Oceanview Harbourview 6 Multi-Year Guaranteed Annuity is a 6-year annuity that offers you the ability to grow your assets with a fixed interest rate and accumulate tax-deferred growth while preparing for a retirement income stream.
Advantages of a Multi-Year Guaranteed Annuity (MYGA)
- Principal Protection
- Guaranteed Interest Rates
- Tax-Deferred Earnings
- Lifetime Income Options
- Issue Age: 0 through 89 (as of age last birthday)
- Premium Requirements: $20,000, non-qualified and qualified assets
- Withdrawals: 10% of the account value per annum, starting in year two. 10% is not cumulative. Minimum withdrawal amount= $250.
- Death Benefit: Account value (No MVA or surrender charges) or spousal continuation option.
- 20 Day Free Look Period to Cancel Your Contract: You may cancel the contract by sending it back to the issuing company. Upon cancellation, the company will return the purchase payment to you. Some states allow for 30 days free look.
- Surrender Charges: A surrender charge applies to all withdrawals over 10% during a contract term and reduces your contract value.
6-Year Surrender Charge Period
- Year 1: 9%
- Year 2: 8%
- Year 3: 7%
- Year 4: 6%
- Year 5: 5%
- Year 6: 6%
- Year 7%: 0%
Market Value Adjustment (MVA)
The MVA is a positive or negative adjustment based on the current interest rate environment at the time of withdrawal. An MVA and a surrender charge will apply if you access more than the 10% free withdrawal before the end of the initial interest rate guarantee period. The MVA does not apply to withdrawals after the surrender charge period, 10% free withdrawals, the death benefit, or when the contract is annuitized.
Related Reading: What is an MVA?
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About Oceanview Life
Oceanview Life and Annuity issue competitive yielding fixed annuities funded and supported by its asset manager’s 25 years of investment management experience. Oceanview Life and Annuity have partnered with Oceanview Asset Management, a wholly-owned subsidiary of Bayview Asset Management, to serve as Oceanview Life’s investment manager.
Bayview has a proven track record of investing since 1995 and will, through Oceanview Asset Management, LLC, manage Oceanview’s portfolio with an emphasis on high-quality mortgages and other related assets. As of November 2020, Bayview oversees approximately $16 billion in assets under management.
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.