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Milestone MYGA Multi-Year Guaranteed Annuity CLIENT GUIDE Sagicor.com
Now is always the best time to start saving for the future. However, selecting the right savings strategy can be difficult and often becomes confusing when considering the many available choices. How about an easy to understand, simple and guaranteed way to safely grow your savings? Introducing the Milestone MYGA, a single premium deferred fixed annuity with multi-year rate guarantees. The Milestone MYGA provides a guaranteed fixed rate of interest over a period of time called a guarantee period. Your money grows safely on a tax-deferred basis during this time without market risk. At the end of the initial guarantee period, money can be withdrawn without surrender charges during a 30-day penalty-free window, left to grow for another guarantee period depending on the initial guarantee period selected, or taken as an income stream in any one of the available annuitization payout options. With a guaranteed fixed rate of interest, tax-deferred earnings, penalty-free withdrawals, a choice of guarantee periods and flexibility through multiple options at the end of the initial guarantee period, a Milestone MYGA may be a great way to help you reach your savings milestones. Features and benefits Minimum premium/Issue ages The minimum premium amount is $15,000 with issue ages up to 90 years. Guaranteed interest rates The entire amount of your premium starts working for you immediately by earning a guaranteed interest rate that grows on a tax-deferred basis for the time period that you select. Principal protection There is no market risk or concern about market volatility because you are not participating in the stock market; you’re earning a guaranteed fixed interest rate. With no market risk and a guaranteed interest rate, your money and the interest credited are protected. Premium payments, less surrender charges and market value adjustment (MVA), if any, are subject to the claims-paying, ability of Sagicor. Tax-deferred growth Take your dream and start breaking it down to milestones. The Milestone MYGA grows on a 100% tax-deferred basis, which may generate a greater accumulation value over time. That’s because paying taxes each year reduces the amount of funds available for growth and compounding. Your premium will earn interest tax deferred and the compounding interest is also tax deferred. Income taxes are only due when you start taking withdrawals. Penalty-free withdrawals Beginning in the second contract year, you may withdraw an amount equal to 10.00% of the last contract anniversary accumulation value without a surrender charge or MVA. There is a minimum withdrawal requirement of $500. Death benefit In the event of death, your beneficiary(ies) will be paid a death benefit equal to the accumulation account value of your annuity without surrender charges or MVA. A beneficiary may choose to receive the death benefit in either a lump sum or any of the available annuitization options.
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MVA An MVA will apply to any full surrender or partial withdrawal that exceeds the maximum penalty-free withdrawal during the guarantee period. Depending on the direction interest rates move, the MVA may increase or decrease benefits available under the contract. The MVA does not apply to the death benefit or the guaranteed surrender value. Surrender charges A surrender charge applies to withdrawal amounts that are greater than the penalty-free withdrawal limit. Each guarantee period has its own surrender charge schedule. The surrender charge amount is a percentage of the accumulation value and decreases over time. If your annuity renews for a new guarantee period, the surrender charge schedule will reset and start over. Surrender charge schedule
Guarantee period
1 st
2 nd
3 rd
4 th
5 th
6 th
7 th
3-Year
9.00% 8.00% 7.00%
4-Year
9.00% 8.00% 7.00% 6.00%
5-Year
9.00% 8.00% 7.00% 6.00% 5.00%
6-Year
9.00% 8.00% 7.00% 6.00% 5.00% 4.00%
7-Year
9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00%
Subsequent surrender charge periods and penalty-free windows You will have a 30-day penalty-free window following the end of the initial surrender charge period, at the beginning of each subsequent surrender charge period. During this timeframe, you can take a partial or total withdrawal of your principal and earned interest without being subject to a surrender charge or MVA. Depending on the length of your guarantee period, the surrender charges and penalty-free window repeat as follows:
Guarantee period
Subsequent surrender charge periods When you can expect a penalty-free window
3-Year
Two
Twice: at contract anniversary years 3 and 6
4-Year
Two
Twice: at contract anniversary years 4 and 8
4-Year (Florida)
One
Once: at contract anniversary year 4
5-Year
One
Once: at contract anniversary year 5
6-Year
One
Once: at contract anniversary year 6
6-Year (Florida)
None
N/A: does not repeat
7-Year
None
N/A: does not repeat
Renewal You will receive written notice 45 days before the penalty-free window begins. If no action is taken, the 3-, 4-, 5- and 6-year guarantee periods will automatically renew with a new guaranteed credited interest rate, subject to the surrender charge and MVA. Following the subsequent surrender charge periods, the guaranteed credited interest rate will renew on an annual basis. No surrender charge or MVA will be in effect. Page 3 of 4
For more than 65 years, Sagicor Life Insurance Company has continued to help individuals and their families protect what’s important in their lives. We offer solutions that give people the ability to overcome challenges, the peace of mind of having solid financial protection, and the assurance of meeting their retirement income goals. Know that your policy is backed by a financial leader dedicated to providing life insurance and annuities for all your needs. Sagicor is rated “A-” or Excellent by A.M. Best Company, which is 4 th best of 16 possible ratings, affirmed as of November 4, 2021. This rating is based on Sagicor’s financial strength and ability to meet our ongoing obligations. Rely on the strength of Sagicor
Feel confident about your future. Ask your financial professional how Milestone MYGA can help you meet your goals. Products issued by Sagicor Life Insurance Company. Home Office: Scottsdale, AZ. Products not available in all states, and state variations may apply. Sagicor does not provide tax or estate planning advice. You should consult with your tax advisor(s). Annuities and life insurance products have limitations and restrictions, including surrender charges. Contract Forms: ICC173008, 3008, 3008FL, and 3008ND. Rider Forms: ICC176068, 6068, and 6068ND. Withdrawals prior to age 59½ may be subject to ordinary income tax and a 10.00% IRS tax penalty. Sagicor is rated “A-” (Excellent) by A.M. Best Company (4 th best out of 16 possible ratings), affirmed as of November 4, 2021. Rating and guarantees based on the claims-paying ability of Sagicor Life Insurance Company.
Not a deposit • Not FDIC or NCUSIF insured • Not guaranteed by the institution Not insured by any federal government agency • May lose value
SAGICOR LIFE INSURANCE COMPANY 8660 E. Hartford Drive, Suite 200 Scottsdale, AZ 85255 CLIENT SERVICES 888-724-4267, ext. 4610
9090 | S6800922
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