DirectGrowth MYGA with Free Partial Surrender (CA Only)
DirectGrowth MYGA with Free Partial Surrender (CA Only)
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 5.35% |
| 5 years | 5.65% |
| 7 years | 5.65% |
Premiums
- Minimum Premium - $25,000 (Qualified and Non-Qualified funds)
Maximum Premium - $1,000,000 (higher amounts will be considered and require company approval) - We will accept additional premium payments up to the amount of your initial premium on the same contract during the first 30 days after issue
- No premiums are accepted on the same contract after this time period
- Guaranteed rates
Your fixed interest rate is guaranteed for the period you select: 3, 5 or 7 years. Choose the interest guarantee period that fits into your personal financial plan. (Interest rates are annual effective rates and are compounded daily.) - Death benefit
A Death Benefit equal to the Accumulation Value (or Guaranteed Minimum Cash Surrender Value, if greater). Surrender Charge and Market Value Adjustments (MVAs) will be waived upon payment of a Death Benefit. - Principal protection
Your principal and interest earnings are protected, regardless of what happens in the markets. - Tax deferred growth
100% of your Accumulation Value typically grows tax deferred; taxes on growth are not paid until you withdraw your funds.
You can withdraw up to the greater of:
- Your interest earnings potential each year (based on your Accumulation Value at the start of the year multiplied by the guaranteed fixed interest rate)
- Your Required Minimum Distribution amount (RMD).
The DirectGrowth MYGA comes with a MVA. The MVA applies only when the Surrender Charge applies. The MVA could increase or decrease the amount you receive from full or partial surrenders, depending on certain market interest rates.
- If certain interest rates decrease, the MVA will be positive. A positive MVA increases the withdrawal amount or Cash Surrender Value. If certain interest rates increase, the MVA will be negative. A negative MVA decreases the withdrawal amount or Cash Surrender Value. The Cash Surrender Value will never be less than the Guaranteed Minimum Cash Surrender Value.
- Life with 5-Years Period Certain
- Life with 10-Years Period Certain
- 5-Years Period Certain
- 10-Years Period Certain
- Annuitization Value applied to annuitization. The Annuitization Value before annuity payments begin equals the Accumulation Value less any Surrender Charges and taxes payable but not previously deducted.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Free Partial Surrender Rider | Yes |
Waivers
Death
Surrender Charge and Market Value Adjustments (MVAs) will be waived upon payment of a Death Benefit.
Nursing Home
Automatically included with the base contract. Surrender Charges and MVA will be waived if one of the following events occurs: 1. Contract Owner is confined to a nursing home for at least 90 consecutive days on or after the Issue Date; 2.Contract Owner is confined for a total of at least 90 days if there is no more than a 6-month break in the confinement and the confinements are for related causes.
Terminal Illness
Automatically included with the base contract. Surrender Charges and MVA will be waived if Contract Owner becomes terminally ill and is not expected to live more than 12 months.
Surrender Window
There are no surrender charges during the first 30 days of each subsequent surrender charge period following renewal.
- A.M. Best B++
