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Nex Multi-Year Guaranteed Annuity (MYGA) Product Issued by The Ohio State Life Insurance Company
Protect Your Principal and Grow Your Income FIXED ANNUITIES OR MULTI-YEAR GUARANTEED ANNUITIES (MYGA)
Income & Growth Fixed annuities are designed to help grow your retirement income – typically at higher interest rates than those offered for financial products. Income is tax- deferred until you access it, allowing your money to grow and compound faster than products that are subject to annual income tax. Principal Protection Since fixed annuities are contracts with insurance companies, your principal and interest are protected. Protecting your income and savings is a critical step toward achieving your retirement goals and planning for the future.
Access & Liquidity People often purchase fixed annuities to grow their retirement savings or provide lifetime income payments – but you can also get access to your money through flexible withdrawal terms and available riders.
Succession Planning Fixed annuities can help families plan for the next generation, providing you a way to pass assets to your beneficiaries that may help avoid the lengthy probate process.
What is a Fixed Annuity?
Fixed annuities are insurance products that, after a single initial premium payment, earn a fixed rate of interest, allowing your money to grow on a tax-deferred basis until you decide to begin receiving annuity payments. Therefore, you can expect solid, guaranteed growth as long as the funds remain in the annuity until the end of any surrender charge period. Fixed annuities often offer multiple guarantee periods to align with your specific needs and guarantee the interest rate for the entire guarantee period you select. With fixed annuities, you can be confident that what you expect is what you will receive – which is ideal for retirement planning.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
Most Americans do not prioritize retirement early enough, which is why many traditional options do not fully meet the financial needs of retirees today. Fixed annuities, however, are designed specifically to benefit those who are already retired or nearing retirement age.
Planning for Retirement in Today’s Environment In today’s economy, planning for retirement— and ensuring you’re making the right decisions for your situation—is a complicated process. Americans are living longer, and many retirees are outliving their savings. As life expectancy increases and the retirement burden shifts to individuals, there is a critical need for effective retirement solutions.
Current retirement options often fall short. Savings accounts and CDs typically offer low rates with limited benefits. And other investment options come with risks that can be especially problematic for retirement-aged individuals, including stock market volatility, interest-rate risk, and credit risk.
Addressing Retirement Concerns Through Fixed Annuities
Outliving Your Savings Growing your retirement income can ensure you do not outlive your savings.
State of Social Security Retirees need a supplement to social security which is often not sufficient as a sole source of income.
Increased Healthcare Cost Get access to your money through flexible withdrawal terms when you need it.
Choosing the Highest Level of Income and Principal Protection
Product/Source
Income
Principal Protection
Stocks Bonds
LOW
LOW
MODERATE
MODERATE
Bank Products Fixed Annuities
MODERATE
HIGH
HIGH
HIGH
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
NEX MULTI-YEAR GUARANTEED ANNUITY PRODUCT OVERVIEW Access to Money & Other Benefits 1
Annuitization Payment Options Available • Payments for Fixed Period of Time Option • Life Income Option • Life Income plus Fixed Period Option • Payments of Fixed Amounts Option
Free Partial Withdrawal Rider If owner selects the Free Partial Withdrawal Rider, after the penalty free waiting period, Ohio State Life will waive any withdrawal charges and market value adjustment on the first withdrawal in a policy year in an amount up to the free withdrawal percentage of the account value. Death Benefit Feature Rider If owner selects the Death Benefit Feature Rider, on the death of the owner (or the death of a joint owner, if applicable) before the income date, the death benefit amount will be the account value on the date of the owner’s (or joint owner’s) death. The market value adjustment and any withdrawal charges will be waived.
• Joint Life Income Option • Other Payments Option
Nursing Home Waiver of Withdrawal Charge Rider
If owner selects the Nursing Home Rider, after the first contract year and while the policy is in force, owner may request a partial or total surrender of the value of the annuity without withdrawal charges if owner provides satisfactory proof that: • Owner is confined in a nursing home continuously for at least 90 consecutive days immediately prior to the request; and • Owner’s confinement in the nursing home began after the rider effective date.
