Preserve MYGA
The Preserve Multi-Year Guaranteed Annuity is a secure retirement solution designed to provide guaranteed growth, making it a worry-free choice for your future. With just a single initial investment, you can enjoy a fixed interest rate, allowing your money to grow at a steady pace. What's more it's tax-deferred, ensuring faster growth. The benefit of tax deferral is substantial: your investment compounds, giving you a bigger nest egg over time.
This annuity product provides multiple guarantee periods to align with your specific needs and guarantees the interest rate for the entire duration. It's flexible, safe, and backed by the iron-clad guarantee of Clear Spring Life. Importantly, there's no risk to your principal. And although early withdrawals might be subject to surrender charges, this annuity remains an excellent tool for stress-free retirement planning. In a nutshell, the Preserve Multi-Year Guaranteed Annuity is a great choice for a secured and comfortable retirement.
Preserve MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.4% |
| 4 years | 4.5% |
| 5 years | 4.6% |
| 6 years | 4.6% |
| 7 years | 4.5% |
| 8 years | 4.5% |
| 9 years | 4.5% |
| 10 years | 4.45% |
Free Withdrawals
One withdrawal per policy year equal to 10% of the previous anniversary account value in Year 2 and later. RMDs allowed in all years (with chargebacks Year 1).
Market Value Adjustment (MVA)
A Market Value Adjustment (MVA) will be applied any time a surrender charge is applied. The purpose of the MVA is, in case of an early withdrawal, to adjust the value of your funds for the change in interest rates. The change is measured by comparing the base interest rate credited in your contract, with the base interest rates being credited by the company on current sales of the same contract form. An upward change in base interest rates will cause a decrease in the value. A downward change in base interest rates will cause an increase in the value. The value of a negative adjustment for a 1% increase in interest rates will be the same as the value of a positive adjustment for a 1% decrease in interest rates. The benefit of having an MVA is that Clear Spring Life can offer a higher interest rate than it would offer if the contract did not contain an MVA provision. The MVA does not apply to penalty-free withdrawals, to the payment of a death benefit, or at the end of the guarantee period. Please refer to page seven of the contract for the MVA provision. It will apply to withdrawals that exceed the penalty-free withdrawal amount during a guarantee period. The MVA is not applicable in Delaware.
Death Benefit
The named beneficiary(ies) of the Preserve Multi-Year Guaranteed Annuity will be paid a death benefit that is equal to the account value. Your beneficiary may choose to receive the payouts in either a lump sum or a series of income payments. In the case of joint owners, the death benefit is paid on the death of the first owner.
Rate Bands
- Q: $5,000-$249,999 and $250,000+
- NQ: $10,000-$249,999 and $250,000+
At the end of the initial guarantee term, there is a 30-day window to withdraw funds before the Contract will renew at a new rate for another term. Surrender Charges and MVA will restart. Not applicable in Delaware
Note: We take inherited/beneficiary IRA as a plan type only if person died before 2020; as a rollover.
Riders
No Riders for Preserve MYGA annuity.
Waivers
Nursing Home
Unavailable in states: MA
Should the need arise, the Preserve Multi-Year Guaranteed Annuity will provide full liquidity to assist with nursing home care expenses subject to the rider provisions which are: contract purchased prior to age 76 and inforce for a minimum of one year, followed by confinement to a nursing home for 90 continuous days. The nursing home waiver does not include home health care.
Terminal Illness
If the owner of the contract is diagnosed with a critical illness (heart attack, stroke, or life threatening cancer) or is deemed terminally ill by a physician, the Preserve Multi-Year Guaranteed Annuity will provide full liquidity to assist with the additional expenses that may arise. Eligibility is subject to rider provisions which are: terminal illness; physician must certify that the owner's life expectancy is nine months or less; for one of the critical illness conditions to take effect, the owner must be diagnosed after the contract has been in force for at least on year; and the owner is not older than age 70.
Annuitization
Can annuitize at any time. Surrender Charges are waived upon Annuitization for a minimum of 10 years or for 5 years after the initial guarantee period.
Surrender Window
If a withdrawal or surrender is made within a 30 day window, no surrender charges or market value adjustment will apply. After the 30 day window, a new guarantee period, guaranteed interest rate, surrender charge period and market value adjustment will be applied.
- A.M. Best A-
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