LunarLock 5
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Learn how an annuity can provide guaranteed income for life.
LunarLock is an Individual Single Premium Multi-Year Guaranteed Annuity.
Because this is a single premium annuity, no additional premiums will be accepted into your contract once it has been issued. As of the date you sign your application, you must be at least 18 years old in order to purchase this annuity. The maximum issue age varies depending upon the version of the product you select. The minimum dollar amount required to issue a contract is $10,000 and the maximum dollar amount allowed is $2,000,000.
Subsequent guaranteed growth period(s)
When each guaranteed growth period ends, you’ll start a new guaranteed growth period and a new surrender period (see below), with a new guaranteed growth rate. The new guaranteed growth rate cannot be less than the Guaranteed Minimum Interest Rate specified in your contract.
In most cases, the period will be for the same number of years as the initial guaranteed growth period, unless the period would extend beyond the date the Lifetime Annuity Period would begin (see below). In that scenario, the guarantee period will be the next shortest period that doesn’t go beyond the start of the Lifetime Annuity Period.
Free Withdrawal amount
Each contract year, you may withdraw 10% of the total Contract Value as of the prior contract anniversary without incurring any surrender charges or an MVA.
Market Value Adjustment (MVA)
An adjustment made to the amount you receive if you withdraw more than you’re allowed each year. MVAs only apply during the surrender period. An MVA can increase or decrease the amount of your withdrawal. Generally speaking, if interest rates are higher when you take the withdrawal than they were when you bought the annuity, an MVA will probably decrease the amount you receive. If interest rates have dropped, an MVA will probably increase the amount you receive.
Death benefit
If you pass away before lifetime payments start, you can choose who receives your remaining account value. Other options may exist if you pass away after lifetime payments start, but they’ll depend on how many annual payments you’ve received.
Because this is a single premium annuity, no additional premiums will be accepted into your contract once it has been issued. As of the date you sign your application, you must be at least 18 years old in order to purchase this annuity. The maximum issue age varies depending upon the version of the product you select. The minimum dollar amount required to issue a contract is $10,000 and the maximum dollar amount allowed is $2,000,000.
Subsequent guaranteed growth period(s)
When each guaranteed growth period ends, you’ll start a new guaranteed growth period and a new surrender period (see below), with a new guaranteed growth rate. The new guaranteed growth rate cannot be less than the Guaranteed Minimum Interest Rate specified in your contract.
In most cases, the period will be for the same number of years as the initial guaranteed growth period, unless the period would extend beyond the date the Lifetime Annuity Period would begin (see below). In that scenario, the guarantee period will be the next shortest period that doesn’t go beyond the start of the Lifetime Annuity Period.
Free Withdrawal amount
Each contract year, you may withdraw 10% of the total Contract Value as of the prior contract anniversary without incurring any surrender charges or an MVA.
Market Value Adjustment (MVA)
An adjustment made to the amount you receive if you withdraw more than you’re allowed each year. MVAs only apply during the surrender period. An MVA can increase or decrease the amount of your withdrawal. Generally speaking, if interest rates are higher when you take the withdrawal than they were when you bought the annuity, an MVA will probably decrease the amount you receive. If interest rates have dropped, an MVA will probably increase the amount you receive.
Death benefit
If you pass away before lifetime payments start, you can choose who receives your remaining account value. Other options may exist if you pass away after lifetime payments start, but they’ll depend on how many annual payments you’ve received.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.95% |