Heartland’s Secure Rate MYGA features also include:
Tax-deferred growth
Liquidity
The Secure Rate MYGA is 100% tax-deferred, allowing your money to grow faster because you’ll earn both fixed-rate interest and compounding interest on dollars that would otherwise be paid in taxes. The net result is a better return over the life of your guarantee period. Plus, you won’t pay taxes on any interest until you access the funds.
After the contract has been in force for thirty (30) days, you may withdraw a portion of your policy value by making a partial surrender. All partial surrenders (including required minimum distributions from qualified retirement accounts) will be reduced by any applicable surrender charges and MVA.
Death benefit
Your MYGA annuity is also protected in the event that you die prior to the effective date of a payment option. The amount paid to your beneficiary(ies) is equal to the accumulation value on the date of the owner’s death. If the owner is not a natural person (meaning they are an association, partnership or other group), the death of the annuitant will be treated as the death of the owner.
Free partial surrenders
During the guarantee period, you can withdraw accumulated interest earned in any single year without surrender charges or a market value adjustment (MVA) being applied. Applicable accumulated interest resets to zero on each policy anniversary. These withdrawals will be available to you at the end of the 30-day right-to- examine period. If the amount you withdraw is more than the accumulated interest, the entire amount will be subject to the cash surrender value as described in the contract. If you choose the 5% free withdrawal rider (see below), the accumulated-interest withdrawal provision will not apply .
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