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 At the end of the initial guarantee period, money can be withdrawn without surrender charges during a 30-day penalty-free window, left to grow for another guarantee period depending on the initial guarantee period selected, or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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