Heritage Series of MYGAs
The Heritage Series MYG deferred annuities offered by the companies contain all the following features:
- Single premium annuities. Additional premiums may not be added after issue (except for Heritage Accumulator); this includes after the initial guarantee period has ended and/or the contract is renewed.
- Initial credited rate is guaranteed for the length of the guarantee period, or term. Interest rates are expressed as an Annual Effective Yield. Interest is compounded daily to obtain the effective yield.
- May be issued as Non-Qualified or as an IRA, Roth IRA or SEP. Not available for a 401(k) 403(b) or Simple IRA; funds from these plans can be rolled or transferred into a traditional IRA. Also available as Inherited IRA, Inherited ROTH or Inherited NQ “Stretch.”
- The minimum single premium is $10,000 for Non-Qualified or Qualified funds ($25,000 for Heritage Accumulator).
- The maximum amount of total premium accepted without prior approval is $1,000,000 for all issue ages. Premiums above $1,000,000 require submission of a Large Case Annuity Questionnaire for approval, prior to taking the application.
- Contain a Market Value Adjustment (MVA) - (discussed later).
- Death benefit is the full accumulated value on the date the death claim is processed.
- RMD is allowed without surrender charges or MVA during the guarantee period.
- Issue ages – 3yr & 5yr ages 18-90; 7yr ages 18-88; 9yr ages 18-86; Accumulator ages 18-100.
The following pages briefly describe specific differences for each product, as well as their respective surrender charge schedules.
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