Guaranty Rate Lock without MVA 5

Guaranty Rate Lock without MVA 5

Product Name

Guaranty Rate Lock without MVA 5

Annuity Type

Multi-Year Guarantee Annuity

Issuing Insurance Company and Ratings

Guaranty Income Life Insurance Company - View details

B++
(5th of 15 ratings)
Not Rated
Not Rated
Not Rated
51
(percentile of rated companies)

Product Information

The Guaranty Rate Lock without MVA 5 is a deferred multi-year guarantee annuity issued by Guaranty Income Life Insurance Company.

This annuity is a premium banded product. The interest rate you earn will vary depending on the amount of premium you deposit (see Rate Details below). Currently, the highest 5 year guarantee period annual yield is 3.80% on premium amounts of $100,000 – See Notes.  This is the guaranteed annual yield, including bonuses if applicable, for the initial guarantee period term, up to the first penalty free full withdrawal window. The Guaranty Rate Lock without MVA 5 has a full penalty free withdrawal window after 5 years.

During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. Beginning in the second contract year, this annuity provides up to 5% (noncumulative) of the contract value as the penalty free withdrawal amount that may be withdrawn from the annuity each contract year.

This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.

Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.

Guaranty Income Life Insurance Company is rated “B++” by A.M. Best, was founded in 1926, and has over $3.4 billion in total assets.

Rate Details

Sep 1st, 2022
Not Scheduled
5 years

Premium Amount: $250,000 - See Notes High-Band

Current
5 Year Guarantee Period Annual Yield: 3.80%
Interest rate start of year 1 through end of year 5: 3.80%

Premium Amount: $100,000 - $249,999 Mid-Band

Current
5 Year Guarantee Period Annual Yield: 3.80%
Interest rate start of year 1 through end of year 5: 3.80%

Premium Amount: $10,000 - $99,999 Low-Band

Current
5 Year Guarantee Period Annual Yield: 3.70%
Interest rate start of year 1 through end of year 5: 3.70%

Initial Surrender Charge and MVA Periods

Early Surrender Charges: 5 years
Market Value Adjustment (MVA): N/A
Penalty Free Full Withdrawal Window Available After: 5 years

State variations may exist, refer to product disclosure for details. 

Policy Details

Min Premium Non-Qualified: $10,000
Max Premium Non-Qualified: See Notes
Max Issue Age Non-Qualified: 100
Rate Lock on Transfers: 45 days
Death Benefit: Accumulation Value

Min Premium Qualified: $10,000
Max Premium Qualified: See Notes
Max Issue Age Qualified: 100
Subject to MVA: No
Income Rider Available: No

Penalty Free Withdrawal Provisions

First Year Withdrawals: None
Cumulative Withdrawals: No
Penalty Waivers: Death, Nursing Home and Terminal Illness

Years 2+ Withdrawals: 5%
RMD Friendly: Yes

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  AK, HI, ME and NY (as of 08/12/2021)