase: The death benefit is equal to the Accumulation Value as of the Annuitants date of death.
- Income phase: The death benefit is determined by the annuity option chosen.
Riders
No Riders for Ceres Life MYGA annuity.
Waivers
Surrender Window
The renewal period is at least 30 calendar days, but no more than 45 days before the renewal date. During this time, the Owner can Take a full or partial withdrawal with no Surrender Charge or MVA.
RMD
If the annuity is in a qualified account such as an IRA, the Owner can withdraw RMDs each year without any surrender charges or MVA.
Company Founded: 2020
Good Rated
Company
Company Ratings
- A.M. Best B++
