Milestone MYGA
The Milestone MYGA annuity stands out as a safe and reliable savings strategy for your retirement. It offers a guaranteed fixed interest rate, ensuring your hard-earned money isn't subject to market volatility. Plus, your gains are tax-deferred, meaning a higher accumulation over time!
The flexibility is another strong point - with penalty-free withdrawals and various guaranteed periods available. Also, Sagicor, the issuing company, is rated "A-" by A.M. Best Company, reaffirming their credibility. With Milestone MYGA, reaching your financial milestones seems more reassuring than ever.
Milestone MYGA
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.75% |
| 4 years | 3.95% |
| 5 years | 4.45% |
| 6 years | 5% |
| 7 years | 5.2% |
Premium Bands with different rate guarantees
- Low - $15,000 through $49,999
- Medium - $50,000 through $99,999
- High- $100,000 through $1,000,000
The Guaranteed Surrender Value equals 87.5% of the single premium paid, accumulated at the nonforfeiture rate, adjusted by net withdrawals plus surrender charges, if any.
For California this value is 90.8% of the premium paid, accumulated at the nonforfeiture rate plus 1.00%, in years 1-10, followed by the greater of the nonforfeiture rate less 1.50%, and 1.00% in year 11 and thereafter, adjusted by net withdrawals.
Penalty-Free Withdrawal
Beginning in the second contract year you may withdraw an amount equal to 10% of the last contract anniversary accumulation value without a surrender charge or market value adjustment (MVA). There is a minimum withdrawal requirement of $500.
Market Value Adjustment (MVA)
An MVA will apply to any full surrender or partial withdrawal that exceeds the maximum penalty free withdrawal during the guarantee period. Depending on the direction interest rates move, the MVA may increase or decrease benefits available under the contract. The market value adjustment does not apply to the death benefit or the guaranteed surrender value.
Required Minimum Distribution (RMD)
- The RMD is available beginning in Year 1.
- RMD withdrawals are free from Surrender Charges and MVA.
- Sagicor honors the ‘Spousal Exception’ where applicable for determining the RMD amount.
- There are Annual RMD or One Time RMD options available.
- Client can select that either/both Federal and State taxes or No taxes can be taken.
- Direct Deposit option is available with bank and account info.
- RMD requests can be submitted using Sagicor Upload Center, email, mail or fax.
Death Benefit
In the event of death, your beneficiary(ies) will be paid a death benefit equal to the accumulation account value of your annuity without surrender charges or market value adjustment. A beneficiary may choose to receive the death benefit in either a lump sum or any of the available annuitization options.
Riders
No Riders for Milestone MYGA annuity.
Waivers
Surrender Window
You will have a 30-day penalty-free window following the end of the initial surrender charge period, at the beginning of each subsequent surrender charge period. During this timeframe, you can take a partial or total withdrawal of your principal and earned interest without being subject to a surrender charge or MVA.
- A.M. Best A-
