FG Guarantee Platinum 5 Fixed Annuity offers tax-deferred growth at a fixed interest rate – certainty in an uncertain market.
FG Guarantee Platinum Series helps you:
- Grow your retirement savings for a fixed period of time at a fixed rate, protected from market and interest rate fluctuations
- Receive a guaranteed income for life if you annuitize the contract
- Leave a financial legacy by providing your beneficiaries with your account value
What is an annuity?
What is an annuity and how does it work? An annuity is a long-term retirement tool that can be a cornerstone of your financial security and success.
You pay a premium (think of it as your principal) to Fidelity and Guaranty and F&G provides an annuity contract with unique benefits to you.
A prime reason for buying an annuity is to:
- Protects and potentially builds your savings
- Scheduled income payments for retirement for a period of time or an entire lifetime
- Tax-deferred growth
If you’re interested in protected growth – an opportunity to earn tax-deferred interest on your principal, at a fixed rate for a certain period, without having to worry about interest rate or market fluctuations — a SINGLE PREMIUM, DEFERRED FIXED ANNUITY may be a good choice for you.
Is FG Guarantee Platinum Series a good option for you?
F&G Life Guarantee Platinum Annuity Series is a long-term retirement tool for people who would like their account value to grow steadily over 3, 5, or 7 years, and don’t anticipate needing access to it.
It provides protected growth with these important features:
- Your premium grows with a rate of interest that F&G guarantees at the outset for each contract-period.
- At the end of each contract period, you will have a choice to withdraw any amount of funds within 30 days, withdraw the full value of your account or automatically renew into a new contract period. If you renew, a new rate of interest will be fixed, and a new surrender charge period will begin.
- You may withdraw your money. Withdrawals of principal incur withdrawal charges; withdrawals of earnings do not.
- The growth of your savings is tax-deferred (you pay taxes only when you withdraw your earnings).
- On the annuity date of the contract, you have the option of turning your annuity into guaranteed payments for life.
- You’ll have full access to your account for unexpected health care costs, namely qualifying nursing home care, or in the event of terminal illness. This benefit applies to conditions that arise one year or more after the contract begins.
- From day one you have a death benefit for peace of mind.
Your premium is your principal and it grows steadily at the fixed rate of interest F&G guarantees at the outset of each contract period. Interest is credited daily.
Withdrawals that do not incur withdrawal
The interest you’ve earned may always be withdrawn.
You don’t have to worry about outliving your assets – you have the option of annuitizing your contract on your annuity date, with an option of turning your annuity into scheduled payments for life. The annuity date is set in your contract.
HEALTH CARE COSTS
If you need nursing home care, or in the event of terminal illness, you may access your account with no withdrawal charges. The diagnosis of terminal illness, or the beginning of nursing home care, must occur at least one year after the contract is issued. These are defined conditions, and this benefit may vary from state to state.
WITHDRAWALS AFTER AGE 91
If you renew the annuity after age 91 you will not pay withdrawal charges for any withdrawal from the renewed annuity.
WITHDRAWAL AT THE END OF THE GUARANTEE PERIOD
At the end of each guarantee period, you may withdraw up to the full account value during a 30-day window.
Your beneficiary will receive the account value of your annuity as a lump sum death benefit, which can ease inter-generational wealth transfers. Prior withdrawals reduce the death benefit amount.
Withdrawals that do incur withdrawal charges
Apart from the above exceptions, withdrawals of principal are subject to a withdrawal charge, in the form of a surrender charge and Market Value Adjustment (MVA).
The surrender charge in contract year one is 9% of the withdrawal. This percentage decreases annually through the end of each guarantee period.
WHAT IS A MARKET VALUE ADJUSTMENT (MVA)?
Any time a withdrawal incurs a surrender charge, an MVA will be made. The MVA is based on a formula that takes into account changes in the U.S. Treasury yields since the contract was issued. Generally, if treasury yields have risen, the MVA will decrease the surrender value; if they have fallen, the MVA will increase the surrender value.
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.