Oceanview Harbourview 4 Year Fixed Annuity
Minimum Deposit: $10,000
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)
- Principal Protection
- Guaranteed Interest Rates
- Tax-Deferred Earnings
- Lifetime Income Options
Features
- 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.
4-Year Surrender Charge Period
- Year 1: 9%
- Year 2: 8%
- Year 3: 7%
- Year 4: 6%
Fixed Annuity Rate (Up to) | 2.60% |
Contract Length | 4 Years |
Cancellation Policy | 20-Day Free Look Period |
Annual Penalty-Free Withdrawals | 10% |
Annual Fees | No Fees |
Minimum Premium | $10,000.00 |
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 |
- Withdrawals: 10% of the account value per year, starting in year two. 10% is not cumulative. Minimum withdrawal amount= $250.
Taxes:
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.
Pros of the Oceanview Harbourview 4 Year Annuity
- Pays a guaranteed interest rate much higher than current CD Rates are paying.
- Your interest grows tax-deferred meaning you do not pay taxes on your interest until you withdraw it from your annuity.
- Death benefit is full account value and may avoid probate.
- Liquidity options to provide you the access to your money that you need.
About Oceanview Life Insurance Company
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.
