Market Crest MYGIA
Market Crest MYGIA
Ratings:
- A.M. Best A
- S&P A-
- Comdex 71
About Product
MYGA Interest Rates
Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
---|---|
3 years | 3.5% |
5 years | 4% |
7 years | 3% |
How it works
At the end of each interest rate guarantee period, the annuity yields a return based on the higher of two values: either the total accumulated value from the guaranteed fixed interest rate or the indexed value, which is based on the performance of the S&P 500 Index. If the indexed value is greater than the accumulated value, any excess will be credited as a bonus.
Issue Ages
18 – 90 (non-qualified)
18 – 85 (qualified)
Single Premium Amounts
Minimum: $10,000 (qualified); $25,000 (non-qualified)
Maximum: $1,000,000 without the need for home office approval
Subsequent Premiums are not allowed. If multiple transfers are expected, notify SBLI to hold for the last-to-issue.
Index Interest Bonus Crediting Rider
For each multi-year interest rate guarantee period, this rider offers a potential interest bonus at the end of that period, or upon the death of the owner if it occurs during that period.
An interest bonus is credited if the return from the Indexed Value - calculated by multiplying the participation rate times the percentage change in the S&P 500® Index’s price from just before the guarantee period start date to its highest price on any anniversary during the guarantee period - exceeds the growth from the fixed interest rate.
Market Value Adjustment (MVA)
Surrenders and withdrawals made before the end of the interest rate guarantee period will be subject to a positive or negative MVA. Upon full surrender of the contract, the owner will never receive more than the contract’s Accumulated Value, nor less than the contract’s Guaranteed Cash Surrender Value because of the MVA.
Withdrawal Options
IRS-mandated Required Minimum Distributions (RMDs) starting in the first contract year may be withdrawn without a penalty.
Starting from the first year, annual withdrawals up to 5% of the contract value are currently allowed without incurring Surrender Charges or MVA. Withdrawals that exceed this limit will be subject to these charges.
Please note, partial withdrawals (other than Required Minimum Distributions) during the selected interest rate guarantee period will render the contract ineligible for receiving the interest bonus at the end of that period.
Renewal Options
Within the thirty days following the end of the initial guarantee period, one of the following options may be selected without a surrender charge or MVA:
- A second multi-year interest rate guarantee period with the same or shorter interest guarantee period;
- A one-year guarantee period with a declared renewal interest rate; or
- Withdraw some or all the annuity’s accumulated value.
Death benefit equals the amount accumulated in the contract. This amount may qualify for an interest bonus based on the highest anniversary price as of the most recently completed policy anniversary (if death occurs within the selected interest rate guarantee period). In addition, no MVA will be applied.
Annuitization
The contract may be annuitized no later than the owner’s aged 99 as of his/her last birthday. Contracts annuitized in the first three contract years may be subject to an MVA and surrender charges.
Please see the Indexed Interest Crediting Option
Riders
No Riders for Market Crest MYGIA annuity.
Waivers
Nursing Home
If the contract owner is confined in a nursing facility for 60 or more days, or is unable to perform 2 of 6 ADLs, the contract may be surrendered, or a portion of the accumulated value may be withdrawn free of surrender charges and without an MVA. No interest bonus will be included. Features and availability may vary by state. This rider becomes available 90 days or more after the issuance of the contract.
Terminal Illness
If the contract owner is diagnosed as having a terminal condition with not more than 12 months to live, the contract may be surrendered, or a portion of the accumulated value may be withdrawn, free of surrender charges and without an MVA. No interest bonus will be included.
Surrender Window
There is no surrender charge for 30-day window at the end of the interest rate guarantee period. Any withdrawal in the interest guarantee period except for RMDs will terminate the rider with no future interest bonus payment.
ADL
If the contract owner is confined in a nursing facility for 60 or more days, or is unable to perform 2 of 6 ADLs, the contract may be surrendered, or a portion of the accumulated value may be withdrawn free of surrender charges and without an MVA. No interest bonus will be included. Features and availability may vary by state. This rider becomes available 90 days or more after the issuance of the contract.