Asset Guard MYGA
The Asset Guard MYGA Annuity from GBU Life is a winner for those planning their golden years. This product boosts confidence in the future by guaranteeing growth and stability to your retirement. The interest rate is locked in, ensuring your returns won't change but only grow with time!
GBU Life's commitment to value protection is praiseworthy. With a surplus to secure more than your policy obligations, this is a secure choice. Best of all, as a non-profit, member-owned organization, GBU Life shares favorable outcomes with its members. How awesome is that?
Asset Guard MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 2 years | 4.65% |
| 3 years | 4.65% |
| 4 years | 4.65% |
| 5 years | 4.9% |
Penalty-Free Withdrawals
You can make a withdrawal of up to 10% of the account value each year, including the first year, without penalty. If no withdrawal is taken in a year, you may take out a max of 20%. For qualified money, Required Minimum Distributions (RMDs) are permitted in excess of the 10%. During the 45-day renewal window, the entire contract value is available for free withdrawal.
Market Value Adjustment
The MVA is a positive or negative adjustment based on the current interest rate environment at the time of withdrawal. An MVA and a surrender charge will apply if you access more than the 10% free withdrawal before the end of the initial interest rate guarantee period. The MVA does not apply to withdrawals after the surrender charge period, 10% free withdrawals, the death benefit, or when the contract is annuitized.
Death Benefit
Unless an annuity payment option has been selected, upon the death of the Owner and annuitant, the beneficiary to the contract will receive the contract value free of any withdrawal charges or a Market Value Adjustment (MVA).
Annuity Payout Options
The contract owner may choose to annuitize the contract value into an annuity payment at the end of the initial guaranteed term or during or after any successive guaranteed term. The amount applied to the annuitization option is the account value, with no surrender charge or MVA applied. The options available are:
- Customizable Period Certain 5 Years to 25 Years
- Life Income
- Life Income Period Certain
- Life with Refund (Installment or Lump Sum)
- Joint & Survivor Income
- Joint & Survivor with Certain Period
- Joint & Reduced Survivor
- Joint & Survivor Reduced Life Income
- Joint & Survivor Reduced with Certain Life Period
- Lump Sum
At the end of each guarantee period, you have 45 days to renew your annuity for another period of 2, 3, 4 or 5 years ending at your 95th birthday. During this 45-day window, you may also add additional funds to your policy. The new rate for the guarantee period you select will be based on the then-current interest rate on your renewal date and may be different than your original guaranteed rate. If you do not make a choice within the 45-day window, your policy automatically renews using the same guarantee period you previously selected. You can also withdraw or surrender your annuity during that 45-day window without paying surrender charges or an MVA.
Riders
No Riders for Asset Guard MYGA annuity.
Waivers
Death
Upon the death of the Owner and annuitant, the beneficiary to the contract will receive the contract value free of any withdrawal charges or a Market Value Adjustment (MVA).
Nursing Home
Unavailable in states: CT
After the first contract year, one additional free withdrawal of up to 100% of the contract value is allowed if the owner is confined to a nursing home/home health care, provides evidence that they are not able to perform two Activities of Daily Living (ADLs) or suffers from severe mental incapacity and/or is diagnosed with a critical illness (cancer, end state renal failure, heart attack or stroke) or has less than 12 months to live. Nursing Home does not include a place primarily used for: (a) rest; or (b) day care. Nursing Home also does not include: (a) retirement homes or community living centers; (b) homes for the aged; (c) assisted living facilities; and (d) facilities primarily affording custodial, educational or rehabilitative care.
Terminal Illness
Unavailable in states: CT
After the first contract year, one additional free withdrawal of up to 100% of the contract value is allowed if the owner is confined to a nursing home/home health care, provides evidence that they are not able to perform two Activities of Daily Living (ADLs) or suffers from severe mental incapacity and/or is diagnosed with a critical illness (cancer, end state renal failure, heart attack or stroke) or has less than 12 months to live.
Surrender Window
During the 45-day renewal window, the entire contract value is available for free withdrawal.
ADL
Unavailable in states: CT
After the first contract year, one additional free withdrawal of up to 100% of the contract value is allowed if the owner is confined to a nursing home/home health care, provides evidence that they are not able to perform two Activities of Daily Living (ADLs) or suffers from severe mental incapacity and/or is diagnosed with a critical illness (cancer, end state renal failure, heart attack or stroke) or has less than 12 months to live.
- A.M. Best A-
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