Sagicor Life Insurance Company
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Milestone Max MYGA

Originally established in 1840 in the Caribbean, the Sagicor Life Insurance Company is one of the oldest insurance groups in the Americas, helping families and individuals alike find financial protection for just over 180 years. With life insurance, annuity, and health insurance products available, the company seeks to meet the multifaceted financial desires of its customer base. Their mission is to be the kind of life insurance organization that regularly generates high returns for its shareholders, outstanding opportunities for its employees, and trust from its many stakeholders.
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Milestone Max MYGA

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About Product

Premium Type
Single Premium
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$1,000,000
Max Age Qualified
90
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, and 1035 Exchange
Launch Date
11/09/2024

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%
Milestone Max Multi-Year Guaranteed Single Premium Deferred Annuity (Milestone Max MYGA) is a convenient, predictable way to grow and protect your savings today for a reliable income stream tomorrow.
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. 

Year by Year Account Balance

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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.

Company Founded: 1954
Excellent Rated Company
Sagicor Life Insurance Company
Company Ratings
4.2
  • A.M. Best A-
Assets: $4,760,215,597
Texas

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