Focused Growth Annuity
The Focused Growth Annuity offered by Standard Insurance Company is perfect for long-term savers looking for a safe and beneficial retirement strategy. It offers the exciting features of deferred annuities, such as tax-deferred growth and protection of your funds. Few taxable investments offer such a reassuring blend of safety, growth, and flexibility. The annuity boosts your savings through a triple-compounding effect - interest is earned on your principal amount, the interest itself and the tax savings you accrue in your deferred annuity account.
The Focused Growth Annuity also provides various guarantees such as rate guarantees for 3, 5, 7, or 10 years based on your selection. Furthermore, you have easy access to your funds during the surrender-charge period, with withdrawal options created for certain situations without any surrender charge or market value adjustment. When you are ready for the payout phase, you can convert your deferred annuity into a guaranteed income stream to meet your post-retirement expenses comfortably. It’s a product that truly puts the ‘golden’ in your golden years.
Focused Growth Annuity
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.7% |
| 5 years | 4.15% |
Initial Rate Guarantee Period
We guarantee the annual interest rate in effect at the time you buy the annuity for 3, 5, 7 or 10 years, depending on the option you select. Interest is calculated and credited daily. At the end of the term, you may withdraw your money or automatically start a new guaranteed-rate period.
Subsequent Rate Guarantee Period
If you choose to continue your annuity, new interest rate guarantee periods and surrender-charge periods automatically begin at the end of your initial term, then again at the end of each subsequent term.
All subsequent terms will be for the same duration as your initial guarantee period. For example, if you chose a Focused Growth Annuity 3, all subsequent guarantee periods will be 3 years.
During the first 30 days of each term, you may withdraw some or all of your funds without a surrender charge or market value adjustment.
The Standard sets a new interest rate at the beginning of each rate guarantee period, and we guarantee the rate for that period. The new rate may be higher or lower than the interest rate of your initial rate guarantee period.
Premium Amounts
The minimum premium is $15,000 and maximum premium is $1,000,000. Greater amounts may be possible if preapproved by The Standard before you submit an application. You may add additional premium in the first 90 days.
Access to Funds
There are times when you may need to access your funds during the surrender-charge period. We have created withdrawal options without a surrender charge or market value adjustment to help in certain situations. There may be a 10 percent early-withdrawal IRS penalty for surrenders that occur before age 59½. Please consult a tax professional for guidance.
30-Day Window. During the frst 30 days of each subsequent surrender-charge period, you can withdraw some or all of your funds without a surrender charge.
Payments of Interest Earnings
After 30 days, you can withdraw your interest earned without a surrender charge. Payments may be scheduled monthly, quarterly, semi-annually or annually.
Market Value Adjustment
A market value adjustment applies to withdrawals or surrenders that are subject to a surrender charge. We base the adjustment on a formula that takes into account changes in the MVA Index at that time. We will waive the MVA when the surrender charge is waived. The MVA can increase or decrease the surrender value of the annuity. Generally, if interest rates have risen since the beginning of the current surrender-charge period, the MVA will decrease the surrender value. If interest rates have fallen, the MVA will generally increase the surrender value.
Death Benefits
Death benefit payments are available without a surrender charge. After the death of an annuitant, the owner may elect a withdrawal within 180 days of the death and surrender charges will be waived.
Annuitization
Annuitization is the process of changing from accumulating savings to generating a guaranteed income stream. You may convert your deferred annuity to a payment stream with The Standard at any time without a surrender charge. You must choose either a lifetime income payment option or a certain period of at least five years.
Plan Type
Inherited IRAs for spouses only
Note: TSP funds have to be rolled into an IRA.
Riders
No Riders for Focused Growth Annuity annuity.
Waivers
Death
Surrender charges will be waived at Death.
Nursing Home
Unavailable in states: MA
Available after the first policy year; 30 day elimination period. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: MA
Terminal Illness Waiver: Available after the first policy year; 12 month life expectancy.
Annuitization
Annuitization Waiver: Surrender charges are waived if either a Lifetime Income option or Period Certain option of at least five years is chosen.
Surrender Window
There is a 30 day renewal window with repeating guarantee periods. During the first 30 days of each subsequent term, all or part of the funds may be withdrawn without a surrender charge or market value adjustment.
- A.M. Best A
- S&P A+
- Moody's A1
- Comdex 82
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