1 Some features and optional benefits and riders may not be available in all states.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
NEX MULTI-YEAR GUARANTEED ANNUITY PRODUCT OVERVIEW Contract Value & Withdrawal Charges
Account Value The account value is the single premium shown in the policy schedule, less any premium tax and amounts withdrawn, accumulated with interest as described in the policy values provision. Cash Surrender Value The cash surrender value is the amount that is payable if owner surrenders the policy. Market Value Adjustment Under the terms of the policy, Ohio State Life adjusts the cash surrender value, death benefit, and/or withdrawal amounts during any guarantee period by a factor called the Market Value Adjustment (MVA). The MVA is based on the Constant Maturity Treasury Rate (CMT) appropriate for the guarantee period as shown on the policy schedule.
Withdrawal Charges A withdrawal charge is assessed for each withdrawal before the maturity date. The withdrawal charge is determined based on the amount of time that has elapsed since the beginning of the applicable guarantee period and is calculated as a percentage of the account value at the time of the withdrawal, according to the schedule in the policy.
Nex MYGAs Withdrawal Charge Schedule 2 Contract Year
12345678910
Nex3 MYGA
9% 8% 7% 0%
Nex5 MYGA
9% 8% 7%
0% 6% 5%
Nex7 MYGA
9% 8% 7%
0% 6% 5% 4% 3%
Nex10 MYGA 3
9% 8% 7%
1% 6% 5% 4% 4% 3% 2%
2 Withdrawal charges will be waived during the 30 days following the end of each guarantee period. 3 Withdrawal charges shown in the chart have been rounded to the nearest whole number percentages. Consult the policy contract for exact withdrawal charge rates.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
The Ohio State Life Insurance Company
Who is The Ohio State Life Insurance Company? The Ohio State Life Insurance Company is a legacy American life insurance business established in 1906. Today, The Ohio State Life Insurance Company works with product innovation partners like NexAnnuity to deliver unique annuity offerings. The company helped shape the industry through product development. In 1971, it was the first to advance death benefit payments to sustain the life of a policy holder. Ohio State Life joined the NexAnnuity network in 2019 to deliver annuity and insurance solutions that are built for today’s retirement.
Modern Solutions Today, The Ohio State Life Insurance Company offers annuity products designed to grow retirement income while protecting principal. The company has established a network of top service providers and product innovation partners to provide industry leading crediting rates for policyholders.
Powered by NexAnnuity NexAnnuity is committed to developing and delivering solutions for modern retirement needs.
Traditional retirement products do not reflect the modern financial landscape. NexAnnuity’s mission is to develop and deliver solutions that address the needs of current and future retirees. By leveraging the resources of our established investment network, financial services expertise, and efficient operating model, we seek to drive value for our clients and partners.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
Product Summary & Key Terms
Product Single premium deferred annuity (fixed annuity) policy with multi-year interest rate guarantee period options (“Nex MYGA”) Interest Rate Guaranteed interest rate over the initial guarantee period that corresponds with the guarantee period owner selects Guarantee Period Options 3-, 5-, 7- and 10-year options Annuitization Owner can choose payout of income over lifetime or defined period Issue Ages 4 0-85 years (age last birthday of annuitant) Single Premium 4 Min. $10,000 (Over $1 million with home office approval) Policy/Policy Schedule The policy is a contract with Ohio State Life that includes a policy schedule and outlines the terms of the policy. Interest Crediting Method Interest is credited daily and compounded at the end of each policy year. Interest payments and interim account balances are compounded using normal daily interest rate and the daily account balances. Owner (Joint Owners) The individual(s) (or entity) who is (are) entitled to exercise the rights and privileges under the policy
Change in Ownership Owner can name a new owner by giving Ohio State Life written notice of the change. Upon naming a new owner, prior owner’s ownership rights terminate, and the new owner is entitled to exercise rights and privileges under the policy. Beneficiary The person(s) or entity(ies) that owner has designated to receive any death benefits payable under the policy Death Benefit If owner dies prior to maturity, a death benefit will be paid to the beneficiary(ies). The amount will be the cash surrender value unless the death benefit rider is selected. Withdrawals/Partial Withdrawals Owner can withdraw all or a portion of the policy’s cash surrender value prior to maturity, subject to withdrawal charges, market value adjustments, and minimum withdrawal amount listed in the policy. Maturity & Automatic Renewals Upon reaching the end of each guaranteed period, if owner is alive, the policy will automatically renew for a renewal guarantee period which is the same length as the initial guarantee period. The credited interest rate for the renewal guarantee period will not be less than the minimum guaranteed interest rate shown on the policy schedule. Surrender Owner can terminate the policy in exchange for the cash surrender value.
