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American Freedom Aspire 3

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American Freedom Aspire 3 is a fixed annuity from MassMutual Ascend Life Insurance Company.
The American Freedom Aspire 3 offers:
  • Predictable growth 
    To help build your retirement savings, your annuity’s interest rate is guaranteed over a three-year period. No matter how the market performs, the value of your annuity will grow at a steady rate. 
  • Return of premium guarantee
    If the unexpected occurs, you can surrender your American Freedom Aspire 3 without penalty beginning in contract year three. You’ll receive your purchase payments, minus withdrawals and any applicable taxes. 
  • Protection from loss 
    Regardless of market conditions, you won’t lose the money you contribute to your annuity unless you take a withdrawal or surrender your annuity during its early withdrawal charge period. 
  • Guaranteed income 
    When you are ready to turn the money you’ve accumulated in your annuity into guaranteed income, you can select from a variety of options, including payments that will last for the rest of your life. 
Purchase Payments
This product accepts a single purchase payment for non-qualified, 403(b) (Traditional and Roth), Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Inherited IRA, Inherited non-qualified, 401(a) and 457 plan funds. Minimum: $2,000 Maximum: $1 million for ages 0-85; $500,000 for ages 86+ without prior Home Office approval Maximums apply to the total purchase payments made to all annuities from MassMutual Ascend with the same owners or the same annuitants

Issue Ages
0-90 (qualified); 0-90 (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.

Return of premium Guarantee
Return of premium value is the sum of all purchase payments, less all withdrawals (but not including amounts applied to pay early withdrawal charges) and premium tax or other taxes not previously deducted. Available beginning in contract year three. Included at no additional charge.

Free WIthdrawals
Before the first contract anniversary, up to 10% of the total purchase payment may be withdrawn without incurring an early withdrawal charge. After the first contract anniversary, up to 10% of the account value as of the most recent contract anniversary may be withdrawn without incurring an early withdrawal charge. Cumulative withdrawals made in any year that exceed this 10% withdrawal allowance are subject to early withdrawal charges. Unused portions of the free withdrawal allowance may not be carried over from one contract year to the next.

Withdrawals generally are allowed any time and are subject to IRS regulations. Minimum withdrawal: $500; Minimum account value following withdrawal: $2,000 Any withdrawals received prior to age 59½ may be subject to restrictions and a 10% penalty tax.

Death Benefit
The death benefit amount is based on the greater of the account value, ROP, or the GMSV. A death benefit is payable if the owner dies before annuitization or surrender. A spouse who is the surviving joint owner or sole surviving beneficiary may become the successor owner.

Payout Options
The following payout options are available: fixed period income, life income, life income with payments for at least a fixed period, and joint and one-half survivor income. The account value will be used to provide income benefit payments.

At the end of a multi-year term, if a new term longer than one year is available, clients will have the option to renew their contract for one-year terms or begin a new multiyear term. If clients do not choose an option, the contract will automatically renew for one-year terms. No early withdrawal charges will apply during one-year terms. Early withdrawal charges apply during every multi-year renewal term. 

MYGA Interest Rates

Annual percentage yield (APY)
earned over the investment term
3 years 3.8%

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