Performance SPDA 3
The Performance SPDA 3 annuity is perfect for those planning for retirement. It offers a dependable, guaranteed interest rate that will grow your money smoothly over time, away from any market fluctuation. This product lets you make a one-time payment and provides added flexibility with free withdrawals for Required Minimum Distributions or up to last year's accumulated interest. The annuity will even waive any surrender charges if the owner becomes confined to a nursing home or gets diagnosed with a life-threatening illness.
Another added benefit in the Performance SPDA 3 is that you get to choose the best time to access your money usually when you are in a lower tax bracket during retirement, which boosts your tax savings! The company's dedicated staff adds a personal touch to their service. If you're planning for a stable, hassle-free retirement, this annuity offers a great mix of guarantees, tax benefits, and flexibility.
Performance SPDA 3
Ratings:
- A.M. Best A-
- Comdex 59
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.4% |
Death Benefit
If you are the annuitant and die before we start to pay you income from your annuity, we pay the annuity fund value to your beneficiary. If you are the owner of the deferred annuity but not the annuitant, death benefit proceeds may also be payable at your death. If you elect to take regular monthly income payments of principal and interest, we will issue you a supplemental contract. If you die after the payouts start, whether or not there is a death benefit payable to your beneficiary and how that benefit, if any, would be paid, is dependent on the type of payout you chose.
Withdrawal Features
Free withdrawals for:
- Required Minimum Distributions
- Withdrawal of up to prior year’s accumulated interest OR option to withdraw up to 10% of accumulated value (lower crediting rate applies when electing the latter withdrawal privilege).
Market Value Adjustment
If the Market Value Adjustment (MVA) rider is elected at issue, an MVA may further reduce the cash surrender value. A positive MVA will decrease the amount being surrendered. A negative MVA will increase the amount being surrendered. Even with an MVA, in no event will the Cash Value of the Policy be less than the Guaranteed Minimum Cash Surrender Value.
If your annuity includes a MVA rider and you have not elected the 10% withdrawal benefit outlined above, we will issue your policy with an endorsement that will allow you, in any given policy year, to withdraw without surrender penalty or Market Value Adjustment, if any, interest earned during the previous policy year. If interest earned is not withdrawn during the policy year following the one in which it was earned, it may not be withdrawn without appropriate surrender charges or Market Value Adjustment, if any, in any subsequent policy year.
Guaranteed Minimum Interest Rate
If the Basic Interest Rate (BIR) at contract issuance is greater than the GMIR, the higher rate applies during the surrender charge period.
Note: TSP funds have to be rolled into an IRA.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| 10% Free Withdrawal | No | 0.15% rate reduction |
Waivers
Death
Surrender charges are waived upon the death of the annuitant only.
Nursing Home
Unavailable in states: CA
Beginning at policy issue. Waiver applicable to annuitant only. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: CA
12 month life expectancy. Waiver applicable to annuitant only.
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