MYGA
The Royal Neighbors Multi-Year Guarantee Annuity (MYGA) is a clever way to ensure your retirement savings always grow. With guaranteed interest rates for periods of 3, 5 or 10 years and access to potentially higher rates through the Market Value Adjustment (MVA), your nest egg has assurance and stability. What's more, taxes on your earnings are deferred until maturity – a great bonus!
What's also reassuring is the MYGA's Member Emergency Access Rider. In case of any emergency, you can withdraw up to 50% of your account value without any surrender charges or market value adjustments. The peace of mind of knowing you can access the much needed funds in times of need can't be overstated. A reassuring product for those in retirement planning.
MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.6% |
| 5 years | 4.95% |
| 10 years | 5% |
Issue Ages:
- Owner and Annuitant: 18-85, age last birthday (non-qualified, traditional, and ROTH).
- Owner and Annuitant: 21-85, age last birthday (SEP).
Market Value Adjustment:
The Market Value Adjustment (MVA) is the amount by which the Account Value is adjusted for surrenders or Partial Withdrawals. The MVA will apply to any surrender or Partial Withdrawal during the Guaranteed Credited Interest Rate Periods. The MVA will not apply to any free Partial Withdrawal, the death benefit, during the 30-day window before the Second Guaranteed Credited Interest Rate Period, or after the Second Guaranteed Credited Interest Rate Period.
Partial Withdrawal:
If any Partial Withdrawal reduces the Account Value below the minimum premium, the company reserves the right to pay the full surrender value and terminate the Certificate.
The interest earned may be withdrawn without Surrender Charges or MVA if withdrawn at any time in the contract. Each withdrawal is characterized first as a withdrawal of interest earnings and second as a withdrawal of premiums paid.
Cash Surrender Value
The Owner may surrender for Cash Surrender Value at any time on or before the Maturity Date. Cash Surrender Value on any day is the Cash Value on the date calculation, less any indebtedness. Cash Value is equal to the greater of (a) the Account Value, less any Surrender Charge, increased or decreased by any MVA or (b) the Guaranteed Minimum Value.
Riders
No Riders for MYGA annuity.
Waivers
Annuitization
Any internal annuitization occurring during the Guaranteed Credited Interest Rate Periods outside of the 30-day window will waive Surrender Charges at the discretion of RNA. Surrender charges will be waived for early annuitization under the following conditions: 1. If the certificate is 5 years old and at least a 5-year certain annuity is selected for the payment option; or 2. If a life contingent annuity is selected and the monthly payment is less than or equal to the monthly payment for a 5-year certain annuity. Note that when Surrender Charges and MVA are waived, the Guaranteed Minimum Value will be used if larger than the Account Value for annuitization.
Surrender Window
No Surrender Charge or Market Value Adjustments apply during the final 30 days of the last Certificate Year of the guaranteed interest rate period.
Emergency Access
Automatically attached to all certificates and becomes effective on the issue date of the certificate. After the first certificate anniversary, the owner is eligible for a one-time withdrawal of up to 50% of the account value as of the beginning of the certificate year without surrender or MVA charges. The maximum withdrawal is $250,000. A qualifying emergency event (listed in the contract) must be met to utilize this benefit. There is no premium charge for this rider. This rider will terminate when the owner exercises the rider and takes a partial withdrawal due to a qualifying emergency or when the certificate terminates.
- A.M. Best A
