Penn Mutual Life Insurance Company
4.4
based on complex data
Annuity Educator Rating
Annuity review

Guaranteed Foundation

The Guaranteed Foundation annuity ensures you retire comfortably without worrying about financial losses. The strategy guarantees growth and shields your savings from market risks, giving you peace of mind. The fixed annuity product offers you liberty to select a fixed interest rate period between three and ten years.

Moreover, the annuity product allows tax-deferred growth meaning you'll only pay tax when you start receiving income. On top of the financial security, you can access 10% of your annuity value annually without any penalty, and you can convert your annuity to a pension-like income after the first year. Plus, the death benefit is an added advantage to your beneficiaries, promising a safe future.

Guaranteed Foundation-brochure Guaranteed Foundation-brochure

Guaranteed Foundation

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About Product

Premium Type
Single Premium
Fee withdrawal:
10%
Market Value Adjustment
No
Return Of Premium
No
Minimum Contribution
$10,000
Maximum Contribution
$5,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, Stretch IRA, Inherited IRA, NQ Stretch, and TSP

MYGA Interest Rates

Term
Rate
Annual percentage yield (APY)
earned over the investment term
3 years 4%
4 years 4%
5 years 4.3%
6 years 4.3%
7 years 4.3%
8 years 4.35%
9 years 4.35%
10 years 4.35%

Traditional Fixed Annuity Interest Rates

Surrender Years First Year Yield Term Guaranteed Yield Term Current Yield
1 3.5% 3.5% 3.5%
A Guaranteed Foundation Fixed Annuity is a tool that helps you grow and manage your retirement savings — so you can continue living life with confidence. Because having less to worry about in retirement makes it that much more enjoyable.

Basics
  • Issue Ages: 0-85 (based on nearest age at issue)
  • Payment Type: Single payment only
  • Minimum Initial Payment: $10,000
  • Maximum Payment: $5M cumulative limit across all annuity contracts 
Available Markets
  • Non-Qualified
  • Spousal and Non-Spousal Non-Qualified Stretch Annuity
  • Spousal and Non-Spousal Stretch IRA
  • IRA Rollovers
  • IRA Transfers
  • Roth IRA
Notes: 
Inherited/Beneficiary IRA - spousal only.
We take TSP as a rollover to IRA.

Product Charges
  • Calculated as a percent of contract value, minus any free withdrawal
  • In the 30 day period prior the end of the guarantee period, the owner may take withdrawals (full and partial) free of surrender charges.
  • One-year renewal guarantee period is available without surrender charges in FL only if issued 65 or older.
Annual Free Withdrawal
  • Free withdrawal up to 10% of contract value (as of the latest contract anniversary) without surrender charge (available starting the second contract year)
  • Minimum withdrawal amount: Lesser of $500, required minimum distributions (RMD) and annual free withdrawal amount, if available
Partial withdrawal
  • Minimum withdrawal is the lesser of $500, RMD, and free withdrawal, if available
Systematic withdrawal
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually (minimum withdrawal $50)
  • May be elected if there is still free withdrawal available in the contract year
Death Benefit
Standard death benefit is equal to the contract value and is payable upon death of the annuitant or owner.

Death Benefit Options
  • Lump sum
  • Annuitization
  • 5-year deferral for non-designated beneficiaries
  • Non-Qualified Stretch
Beneficiaries
  • Surviving owner will be considered primary beneficiary before any other named beneficiaries on the contract
  • The spouse (defined by federal law), as primary beneficiary may continue the contract or use the death benefit to purchase a new contract.
Annuity Options: Life; Life with Period Certain; Joint and Survivor Life; Certain Only. Partial Annuitization: may annuitize at least $5,000 and up to 50% of contract value after 3rd contract year.

Year by Year Account Balance

Understand how your money will increase when invested in Guaranteed Foundation.
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Riders

No Riders for Guaranteed Foundation annuity.

Waivers

Terminal Illness

Waiver of Surrender Charge on withdrawals after the first contract anniversary if diagnosed with a fatal injury or illness.

Surrender Window

In the 30 day period prior the end of the guarantee period, the owner may take withdrawals (full and partial) free of surrender charges.

Disability

Waiver of Surrender Charge on withdrawals after the first contract anniversary if disabled as defined in section 72(m)(7) of the Internal Revenue Code; subject to state availability, contract must be issued prior to 75th birthday.

Confinement

Waiver of Surrender Charge on withdrawals after the first contract anniversary if confined to medical facility (prescribed by physician).

Company Founded: 1847
TOP Rated Company
Penn Mutual Life Insurance Company
Company Ratings
4.9
  • A.M. Best A+
  • Fitch AA-
  • S&P A+
  • Moody's Aa3
  • Comdex 93
Assets: $21,925,894,595
Pennsylvania

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