Preserve Multi-Year Guaranteed Annuity 4

Preserve Multi-Year Guaranteed Annuity 4

Product Name

Preserve Multi-Year Guaranteed Annuity 4

Annuity Type

Multi-Year Guarantee Annuity

Issuing Insurance Company and Ratings

Clear Spring Life & Annuity Company - View details

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Product Information

The Preserve Multi-Year Guaranteed Annuity 4 is a deferred multi-year guarantee annuity issued by Clear Spring Life & Annuity 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 4 year guarantee period annual yield is 4.85% on premium amounts of $250,000 – $1,000,000.  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 Preserve Multi-Year Guaranteed Annuity 4 has a full penalty free withdrawal window after 4 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. In the first contract year, this annuity provides interest only withdrawals. Beginning in the second contract year, up to 10% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.

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.

Clear Spring Life & Annuity Company is rated “A-” by A.M. Best, was founded in 1985, and has over $12.5 billion in total assets.

Rate Details

Nov 1st, 2022
Dec 1st, 2022
4 years

Premium Amount: $250,000 - $1,000,000 High-Band

Current Upcoming
4 Year Guarantee Period Annual Yield: 4.85% 5.00%
Interest rate start of year 1 through end of year 4: 4.85% 5.00%

Premium Amount: $5,000 - $249,999 Low-Band

Current Upcoming
4 Year Guarantee Period Annual Yield: 4.75% 4.90%
Interest rate start of year 1 through end of year 4: 4.75% 4.90%

Initial Surrender Charge and MVA Periods

Early Surrender Charges: 4 years
Market Value Adjustment (MVA): 4 years
Penalty Free Full Withdrawal Window Available After: 4 years

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

Policy Details

Min Premium Non-Qualified: $10,000
Max Premium Non-Qualified: $1,000,000
Max Issue Age Non-Qualified: 90
Rate Lock on Transfers: 45 days
Death Benefit: Accumulation Value

Min Premium Qualified: $5,000
Max Premium Qualified: $1,000,000
Max Issue Age Qualified: 90
Subject to MVA: Yes
Income Rider Available: No

Penalty Free Withdrawal Provisions

First Year Withdrawals: Interest Only
Cumulative Withdrawals: No
Penalty Waivers: Annuitization, Death, Nursing Home and Terminal Illness

Years 2+ Withdrawals: 10%
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:  NY (as of 04/01/2022)