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
About Product
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% |
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
- Non-Qualified
- Spousal and Non-Spousal Non-Qualified Stretch Annuity
- Spousal and Non-Spousal Stretch IRA
- IRA Rollovers
- IRA Transfers
- Roth IRA
Inherited/Beneficiary IRA - spousal only.
We take TSP as a rollover to IRA.
- 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.
- 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
- Minimum withdrawal is the lesser of $500, RMD, and free withdrawal, if available
- Monthly
- Quarterly
- Semi-annually
- Annually (minimum withdrawal $50)
- May be elected if there is still free withdrawal available in the contract year
Death Benefit Options
- Lump sum
- Annuitization
- 5-year deferral for non-designated beneficiaries
- Non-Qualified Stretch
- 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.
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).
- A.M. Best A+
- Fitch AA-
- S&P A+
- Moody's Aa3
- Comdex 93
