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Multi-Year Rate Guarantee (MYG) Deferred Annuities - Bankers Series

The MYG deferred annuities offered by the companies all contain the following common features:

  • They are single premium annuities. Additional premiums may not be added after issue.
  • The initial credited rates are guaranteed for the length of the surrender charge period.
  • The minimum single premium is $10,000.
    • The maximum amount of total premium accepted without prior approval is $500,000 for all issue ages. Premiums above $500,00 require submission of a Jumbo Annuity Questionnaire for prior approval.
  • They may be issued as non-qualified or as an IRA or Roth IRA.
  • They contain a Market Value Adjustment (MVA) (discussed later).
  • The death benefit is:
    • The accumulated value on the death of the annuitant if also the owner.
        • - No surrender charges or MVA.
    • The surrender value on the death of the owner, if other than the annuitant.
        • - Surrender charges and MVA will be applied when determining the death benefit.

    The following chart briefly describes the specific product differences. (Please consult the policy form and product disclosure for complete details.)

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