Discovery 5
The Discovery 5 Annuity offered by Western United Life Assurance Company (WULA) is a great financial product for those planning for a comfortable retirement. It's key advantage is that it is single premium, tax-deferred and backed by WULA's good financial standing and capital reserves. An added benefit is that it does not require any set up fees or administrative charges - meaning every penny you invest goes to work right away. With immediate interest accrual, your money starts growing from day one.
Accessibility to your investments is also quite flexible with the Discovery 5. You can choose periodic distributions on a monthly, quarterly, semi-annual, or annual basis using Electronic Fund Transfers. There is also a waiver of surrender charges in the unfortunate event of the Annuitant's death, ensuring your beneficiaries will receive full annuity value quickly and easily, thus easing inter-generational wealth transfers. For those worried about outliving their savings, this annuity product provides a secure means to invest your funds and watch them steadily grow over time.
Discovery 5
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.3% |
Penalty-Free Withdrawals
Beginning in the first year of your Discovery annuity, you may withdraw (Partial Surrender) the accumulated interest or RMD on the 3 year plan, or up to 15% of the Annuity Value per calendar year on the 5, 6, or 7 year plans without fees or charges.
Distribution Options
Your Discovery annuities can be set up to make regular periodic distributions, such as monthly interest. Partial Surrenders may be made on a monthly, quarterly, semiannual or annual basis and need to be set up as Electronic Fund Transfer (EFT).
Minimum Single Premium
- $10,000 for 3, 5, and 7 year plans
- $25,000 for 6 year plan
- Over $1,000,000 requires approval from the Home Office before submitting an application
- Non-qualified, or
- Qualified, including Traditional IRA, Roth IRA, SEP IRA and Simple IRA.
- TSP accepted as a rollover to IRA
- Inherited/Beneficiary IRA usually taken as a direct transfer
Annuitant’s actual age on the contract date, which is the date of issue, must be:
- 0-99 for 3 year plan
- 0-84 for 5, 6 and 7 year plans
Riders
No Riders for Discovery 5 annuity.
Waivers
Death
If the Annuitant dies before payments have begun under a Settlement Option, surrender charges are waived. If the Annuitant and Owner are not the same person, and the Owner dies while the Annuitant is still alive, surrender charges are not waived.
- A.M. Best B++
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