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Understanding market value adjustments*
In some circumstances, an MVA may apply when you withdraw money from your contract, because changes in the interest rate environment may alter the amount you withdraw. Adjustments are based on the change in the Bloomberg Barclays US Intermediate Corporate Bond Index yield between the day the contract was issued and the day the withdrawal is taken. The adjustment to the amount you withdraw will either be a credit (resulting in an increased amount) or a charge (resulting in a decreased amount) paid to you.
Here’s how MVAs may affect you: MVAs only apply if you
A negative adjustment will never result in you receiving less than the guaranteed minimum value of the contract.
MVAs may also apply upon death or annuitization, but only if it results in a cash surrender value that exceeds the contract value that would otherwise be paid.
withdraw more than the free withdrawal amount from your contract during the withdrawal charge period you’ve selected (3 years, 5 years or 7 years).
Be sure to review your Contract Summary and/or Statement of Benefit Information at the time of purchase for specific examples of how withdrawal charges and MVAs may affect contract and cash surrender values.
* Market value adjustment feature does not apply in California.
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