Heritage Builder Annuity
Highlights
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Premium Type
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Single Premium
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Max age Qualified
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90
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Minimum Contribution
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$25,000
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Maximum Contribution
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$1,000,000
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Market value adjustment
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Return of premium
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Free withdrawal
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1st year: -100% 2nd+ year: 10% |
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Types of funds
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Non-Qualified, IRA, IRA Rollover, SEP IRA, IRA-Roth, 1035 Exchange, and Inherited IRA |
Brochure
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Open brochure |
Free Withdrawal Options
- Accumulated Interest. You can make a withdrawal against your interest after 30 days. The minimum withdrawal is $100. 1, 3, 6, or 12-month payment options are available.
- Required Minimum Distribution. This withdrawal is available six months after the effective date. The minimum withdrawal is $100.
- Free Withdrawal. A free withdrawal is available 1-year after effective date. You can withdraw up to 10% of your account value with a minimum withdrawal of $200.
A Market Value Adjustment may apply to withdrawals over the Free Withdrawal amounts during the Withdrawal Charge Period and to certain annuitization options. The MVA is based on the change in the leading bond index yield from the close of business on the day prior to your contract being issued and the close of business the day prior to your withdrawal. The MVA may be a credit, increasing your withdrawal amount, or a fee, decreasing your withdrawal amount. Due to the mechanics of an MVA, Withdrawal Amounts generally decrease as the index yield rises. When the index yield decreases enough over time, the Withdrawal Amounts generally increase. Even with a negative MVA, you will never receive less than the Guaranteed Minimum Cash Value.
A death benefit is guaranteed and will be paid to a designated beneficiary.
Note: Inherited IRA: Eligible beneficiaries only.
Find out if the Heritage Builder Annuity is the right product for you.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3% |
| 5 years | 3.5% |
| 7 years | 3.65% |
Riders
No Riders for Heritage Builder Annuity annuity.
Waivers
Death
Withdrawal charges and MVA do NOT apply to the Death Benefit.
Nursing Home
Unavailable in states: CA, and SD
The Nursing Home benefit is available for issue ages 0 – 80, if, on a licensed Physician’s recommendation, the Annuitant is confined in an Eligible Nursing Home due to medical necessity, the Annuitant being unable to perform two of the six Activities of Daily Living (ADLs) or the Annuitant having a cognitive impairment. Activities of Daily Living are eating, bathing, dressing, transferring (walking), toileting, and continence. The nursing home confinement must last for 90 days before the Annuitant is eligible for the benefit. The Annuitant must be 80 or younger on the Effective Date. The benefit is not available if the Annuitant was confined to a nursing home when the policy was issued.
Annuitization
Available after 1 year of Effective Date for ten years or longer.
ADL
Unavailable in states: CA, and SD
The Nursing Home benefit is available for issue ages 0 – 80, if, on a licensed Physician’s recommendation, the Annuitant is confined in an Eligible Nursing Home due to medical necessity, the Annuitant being unable to perform two of the six Activities of Daily Living (ADLs) or the Annuitant having a cognitive impairment. Activities of Daily Living are eating, bathing, dressing, transferring (walking), toileting, and continence.
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