SecureGain 7
The SecureGain 7 Annuity sets you up for a comfy future with guaranteed income. Your savings will enjoy an interest-rate bonus in the first seven-year term, increasing annually. Better yet, your money is protected from loss due to market swings. Sit back and watch your nest egg grow!
This annuity offers more than just financial security. The SecureGain 7 offers you tax-deferred growth, which means your money grows faster than in taxable products. Plus, you can access part of your money each year with penalty-free withdrawals. Plan for the golden years with confidence, knowing SecureGain 7 is safeguarding your future.
SecureGain 7
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 7 years | 4.29% |
The SecureGain 7 is a single premium deferred index annuity with a market value adjustment. The minimum single premium is $10,000 for qualified and non-qualified money. 10% of the purchase payment may be withdrawn during the first policy year and 10% of the account value as of the prior anniversary may be withdrawn after the first policy year without a surrender charge.
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
Systematic Withdrawal
Is an option. Surrender charges are seven years in duration (9,8,7,6,5,4,3) and are waived in the event of annuitization, 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.
Penalty Free Withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payment. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn.
- 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 initial term. 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. The calculation also takes into account the time remaining in the initial term. An MVA 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 initial term.
Riders
No Riders for SecureGain 7 annuity.
Waivers
Terminal Illness
Unavailable in states: MA
Terminal illness waiver rider: After the first contract year, if you are diagnosed by a physician as having a terminal illness, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. A terminal illness is defined as having a prognosis of survival of 12 months or less, or a longer period as required by state law.
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.
- A.M. Best A++
- S&P A+
- Moody's Aa3
- Comdex 94
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