4
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Annuity review
CurrentRate MYGA
Established in 2018, Oceanview Life and Annuity Company has grown into an admirable provider of retirement planning solutions. Committed to boosting retirement savings accounts, the company aims to meet the demands of retirees and pre-retirees. With an assorted range of income solutions for retirement, Oceanview is especially known to have prodigious multi-year guaranteed annuities and fixed indexed annuities, designed to shield against market collapses while still offering growth potential and the ultimate stability. Their mission is to be a reliable source of top-tier annuity offerings, and having witnessed a recent upgrade in their credit ratings (A from A.M. Best), Oceanview’s position in the annuity market is only growing stronger.
CurrentRate MYGA
Your Email
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About Product
Premium Type
Single Premium
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$20,000
Maximum Contribution
$1,000,000
Max Age Qualified
89
Types Of Funds
Non-Qualified, 401k, Profit Sharing, Traditional IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, Inherited IRA, NQ Stretch, Roth Conversion (Partial), and Roth Conversion (Full)
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 5 | 6.35% | 2.05% | 6.35% |
CurrentRate MYGA is a Single Premium Deferred Multi-Year Guaranteed Annuity. You make a one-time purchase payment, and your money grows tax-deferred within the contract until withdrawals are taken.
What makes CurrentRate MYGA different is how interest is credited:
What makes CurrentRate MYGA different is how interest is credited:
- First Contract Year: Your contract earns a declared interest rate set at issue. This rate is guaranteed for the first contract year.
- After the first contract year, your credited interest rate is determined annually using a defined formula that includes:
- A guaranteed spread that remains fixed during your 5-year guarantee period, plus
- A market-based component tied to the 1-Year U.S. Treasury Rate, as described in the contract.
The combined credited rate will never be less than the guaranteed minimum interest rate stated in the contract.
Guarantee Period
- 5 Years
Issue Ages
- 5 year guarantee periods: ages 0–89 (last birthday)
Minimum Guaranteed Interest Rate
- 1%
Guarantee Period Base Rate (GPBR)
GPBR is declared by the Company at the time the contract is issued and will not change during your contract’s Initial Guarantee Period.
Floating Rate Component (FRC)
The Floating Rate Component (FRC) is determined by the average of the 1-year Treasury rate (Bloomberg ticker: H15T1Y) for the 10 business days immediately preceding the contract anniversary. On each contract anniversary, we will determine the benchmark interest rate in good faith. If the benchmark is discontinued, substantially changed, or no longer reflects market conditions, or if we otherwise determine, in our sole discretion, that substitution is appropriate for business, operational, or other purposes, we may substitute it with a comparable or successor rate, subject to regulatory approval, if required. We will notify you and any assignee of any change to the benchmark used for the FRC.
Free Withdrawals
GPBR is declared by the Company at the time the contract is issued and will not change during your contract’s Initial Guarantee Period.
Floating Rate Component (FRC)
The Floating Rate Component (FRC) is determined by the average of the 1-year Treasury rate (Bloomberg ticker: H15T1Y) for the 10 business days immediately preceding the contract anniversary. On each contract anniversary, we will determine the benchmark interest rate in good faith. If the benchmark is discontinued, substantially changed, or no longer reflects market conditions, or if we otherwise determine, in our sole discretion, that substitution is appropriate for business, operational, or other purposes, we may substitute it with a comparable or successor rate, subject to regulatory approval, if required. We will notify you and any assignee of any change to the benchmark used for the FRC.
Free Withdrawals
- After the first contract year, up to 10% of the contract value may be withdrawn annually without surrender charges or a Market Value Adjustment.
- Unused free withdrawal amounts do not carry over from year to year.
Free Look Period
The free look period is the amount of time you have to request a refund. The actual freelook period is stated on the cover page of your contract and is at least 20 days.
Market Value Adjustment (MVA)
Market Value Adjustment (MVA)
- applies to non-California contracts
- No MVA applies to California contracts
Death Benefits
Upon the death of the owner, beneficiaries will receive the greater of:
Upon the death of the owner, beneficiaries will receive the greater of:
- The contract value (with no surrender charges or Market Value Adjustment), or
- The minimum surrender value.
Spousal continuation options may be available, subject to contract provisions.
Please note: Broker/dealer product availability is subject to firm approval.
Please note: Broker/dealer product availability is subject to firm approval.
Riders
No Riders for CurrentRate MYGA annuity.
Waivers
Death
Surrender charges will not apply to any free withdrawals, required minimum distributions, or death benefit proceeds.
RMD
Surrender charges will not apply to any free withdrawals, required minimum distributions, or death benefit proceeds.
Company Founded: 1965
Excellent Rated
Company
Company Ratings
4
- A.M. Best A
Assets: $8,391,733,503
Alabama