4 Applications for annuitants ages 75+ or for $250,000+ may be referred for heightened review or home office approval. 100% of current commission rate to be paid for issue ages 0-80 years, and 50% of current commission rate to be paid for issue ages 81-85 years. In FL and CA, 100% of current commission rate to be paid for issue ages 0-75 years, and 50% of current commission rate to be paid for issue ages 76-85 years.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
This material is intended to provide educational information regarding the features and mechanics of the products and is intended for use with the general public. It should not be considered, and does not constitute, personalized investment advice. The issuing insurance company is not an investment adviser nor registered as such with the SEC or any state securities regulatory authority. The issuing insurance company is not acting in any fiduciary capacity with respect to any contract and/or investment. The product brochure provides a summary of the benefits that may be included in the annuity policy contracts when they are issued. They are for informational purposes only. In the event of an ambiguity or conflict of terms between any brochure and the annuity policy contract, the terms of the annuity policy contract are controlling. Nex MYGA annuities are issued by The Ohio State Life Insurance Company, 300 Crescent Court, Suite 700, Dallas, Texas 75201 (“Ohio State Life”). Available in most states under contract form series ICC21 NA001_Rev, ICC21 NA001-APP_Rev, ICC21 NA001R1_Rev, ICC21 NA001R2_Rev, ICC21 NA001R3_Rev and state variations thereof. Rider benefits and rider form numbers may vary by state. Insurance and annuity products, optional features, and riders are not available in all states and may be subject to firm availability. Ohio State Life is not licensed in Connecticut, Maine, New York, or Vermont, and operates in California with license number 08115. Annuities contain features, exclusions and limitations that vary by state. Read the contract for complete details. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of Ohio State Life. Ohio State Life may change or discontinue a product at any time. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59½, may be subject to a 10% IRS penalty. Any discussion or mention of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, investment, tax or accounting advice. NexAnnuity, Ohio State Life and their affiliates, including any distribution partners, do not offer legal, investment, tax or accounting advice. Please consult your own qualified legal, investment, tax and accounting advisors. “NexAnnuity” and “Nex” are used as marketing names for NexAnnuity Holdings, Inc., its subsidiaries and some affiliates, including The Ohio State Life Insurance Company. Each subsidiary or affiliate is responsible for its own financial and contractual obligations. Certain subsidiaries and affiliates, including The Ohio State Life Insurance Company, are not authorized to do business in New York. ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. ANNUITIES MAY LOSE VALUE AND HAVE NO BANK/CREDIT UNION GUARANTEE. ANNUITIES ARE NOT A DEPOSIT AND ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. ANNUITIES MAY ONLY BE OFFERED BY A LICENSED INSURANCE PRODUCER/AGENT. This material should not be interpreted as a recommendation by NexAnnuity or Ohio State Life.
Financial Professionals and Insurance Agents info@nexannuity.com (855) 890-5206
Individuals policyservice@insadminservices.com (855) 890-5206
(855) 890-5206 FOR CLIENT USE ONLY. NOT FOR PUBLIC USE OR DISTRIBUTION. NEX-MYGA-BROCH 08262022
www.nexannuity.com
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