Nassau Simple Annuity
Highlights
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Premium Type
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Single Premium
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|---|---|
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Min age Qualified
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18
|
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Max age Qualified
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85
|
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Minimum Contribution
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$5,000
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|
Maximum Contribution
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$1,000,000
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Market value adjustment
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|
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Return of premium
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|
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Free withdrawal
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5% |
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Launch date
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05/01/2018 |
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Types of funds
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Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP |
Brochure
|
Open brochure |
Free Withdrawals
Annual free withdrawals up to 5% are available (if elected at issue) without a surrender charge or market value adjustment (MVA) applied
Market Value Adjustments (MVA)
- Applies for the life of the contract, subject to certain restrictions.
- During the 30-day window at the end of the initial Guarantee Period, the contract owner can surrender any amount of the contract without a surrender charge and without an MVA.
- Applies to any withdrawal or surrender in excess of the Free Withdrawal option selected at issue
- Can be positive or negative. There is no limit on a positive MVA.
- Adjustment will never reduce the contract value below the Total Guaranteed Value (TGV).
You may choose to annuitize after the first contract year with no penalty. There are currently seven annuity payment options available from which to choose.
Available Spousal Continuation
If the spouse of a deceased owner is the beneficiary, the surviving spouse has the option to elect to continue the contract as the new owner. In the case of a non-qualified contract, the surviving spouse must be the sole beneficiary.
Death before the contract maturity date
A death benefit will be paid upon the death of a contract owner, or annuitant if the contract is owned by a trust, following the date the company receives a certified death certificate or an order of a court of competent jurisdiction. The death benefit is equal to the greater of the contract value or the total guaranteed value (TGV) as of the date of death. No surrender charge or MVA will apply.
Death on or after the contract maturity date
If the owner dies on or after the contract maturity date, any remaining annuity payments will be paid to the beneficiary under the payment option in effect on the date of death. Payments may not be deferred or otherwise extended. If there is a surviving owner, the payments continue as if there had been no death.
Find out if the Nassau Simple Annuity is the right product for you.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 4 years | 5.45% |
| 6 years | 5.7% |
Riders
No Riders for Nassau Simple Annuity annuity.
Waivers
Death
No surrender charges or MVA will apply at death.
Nursing Home
Unavailable in states: CA
Surrender charges are waived (though an MVA will still apply) if the contract owner becomes ill and is confined to a hospital or nursing home for at least 90 consecutive days, or is diagnosed with a terminal illness (a life expectancy of 6 months or less), on or after the first contract anniversary. The waiver is only available to issue ages 80 and below. The nursing home waiver does not include home health care.
Terminal Illness
Surrender charges are waived (though an MVA will still apply) if the contract owner becomes ill and is confined to a hospital or nursing home for at least 90 consecutive days, or is diagnosed with a terminal illness (a life expectancy of 6 months or less), on or after the first contract anniversary. The waiver is only available to issue ages 80 and below.
Annuitization
You can annuitize your contract after the first year with no penalty.
Surrender Window
If you would prefer to withdraw some or all of your contract value at the end of any guarantee period, you will generally have a 30-day window to do so, free of any surrender charge or market value adjustment.
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