American Freedom Elevate 5
Highlights
Key Takeaways
- American Freedom Elevate 5 offers single purchase payments.
- Base interest gradually increases by 0.25% from year two to seven.
- Guaranteed minimum interest of 1% annually.
- 10% of purchase payment can be withdrawn without charges.
- Death of owner beneficiaries receive account value.
- Possibility of Market Value Adjustment (MVA) on early withdrawal within first seven years.
Premium Type
|
Single Premium
|
---|---|
Max age Qualified
|
89
|
Minimum Contribution
|
$10,000
|
Maximum Contribution
|
$1,000,000
|
Market value adjustment
|
|
Return of premium
|
|
Free withdrawal
|
10% |
Launch date
|
02/26/2018 |
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 American Freedom Elevate 5
Pros
- Offers long-term growth potential.
- Allows withdrawals without penalty up to 10%.
- Offers protection from market volatility.
- Benefits from tax-deferred growth.
Cons
- May not be ideal for immediate income needs.
- Might have market value adjustments.
- 7-year surrender window.
- No return of premium.
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
Purchase Payment Minimums and Maximums
- $10,000
- $1 million for ages 0-85
- $500,000 for ages 86+
- During the first contract year, 10% of the purchase payment may be withdrawn without an early withdrawal charge or market value adjustment
- After the first contract year, 10% of the account value as of the most recent contract anniversary may be withdrawn without an early withdrawal charge or market value adjustment.
- Guaranteed Minimum Interest Rate of 1% for all contract years. No return of premium.
- Upon death of owner, beneficiaries receive the account value.
A market value adjustment (MVA) will apply if you surrender your contract during the first seven years. The MVA is calculated by comparing the interest rate environment when you purchase your contract to the environment when you choose to surrender your contract. This can result in an increase to your surrender value during a period of decreasing rates, or a decrease to your surrender value during a period of increasing rates. The MVA will also apply to withdrawals in excess of the 10% free-withdrawal allowance during the first seven contract years.
Find out if the American Freedom Elevate 5 is the right product for you.
MYGA Interest Rates
Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
---|---|
5 years | 4.45% |
Riders
No Riders for American Freedom Elevate 5 annuity.
Waivers
Terminal Illness
Unavailable in states: MA
Contact us to get more information about this waiver.
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 may be waived on withdrawals up to a full surrender. The nursing home waiver does not include home health care.
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