Annuity Surrender Charges: Tips how to Avoid Them
What Is a Surrender Charge? Annuity Surrender Charge Explained An annuity surrender charge is a fee the insurer may assess if you withdraw funds or
Oceanview Harbourview 4 is a 4-year fixed annuity (CD Type Annuity) designed to be a high-yield retirement savings account providing a guaranteed interest rate for 4 years.
Advantages of a Multi-Year Guaranteed Annuity (MYGA)
Features
4-Year Surrender Charge Period
Fixed Annuity Rate (Up to) | 4.90% ($80K+) |
Contract Length | 4 Years |
Cancellation Policy | 20-Day Free Look Period |
Annual Penalty-Free Withdrawals | 10% |
Annual Fees | No Fees |
Minimum Premium | $20,000.00 |
Maximum Issue Age | Age 89 |
Death Benefit | Lump-Sum, Spousal Continuation |
Premium Type | Single-Premium |
Annuitization Required | No |
State Availability | Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin |
Insurance Company | Oceanview Life and Annuity Company |
Company Rating (A.M. Best) | A- (Excellent) |
Surrender Charge Waivers | None |
Maximum Premium | $1,000,000.00 |
Enhanced Benefits | None |
Premium Bonus (Up to) | None |
Accepted Funds | 401a, 401k, Cash, IRA, Non-Qualified Money, Qualified Retirement Plans, Roth IRA, TSA 403b |
In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity.
When your withdrawal from your annuity the interest earned will be taxed at your ordinary income tax rate.
Non-Qualified Annuity
Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you have
earned will be taxed as ordinary income.
Qualified Annuity
Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary
income as you withdraw money.
Roth IRA Annuity
Withdrawals from Roth IRA annuities are tax-free if the IRS requirements are met.
Early-Withdrawals
If you withdraw money from your annuity before you turn age 59½, you may receive a 10% IRS penalty in
addition to paying ordinary income taxes.
Oceanview Life and Annuity are rated A- by AM Best and issues competitive yielding fixed annuities funded and supported by its asset manager’s 25 years of investment management experience. Oceanview Life and Annuity have partnered with Oceanview Asset Management, a wholly-owned subsidiary of Bayview Asset Management to serve as Oceanview Life’s investment manager.
Bayview has a proven track record of investing since 1995 and will, through Oceanview Asset Management, LLC, manage Oceanview’s portfolio with an emphasis on high-quality mortgages and other related assets. As of November 2020, Bayview oversees approximately $16 billion in assets under management.
What Is a Surrender Charge? Annuity Surrender Charge Explained An annuity surrender charge is a fee the insurer may assess if you withdraw funds or
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Brochure Website DirectGrowth Multi-Year Guarantee Annuity™ Marketing Name: Revol One Financial Revol One Insurance Company is responsible for its own financial and contractual
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