Advantage 5 Advisory
Highlights
Key Takeaways
- The Advantage 5 Advisory Annuity provides guaranteed interest rates over a five-year term and protection against loss
- Annuity includes penalty-free withdrawals; 10% of the purchase payment in the first year and up to 10% of the account value in subsequent years
- MVA applies to withdrawals or surrenders during the first five-year term and renewal term
- It offers guaranteed lifetime income with multiple payout options
- The Advantage 5 Advisory Annuity from MassMutual Ascend aims to be easy to understand and transparent suited for long-term investment
Premium Type
|
Single Premium
|
---|---|
Max age Qualified
|
89
|
Minimum Contribution
|
$50,000
|
Maximum Contribution
|
$2,000,000
|
Market value adjustment
|
|
Return of premium
|
|
Free withdrawal
|
10% |
Launch date
|
12/06/2021 |
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, Inherited IRA, and NQ Stretch |
Brochure
|
Open brochure |
Pros and Cons of Advantage 5 Advisory
Pros
- Minimized risk due to guaranteed interest rate
- Offers penalty-free withdrawals each year
- Annuity aims for predictability and complete protection from loss
- Guaranteed lifetime income options available
Cons
- Market Value Adjustment may decrease value if market interest rates rise
- Withdrawals exceeding the penalty-free allotment face early withdrawal charges and MVA
- Not suited for short-term investment
- High minimum purchase value required ($50,000)
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
Issue ages
0-89 (qualified); 0-89 (non-qualified): 0-75 (inherited IRA); 0-75 (inherited non-qualified)
Issue age is defined as owner’s current age upon contract effective date. For joint owners, the older age will be used as the issue age.
Purchase payment
This product accepts a single purchase payment for non-qualified, 403(b) (Traditional and Roth), Traditional IRA, Roth IRA, IRA Rollover, IRA Transfer, SEP IRA, SIMPLE IRA, Inherited IRA, inherited non-qualified and 457 plan funds.
- Minimum: $50,000
- Maximum: $2 million for ages 0-75, $1.5 million for ages 76-80, $1 million for ages 80+ without prior Home Office approval
Market Value Adjustment (MVA)
A market value adjustment will apply to withdrawals or surrenders during the initial five-year term and any renewal term.
Penalty-free withdrawals
The following amounts may be withdrawn without deduction of an MVA or early withdrawal charge:
- First contract year: up to 10% of the purchase payment
- Subsequent contract years: up to 10% of the account value as of the most recent contract anniversary
Fixed period: You receive payments for a fixed period of time that you select.
Life or life with a minimum fixed period: You receive payments for life. If you select a minimum fixed period of time and pass away before the end of the period, the remaining payments are paid to the person you designate.
Joint and one-half survivor: Payments are guaranteed for your life and the life of a designated joint annuitant. If you are survived by the joint annuitant, he or she will receive 50% of the payment for life.
Find out if the Advantage 5 Advisory is the right product for you.
MYGA Interest Rates
Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
---|---|
5 years | 5.5% |
Riders
No Riders for Advantage 5 Advisory annuity.
Waivers
Terminal Illness
Unavailable in states: MA
Provided that the diagnosis is rendered more than one year after the contract effective date, up to 100% of the account value can be withdrawn without deduction of an early withdrawal charge or MVA if the owner or joint owner is diagnosed by a physician as having a terminal illness with a prognosis of 12 months or less. This waiver may be used only once.
Extended Care
Unavailable in states: MA
To help ease the strain of certain unforeseen events, an extended care waiver rider is available for no additional charge. If the owner is confined to a nursing home or other long-term care facility after the completion of the first contract year for at least 90 consecutive days, early withdrawal charges and MVAs may be waived on withdrawals up to a full surrender. The nursing home waiver does not include home health care.
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