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Heritage Classic MYGAs

The Heritage Classic MYG deferred annuities offered by the companies all contain the following feature:

Allows for an annual (up to) 10% free withdrawal of the contracts accumulated valued of interest and principal as of the end of the previous contract year (starting in year 2).

For plans requiring RMD, enough should be withdrawn to cover the RMD. Taking out less than the RMD as an annual withdrawal, and then needing to take more at the end of the year to satisfy the RMD, will result in surrender charges and MVA being applied to the second withdrawal.
Generally, RMD will not exceed 10% of the contract value. If the RMD does exceed the 10%, enough may be withdrawn to satisfy the RMD requirement, based on the value of the contract on December 31 of the prior calendar year.

Heritage Classic MYGA contracts are most suitable for clients seeking an annual withdrawal that may exceed the amount of accumulated interest.

Heritage Classic Surrender Charges

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