Milestone Max MYGA
Milestone Max MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.65% |
| 4 years | 4.65% |
| 5 years | 4.95% |
| 6 years | 4.95% |
| 7 years | 5% |
Guaranteed credited interest rates Your premium earns a guaranteed credited interest rate and you won’t pay taxes until you start taking withdrawals.
Annuitization options
At any time after your first contract anniversary, you may choose an annuitization payment option that works best for you — Income for a Fixed Period, Life Income, Joint and Survivor Life Annuity or Income of a Fixed Amount.
Annual penalty-free withdrawals
Beginning in contract year two, you can take annual penalty-free withdrawals of 10% of the last contract anniversary’s accumulation value without a surrender charge or Market Value Adjustment (MVA). The minimum withdrawal amount is $500. Following the start of any subsequent surrender charge period, you can withdraw your funds with no surrender charge or MVA during the 30-day penalty-free window, leave them to grow or select an annuitization payout option to begin receiving regular income.
Annual RMDs
If your contract is qualified and you’re subject to RMDs due to your age, they’re available beginning in contract year one, up to the 10% penalty-free withdrawal limit. Beginning in contract year two, RMDs may exceed the 10% penalty-free withdrawal limit.
Subsequent surrender charge periods and penalty-free windows
You will have a 30-day penalty-free window following the end of the initial guarantee period, and at the beginning of each subsequent surrender charge period. During this time, you can take a partial or total withdrawal of your principal and earned interest with no surrender charge or MVA. Depending on the length of your initial guarantee period, the surrender charge and penalty-free window repeat.
Renewal notice
You will receive written notice before any penalty-free window begins. If you take no action, your 3-, 4-, 5- or 6-year7 guarantee period will automatically renew with a new guaranteed credited interest rate and will be subject to surrender charges based on the table below and an MVA. If your contract renews automatically, 10% penalty-free withdrawals are available in the first year of the renewal period. When all subsequent surrender charge period(s) have been completed, the guaranteed credited interest rate will renew on an annual basis, at which time no surrender charge or MVA will be in effect.
Market Value Adjustment (MVA)
During any and all periods in which there are surrender charges, an MVA will apply to: 1. Any full surrender, or 2. Any partial withdrawal over the maximum penalty-free withdrawal limit. Depending on interest rate changes, the MVA may increase or decrease the amount available under your contract. MVAs do not apply to the death benefit or the guaranteed surrender value.
Riders
No Riders for Milestone Max MYGA annuity.
Waivers
Death
Death benefits are not subject to surrender charges or market value adjustments.
Nursing Home
The owner may take a penalty-free withdrawal of up to 100% of the accumulation value if: 1. After the effective date, the owner had been or has been confined to a nursing home facility or confined care facility for at least 90 consecutive days; or 2. After the first contract year, the owner has been diagnosed with a terminal illness (12 months) by a licensed physician.
Terminal Illness
The owner may take a penalty-free withdrawal of up to 100% of the accumulation value if, after the first contract year: 1. The owner has been diagnosed with a terminal illness (12 months) by a licensed physician, and 2. The first diagnosis of terminal illness occurred after the effective date. Sagicor may require: 1. Clinical, radiological, histological and laboratory evidence of the terminal illness at the owner’s expense, or 2. An exam or tests by a licensed physician of our choice at Sagicor’s expense.
Surrender Window
A partial or total withdrawal of principal and credited interest can be taken without a surrender charge or Market Value Adjustment (MVA) within 30 days following the start of any subsequent surrender charge period. The owner will receive written notice before any penalty-free window begins. If no action is taken, guarantee periods will automatically renew with a new guaranteed credited interest rate, subject to a surrender charge and MVA.
- A.M. Best A-
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