Multi-Choice Annuity
"The Multi-Choice Annuity truly reminds us that retirement need not be marred by financial anxiety. It's an excellent way to secure your financial future. With interest rate guarantees, and the choice of 3, 5 or 7 years, this product offers a unique blend of safety, growth, and flexibility which is important as we start to enjoy our golden years. The extra boost of benefits with the "triple-compounding" feature is a cherry on top, working to optimize our growth potential."
"The choice to withdraw funds without a surrender charge or market value adjustment during the first 30 days of subsequent terms may be great for those unexpected twists in life's journey. Plus, the access to funds during a nursing home stay or a terminal condition signals The Standard's understanding of their customer's life scenarios. In a nutshell, the Multi-Choice Annuity could be an ideal choice if you are looking for a product that provides tax-deferred growth, financial security, and peace of mind."
Multi-Choice Annuity
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.35% |
| 5 years | 4.5% |
Issue Age Maximum issue age may vary by distributor
Multi-Choice Annuity 3 and 5 for owners age 18–93 and for annuitants age 0–93 the purchase of the annuity for those age 91-93 must be for transfer-of-wealth or estate-planning purposes.
Premiums
$15,000 – $1,000,000
Greater amounts may be possible if pre-approved before you submit an application. You may add an additional premium in the first 90 days.
Time to Reflect on the Purchase: you may cancel and return your contract within 30 days after it is delivered to you. We will refund your premium after a cancellation, minus any withdrawals you’ve taken.
Required Minimum Distributions
You can schedule IRS required minimum distributions for tax-qualified plans without a surrender charge.
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.
Annuitization
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 payment option or a certain period of at least five years.
Choice of Withdrawal Options
The unique feature of the Multi-Choice Annuity allows you to select an optional withdrawal provision that best meets your financial needs.
- No optional withdrawal provision
- Interest-only withdrawal after 30 days
- 10% annual withdrawal provision applies after the first contract year.
- 10% annual withdrawals and Guarantee of Principal (GOP) applies after the first contract year.
- Life income
- Life income with a certain period
- Joint and survivor life income
- Joint and survivor life income with a certain period
- Joint and contingent survivor life income
- Certain period
- Lump-sum Other options may be available.
Plan Type
Inherited IRAs for spouses only
Note: TSP funds have to be rolled into an IRA.
Riders
No Riders for Multi-Choice Annuity annuity.
Waivers
Nursing Home
Unavailable in states: MA
After the first year, you can withdraw funds without a surrender charge if you are a resident in a nursing home for 30 or more consecutive days. The nursing home waiver does not include home health care.
Terminal Illness
After the first year, you can withdraw funds without a surrender charge if you are diagnosed with a terminal condition with a life expectancy of 12 months or less.
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.
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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