Bankers Elite 5
The Bankers Elite 5 is a superb option for steady retirement planning. This single premium deferred annuity offers various interest rates that cater to numerous retirement needs. Perfect as an IRA or as an alternative to CDs, it also provides daily compounded interest. Moreover, these annuities ensure a guaranteed interest rate, tax-deferred, which means your savings grow at an exponential rate. Plus, 100% of your money always earns interest for you - completely safe from market risk.
At the end of the term, your Elite annuity account will be fully liquid. You will have total control - no automatic renewals, no surrender charges. May it be retaining funds, renewing the policy, exchanging the policy for a new one, or withdrawing the funds; you decide! With a minimum premium of $10,000 and availability up to age 90, it’s perfect for retirees who want to securely grow their finances. Plus, the product line includes several attractive annuity plans with competitive rates, catering to your specific needs.
Bankers Elite 5
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.8% |
How Interest is Credited
Interest is credited at an initial interest rate guaranteed for the Initial Guarantee Period you select. At the end of the Initial Guarantee Period and each contract year thereafter, a new rate will be declared for the following contract year. Each year after the Initial Guarantee Period you select, the minimum guaranteed interest rate can vary between 1% and 3% from year to year. The minimum guaranteed interest rate is calculated each contract year after the Initial Guarantee Period by using the average of the five-year Constant Treasury Rate for each business day starting with October 15th of the preceding calendar year and ending with December 15th of the preceding calendar year, less one hundred twenty-five basis points, then rounded to the nearest 120th of 1%. This rate will not exceed 3% nor fall below 1%. Your interest is credited and compounded daily to yield our declared annual rate.
Liquidity
After the contract has been in force for thirty (30) days, you may withdraw a portion of your policy value by making a partial surrender. All partial surrenders (including required minimum distributions from qualified retirement accounts) will be reduced by any applicable surrender charges and MVA. The amount of a partial surrender must be at least one hundred dollars ($100). The remaining Accumulated Value after any partial surrender must be at least one thousand dollars ($1,000). A 10% IRS penalty may apply to all amounts withdrawn before the owner reaches age 59½.
Market Value Adjustment (MVA)
The Market Value Adjustment is an amount by which we adjust the Accumulation Value. An MVA will apply to a full surrender or to a partial withdrawal during the Initial Guarantee Period. The MVA may increase or decrease your Accumulation Value, depending on whether interest rates have fallen or risen from the time of purchase. If interest rates have declined, your Accumulated Value could be higher. If interest rates have increased, your Accumulated Value could be lower. The MVA is not assessed after the Initial Guarantee Period. Assets subject to MVA are not held in a separate account.
Note: we take TSP as a rollover to IRA.
Riders
No Riders for Bankers Elite 5 annuity.
Waivers
No Waivers for Bankers Elite 5 annuity.
- A.M. Best A-
