Bankers 5 (OK Only)
Bankers 5 Annuity is a trusted product with an appealing blend of financial security and flexibility. It's perfect if you're worried about outliving your savings and want to turn your assets into a lasting income stream. It features hassle-free interest income withdrawals without penalties and has options for lump sum withdrawals, providing access to larger amounts of your money.
An exclusive selling point of this annuity is the lifetime regular annuity payments. With options to make these payments continue for your life, for a specified time, or a combination of both, it ensures you have an income stream in retirement. You also have a unique chance to select different payment options that suit you best, offering multiple ways to manage your finances. It even provides a tax advantage by allowing deferred taxes on your interest earnings. Choose Bankers 5 annuity for a unique blend of financial stability and control.
Bankers 5 (OK Only)
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.45% |
How Interest is Credited
Interest is credited at the initial interest rate guaranteed for the first five contract years. At the end of the fifth contract year and each contract year thereafter, a new rate will be declared for the next contract year. Beginning on the first day of the sixth contract year, your annuity will earn a portfolio interest rate, which may go up or down, but can never earn less than the contract’s minimum guaranteed rate at the time of your purchase. Your interest is credited and compounded daily to yield our declared annual rate. There are no front-end sales charges or annual administrative fees. 100% of your money works for you!
Liquidity
You may have access to your annuity at any time permitted by law. Your interest earnings are available when you need them. Without surrender charges or MVA, you may withdraw 100% of your accumulated interest two times per policy year or receive monthly interest checks. The minimum monthly interest check is $100. Withdrawals in excess of these amounts are subject to a Market Value Adjustment and surrender charges. Penalty-free withdrawals do not apply to full surrenders. A 10% IRS penalty may apply on amounts withdrawn before the owner reaches age 59½.
Market Value Adjustment (MVA)
The Market Value Adjustment is an amount by which we adjust the Accumulated Value. An MVA will apply to a full surrender or to a partial withdrawal subject to a surrender charge made before the fifth policy anniversary. The MVA may increase or decrease your Accumulated Value, depending on whether interest rates have fallen or risen from the time of purchase. If interest rates have declined, your Accumulated Value could be higher. If interest rates have increased, your Accumulated value could be lower. The MVA is not assessed after the fifth policy anniversary or upon the death of the Annuitant/Owner.
Note: we take TSP as a rollover to IRA.
Riders
No Riders for Bankers 5 (OK Only) annuity.
Waivers
Nursing Home
Available after the first policy year; 90 day elimination period. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: TX
Terminal Illness Waiver: Available after the first policy year; 12 month life expectancy. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only.
Disability
Disability Waiver: Available after the first policy year; 90 day elimination period. May be elected only once; maximum of 50% of accumulation value may be surrendered without penalty. Applicable to annuitant only.
- A.M. Best A-
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