Harbourview MYGA
The Harbourview MYGA is a fantastic choice for a stress-free retirement plan. Boasting an "A" Excellent rating by A.M. Best, this multi-year guaranteed annuity ensures your principle is protected. Coupled with tax-deferred earnings and a guarantee on interest rates, this is perfect for those planning ahead. Plus, it offers lifetime income options– an attractive feature for a stable retirement.
Oceanview Life, which is behind Harbourview MYGA, is a trustworthy and reliable insurer. Their annuities are funded by Bayview, with an impressive 25-year track record in investment management. The minimum premium to get started is just $20,000, and the product allows free partial withdrawals, after the first 12 months. So if you're looking to maximize your retirement savings while enjoying financial protection, Harbourview MYGA could just be your ticket.
Harbourview MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 2 years | 4.55% |
| 3 years | 4.75% |
| 4 years | 4.75% |
| 5 years | 4.8% |
| 6 years | 5.15% |
| 7 years | 4.6% |
| 10 years | 5.05% |
Issue Age
- 0 through 89 (non-qualified and qualified assets)
Free Withdrawal
10% of the account value each year, starting in year two (10% is not cumulative, if not used within the anniversary)
Withdrawals in excess of the Free 10% may be subject to an MVA
- RMD Friendly
- Account Value Death Benefit
You may cancel the contract by sending it back to the issuing company. Upon cancellation, the company will return the purchase payment to you. Some states allow for 30 days free look.
Market Value Adjustment (MVA)
The MVA is a positive or negative adjustment based on the current interest rate environment at the time of withdrawal. An MVA and a surrender charge will apply if you access more than the 10% free withdrawal before the end of the initial interest rate guarantee period. The MVA does not apply to withdrawals after the surrender charge period, 10% free withdrawals, the death benefit, or when the contract is annuitized.
Settlement Option
Life only; life with 10-year period certain; Joint and last survivor.
Surrender charges may also be waived for some Required Minimum Withdrawals (RMD)
Riders
No Riders for Harbourview MYGA annuity.
Waivers
Surrender Window
30 Days Prior to the end of the Contract’s Interest Rate Guaranteed Period, the Agent and Policy Holder will be alerted to the following options: 1. Surrender Contract (not subject to surrender charges or MVA). If client does not make an election, the Contract renews for the same Guarantee Surrender Charge Period at the declared new money rate (never less than 1%). 2. Apply for a new Contract Guarantee Period of choice with the declared new money rate with a corresponding new Surrender Charge Period. 3. Take a partial withdrawal (not subject to surrender charges or MVA), and renew the remaining value to the same Guarantee Period or apply to another Guarantee Period. 4. 1035 Exchange Full or Partial account value. 5. Spousal Continuation: This option allows one spouse to continue the other’s contract as the new annuitant. In the event of the death of one spouse, contracts that are jointly owned by spouses or a single-owner contract with a sole spouse beneficiary allow the surviving spouse to assume all rights to the initial agreement. They will have the ability to elect to continue the contract, collect any remaining and all payments and any death benefits and choose beneficiaries, subject to certain conditions. This provision allows for the surviving spouse to maintain a tax- deferred status and secure long- term financial stability. 6. If no election is made, the Contract will renew for the same Guarantee Period at the declared renewal rate.
- A.M. Best A
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