Multi Year Guaranteed Annuities (MYGA) - Heritage Series

• Multi-Year Guranteed Annuities (MYGAs) have a rate that is guaranteed as an annual yield for the length of the term or surrender charge period. Currently the companies have terms available for 3,5,7 or 9 years.
• MYGAs currently offered by Liberty Bankers Life and Capitol Life are referred to as the Heritage Series products which include:
• Heritage Elite – No penalty-free withdrawals, except for RMD.
• Heritage Premier / Premier Plus – Interest only withdrawals. Can be systematic, (monthly, quarterly, twice annual or annual) or a single withdrawal once per contract year.
• Heritage Classic – After 1st anniversary, penalty-free withdrawals (interest and principal) of up to 10% may be made once per contract year.
• Heritage Accumulator – 100% liquidity, accepts additional premiums.
• After the end of the Guarantee Period (surrender charge period) and prior to the Maturity Date, the owner may choose one of the following:
• Renew the contract for a Subsequent Guarantee Period for any term length (1, 3, 5, 7 or 9 years) within the same product, at the current new money rate.
• Take a withdrawal with no Surrender Charge or MVA and renew the remaining Accumulated Value into a Subsequent Guarantee Period.
• Apply the Accumulated Value to a Payment Plan. Annuitization options vary and are defined in the policy form.
• Surrender the Contract with no Surrender Charge or MVA; or
• Exchange the Contract for a new annuity contract on any annuity plan offered at that time.
• For contracts that are not renewed, the credited rate will be determined at the end of the Guarantee Period and for each contract year thereafter until the Maturity Date. The rate will never be below the minimum of 1.00% or 0.15% (depending on the state).