Discovery 5
Discovery 5
Your Email
Ratings:
- A.M. Best B++
About Product
Premium Type
Single Premium
Fee withdrawal:
15%
Market Value Adjustment
No
Return Of Premium
No
Minimum Contribution
$10,000
Maximum Contribution
$1,000,000
Max Age Qualified
84
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, Inherited IRA, NQ Stretch, and TSP
Launch Date
01/01/2015
MYGA Interest Rates
Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
---|---|
5 years | 4.45% |
The Discovery annuity is a single premium deferred, multi-year guarantee annuity. You have a choice of guarantee periods ranging from 3 to 7 years. Western United Life Assurance Company (WULA), as a legal reserve life insurance company, is legally required to maintain reserves equal to the surrender value of your Discovery annuity at all times. Insurance laws require levels of capital and surplus that provide an even greater margin of safety. Both premium and interest are 100% guaranteed by Western United Life Assurance Company.
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
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
Tax Qualifier
- Non-qualified, or
- Qualified, including Traditional IRA, Roth IRA, SEP IRA and Simple IRA.
Note:
- TSP accepted as a rollover to IRA
- Inherited/Beneficiary IRA usually taken as a direct transfer
Issue Ages
Annuitant’s actual age on the contract date, which is the date of issue, must be:
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.