Oceanview Harbourview 3 Multi-Year Guaranteed Annuity offers you the ability to grow your assets with a fixed interest rate and accumulate tax-deferred growth while preparing for a retirement income stream.
Advantages of a Multi-Year Guaranteed Annuity (MYGA)
- Issue Age: 0 through 89 (as of age last birthday)
- Premium Requirements: $20,000, non-qualified and qualified assets
- Withdrawals: 10% of the account value per annum, starting in year two. 10% is not cumulative. Minimum withdrawal amount= $250.
- Death Benefit: Account value (No MVA or surrender charges) or spousal continuation
- 20 Day Free Look Period to Cancel Your Contract: You may cancel the contract by sending it back to the issuing company. Upon cancellation, the company will return the purchase payment to you. Some states allow for 30 days free look.
- Surrender Charges: A surrender charge applies to all withdrawals over 10% during a contract term and reduces your contract value.
3-Year Surrender Charge Period
- Year 1: 9%
- Year 2: 8%
- Year 3: 7%