Sagicor Milestone 3 Year Annuity
Minimum Deposit: $100,000 | 4.65% APY
Sagicor Milestone MYGA 3 is a 3-year fixed annuity designed to be a high-yield retirement savings account. It is a CD Type of Annuity that pays a guaranteed interest rate for 3 years.
Sagicor Milestone MYGA 3 Year Annuity Guide
The Sagicor Milestone 3 Year Fixed Annuity is a good investment for individuals who want a safe and steady way to grow their retirement savings.
The Sagicor Milestone may be right for you if:
- Want a CD alternative due to low CD rates.
- Seek to accumulate money for retirement.
- Have a conservative risk tolerance and want to invest an inheritance or other lump sum.
- Want to secure a fixed annuity payment but not immediate income.
Base rate | 4.65% |
Rate guaranteed | 3 years |
Guaranteed yield to surrender | 4.65% |
Guaranteed minimum renewal rate | .25% |
Yes | |
Return of premium | No |
PREMIUM PAYMENTS | |
Type | Single |
Maximum | $750,000 |
Minimum | $15,000 |
Types of funds | Non-Qualified IRA Spousal IRA IRA Rollover IRA Transfer SEP IRA IRA-Roth |
AGE RESTRICTIONS | |
Owner | 0 – 85 |
Annuitant | 0 – 85 |
| Annual free withdrawal | 0% Year 1/ 10% Years 2 and 3 |
| Surrender charge period | 3 years |
| Window after surrender | 30 days |
Nursing Home: Surrender charges will also be waived if the owner is admitted into a licensed nursing home, or if the owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA). Waivers are subject to state approval and certain conditions.
| SURRENDER CHARGE SCHEDULE | ||||
| 1 year | 2 year | 3 year | ||
| 9% | 8% | 7% | ||
| Terminal Illness | Surrender charges will also be waived if the owner is admitted into a licensed nursing home, or if the owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA). Waivers are subject to state approval and certain conditions. | |||
| Death | Payable on the death of any owner. The death benefit is equal to the contract value (no surrender charges or MVA will apply). Death benefit proceeds are paid directly to named living beneficiaries and may not be subject to the probate process | |||
Taxes:
In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity.
When you withdraw 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 59½ you may receive a 10% IRS penalty in addition to paying ordinary income taxes.
Pros of the Sagicor Milestone MYGA Fixed 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.
- The death benefit is full account value and may avoid probate.
- Liquidity options provide you the access to the money that you need.
Sagicor Life Insurance Company (Sagicor) is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings), affirmed as of November 4, 2021. This rating is based on Sagicor’s financial strength and ability to meet its ongoing obligations.
Available In the Following States:
AL, AR, AZ, CO, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY
Visit our online annuity marketplace to view and compare more Fixed Annuity Rates. If you’d like an opportunity for more upside potential while maintaining principle protection you may want to consider a fixed index annuity.
Sagicor Annuity Quote
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Frequently Asked Questions
Is Sagicor a Good Life Insurance Company?
Sagicor is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings), and is a full-service life insurance company that is licensed in 45 states, plus the District of Columbia.
Who Owns Sagicor?
In 2005, Sagicor Financial Company Limited acquired the Company, and in 2006, the Company was renamed Sagicor Life Insurance Company. Established in 1840, The Barbados Mutual Life Assurance Society, the predecessor to Sagicor Financial Company Limited, was formed in Barbados, making it one of the oldest financial services companies in the
Western hemisphere. In the announcement of its formation, it was noted that its
purpose was, “…of assuring lives and effecting endowments for children.”
1Sagicor Financial Company Limited is a separate entity and is not responsible for the insurer’s financial condition or contractual obligations.
Financial Data for the year ending December 31, 2020. Assets and Liabilities totals do not include amounts allocated to Separate Accounts. All ratings shown are current as of June 15, 2021
