Questions & Answers
What is a multi-year guaranteed annuity?
A multi-year guaranteed annuity (MYGA) is a contract between you and an insurance company. A MYGA is a type of fixed annuity. That means it applies a guaranteed interest rate over multiple years. It is designed to address long-term financial goals rather than immediate or short-term needs.
What is a market value adjustment (MVA) and when does it apply to me?
If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact Annuitization Options or the Minimum Guaranteed Surrender Value, and will only apply during the surrender charge schedule.
How does the terminal illness waiver work?
You can withdraw up to 100% of your annuity’s contract value if you are diagnosed with a terminal illness that is expected to result in death within one year and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. This waiver is available after your first Contract Anniversary and the initial diagnosis of terminal illness must be made after the Contract Effective Date.
How does the nursing home waiver work?
You can withdraw up to 100% of your annuity’s contract value if you are confined to an eligible Nursing Home. This benefit is available if you are confined for at least 90 consecutive days any time after your first Contract Anniversary and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. To receive the Nursing Home Waiver, you cannot be confined at the time your contract is issued and confinement must begin at least one year after the Contract Effective Date.
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