What is a MYGA?
June 9, 2022
1891 Financial Life’s 5-Year MYGA offers protection, earnings, and peace of mind that only a guaranteed fixed interest rate return can provide. But what is a MYGA?
MYGA stands for Multi-Year Guaranteed Annuity. Our MYGAs are guaranteed for 5 years.
MYGAs are fixed annuities. Fixed annuities are similar to a CD in that they offer a guaranteed rate of return for a specific period with earnings that are tax deferred. You control who inherits your annuity funds in the event of your death by designating your beneficiaries up front.
An annuity is the only financial product that guarantees growth, your contributions are always protected against loss.
Place money into an annuity to grow your money tax deferred or take advantage of the plan features that enable you to turn your money into a guaranteed income stream to assist you in achieving your overall financial goals.
See our product details below:
5-Year MYGA Premier
- 3.50% Guaranteed Rate for 5 Years
- Issue ages 0 – 85
- $20,000 – $250,000 Premium
5-Year MYGA Bundle
- 3.00% Guaranteed Rate for 5 Years
- Issue ages 0 – 85
- $5,000 – $250,000 Premium
Riders included at no additional cost.
- Penalty Free Withdrawal Rider – Beginning in the second year, withdrawal charges will be waived on a withdrawn amount that is less than or equal to 10% of the accumulation value (as of the preceding certificate anniversary). A withdrawal charge will be applied only to amounts in excess of the 10% accumulation value each certificate year.
- Terminal Illness/Nursing Home or Hospital Confinement Rider – If you are diagnosed as terminally ill or confined to a nursing home, the withdrawal charge will be waived on a single withdrawal of up to 100% of the accumulation value (after 30 days). (Not available in CA)
- Enhanced Death Benefit Rider – When the owner dies, the death benefit amount will be the accumulation value on the date of death, withdrawal charges will be waived.
Taxes on interest gains are deferred until money is withdrawn.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit, community-based life insurance organization, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at info@1891FinancialLife.com