MYGA Plus (FL Only)
MYGA Plus by Ibexis Life & Annuity offers a unique mix of safety and potential returns, making it a great choice for cautious yet forward-looking retirees. The product’s dual-earning system – through a guaranteed fixed rate and an index-linked option - gives you a chance to make more from your investment without risking your principal.
With options available in 3, 5, or 7-year terms, you have the flexibility to choose a term that best suits your retirement plan. The fact that MYGA Plus is completely principal guaranteed means your investment is always safe from market turbulence. Backed by Ibexis’ strong financial rating, this annuity product provides you with security, growth, and peace of mind.
MYGA Plus (FL Only)
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.68% |
| 5 years | 4.86% |
| 7 years | 4.53% |
Multi-Year Guaranteed Fixed Option
Pays simple interest as stated as an annual rate and this interest is credited to the contract value daily. This interest rate is locked in for the Guaranteed Option Period (GOP) selected and will not change during that time.
Please see the Index Linked Option
Issue Ages
Florida 3, 5, and 7 Year Terms: 0-64
If jointly owned, eligibility is based on older owner’s age
Premium Minimum
Premium: $10,000.00
Maximum Premium: $1,500,000.00
Maximum Premium is set without prior company approval
Free Surrenders and Withdrawals
After the first contract anniversary, 10% of the accumulation value from the previous contract anniversary is available for withdrawal free of any surrender charges
Surrender Charge Schedule
The initial interest rate is guaranteed for the selected 3, 5, or 7 Year Guarantee Period. Prior to the end of any guarantee period, contract holders will have a 30-day window to choose one of the following options:
- Renew their contract with a new rate into the same Guarantee Period (New Surrender Charge Schedule and MVA will apply)
- Withdraw some or all of their accumulated account value free of surrender charges and MVA.
Systematic Withdrawal Provision
Two automatic payment options for payment of either a specific amount or interest only on a repetitive basis. Minimum payment per mode is $100. Frequency: monthly, quarterly, semiannual or annual.
Annuitization
After the first contract year, the contracts account value can be annuitized under any annuity option outlined in the contract.
Death Benefit
Prior to the Annuity Income Date, the death benefit is equal to the contract value at the time of death, free of Surrender Charges and MVA (if applicable)
Please note: LPL Financial Advisors can sell MYGA Plus annuity as OBA (outside business activity), but they still need to be aligned under an IMO.
Riders
No Riders for MYGA Plus (FL Only) annuity.
Waivers
Terminal Illness
Eligibility after the first contract year, however diagnosis may have occurred prior. Diagnosis must be by a certified physician that death will occur in 12 months or less. Not available in all states
Surrender Window
Prior to the end of any guarantee period, contract holders will have a 30-day window to choose one of the following options: 1. Renew their contract with a new rate into the same Guarantee Period (New Surrender Charge Schedule and MVA will apply); 2. Withdraw some or all of their accumulated account value free of surrender charges and MVA. This renewal process will continue until the contract is surrendered, annuitized, death of the contract owner(s), or age 95.
Extended Care
Eligibility begins after the first contract anniversary. Must be confined to a Hospital or certified Long Term Care facility for 90 consecutive days. Not available in all states. The nursing home waiver does not include home health care.
- A.M. Best A-
