Secure Summit
Secure Summit
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 2 years | 4.5% |
| 3 years | 5% |
| 5 years | 5.1% |
| 7 years | 5% |
| 10 years | 4.8% |
Interest earnings grow tax-deferred until withdrawn, usually at retirement age. Contract values have the ability to grow faster than they would in a currently taxed fixed alternative paying the same rate.
Minimum Premium Requirements
The minimum single-premium payment is $5,000
Issue Ages
0-90 tax-qualified and non-qualified. (If there are joint owners, both must satisfy the age limit, since a death benefit may be paid upon the first death.)
Market Value Adjustment
During your guarantee period, your Secure Summit annuity has the Market Value Adjustment (MVA) feature.
The MVA reflects the impact of changes in market interest rates between the time your guarantee period was selected and the time of the withdrawal. The actual adjustment is calculated according to the formula in the annuity contract.
Under no circumstances will the MVA result in an amount less than the Guaranteed Minimum Cash Surrender Value referenced in the contract schedule.
Free Withdrawals
For financial flexibility, a portion of your contract value may be available free of surrender charge. There is no surrender charge after the first contract year, and during any Multi- Year Interest Rate Guarantee Period, the Company will waive the Surrender Charge and any Market Value Adjustment on the first partial withdrawal. Waiver is limited to once per Contract Year and may not exceed 5% of the Accumulation Value as of the last Contract Anniversary.
Withdrawals will reduce the contract value. Excess withdrawals in a policy year will be charged the applicable surrender charge. Free withdrawals not taken in a year cannot be carried over to future years.
Optional Riders
- RMD Free Withdrawal - After the first contract year, Surrender Charges and Market Value Adjustments will be waived on the higher of the full amount of the 5% RMD of the previous year ending accumulation value. At least $2,000 must remain in the account after the withdrawal. Tax Qualified Plans only.
- 10% Free Withdrawal Rider - Partial withdrawals up to 10% of the previous year-ending accumulation value in policy years 2 and greater may be taken without a Surrender Charge or Market Value Adjustment.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| 10% Free Withdrawal with RMD (Qualified) | No | 0.25% rate reduction |
| 10% Free Withdrawal Rider (Non-Qualified) | No | 0.25% rate reduction |
Waivers
Death
No surrender charge or market value adjustment applies upon the death of the owner.
Nursing Home
There is no surrender charge if the annuitant or owner is confined to a Qualified Nursing Care facility, hospice, or hospital at the time of surrender and has been so confined for at least 30 consecutive days (subject to specific rider terms and availability). This applies to non qualified contracts. If a qualified contract, taxes will be owed upon any distribution.
Terminal Illness
There is no surrender charge if the owner is diagnosed with a terminal illness and has a life expectancy of no more than 12 months (subject to specific rider terms and availability). This applies to non qualified contracts. If a qualified contract, taxes will be owed upon any distribution.
Surrender Window
At the end of the renewal period, you will automatically be rolled into a contract of the same term and guarantee period with a new rate. During the first 30 days of the renewal period, you may take a partial or full surrender without being subject to a surrender charge or Market Value Adjustment (MVA).
- A.M. Best B
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