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ProOption MYGA

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The ProOption MYGA is a single premium deferred annuity with a market value adjustment. The initial minimum premium is $5,000 for qualified and $10,000 for non-qualified money. 10% of the account value on the previous contract anniversary may be withdrawn without incurring withdrawal charges, except in any year where a full surrender occurs. Systematic withdrawals are an option. Surrender charges vary by rate term and are waived in the event of death, entrance into a nursing home or diagnosis of a terminal illness. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.

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
Any amounts that are assessed a surrender charge will also be subject to a Market Value Adjustment (“MVA”), which may increase or decrease the account value. The MVA generally increases the contract withdrawal value when interest rates fall, and decreases the contract withdrawal value when interest rates rise. The MVA is not applied a) at the end of a guarantee period, b) to free withdrawals, c) to the death benefit at Death of the Owner, d) to any settlement option after the 5th contract year with the payments being made over at least 5 years, or e) in an amount that would violate the Return of Premium Guarantee. The MVA is not applicable in Delaware.

Return of Premium Guarantee
This guarantee provides that the total amount you receive in withdrawals, surrenders, or death benefits will never be less than the amount of premium paid. This applies during the deferral period of the contract. For the purpose of the Return of Premium Guarantee, withdrawals of any kind, including interest withdrawals, are considered return of your premium and will reduce the remaining amount of premium in your contract. Surrender Charges and the Market Value Adjustment cannot reduce the Surrender Value below this guaranteed amount. There is no additional charge for this benefit.
Please Note: IRS regulations require us to report distributions as earnings to the extent they exceed the cost basis. This differs from our calculation of the Return of Premium Guarantee.

Note: We take inherited/beneficiary IRA as a plan type only if person died before 2020;  as a rollover.

MYGA Interest Rates

Annual percentage yield (APY)
earned over the investment term
5 years 3.45%
7 years 3.45%
10 years 3.5%

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