Features and Benefits
- Issue Ages: Ages 18 through 85 (based on age at last birthday)
- Minimum Premium: $10,000
- Guaranteed Periods: 7 years
- S&P Financial Rating: A (Stable)
- A.M. Best Financial Rating: A (Excellent)
Crediting Rate
Your credited rate is guaranteed for the Guarantee Period selected. At the end of your Guarantee Period, you will have a 30-day window to surrender all or a portion of your account value without penalty. Or, you may do nothing and your funds will automatically roll into another guarantee period at the then-current credited rate.
Free Look Period
When you receive your MYGA contract, you are given a 30-day “free look” period. If during this period you decide that you do not want the MYGA, you may return it to us for a full return of premium less any withdrawals made by you during those 30 days.
Penalty-Free Withdrawals
Beginning immediately after your free look period, you may withdraw up to 10% of your account value without a surrender charge. The limit on these penalty-free withdrawals is 10% per year. Withdrawals in excess of the penalty-free withdrawal limit will incur surrender charges; however, the “Life Events Rider” offers an additional opportunity for a penalty-free withdrawal. The minimum withdrawal requirement is $500.
Life Events Rider
The Diamond Head fixed annuity (MYGA) offers an additional withdrawal of up to 10% of your account value for any reason without incurring a surrender charge. This rider is available at no additional cost and can be exercised only once during the life of the contract.
Systematic Withdrawals
You may elect to take regular disbursements from your account value, as either a fixed amount per period (monthly, quarterly, or annually) or interest-only payments where your original principal remains untouched. These can be arranged at any time. The minimum amount of any systematic (or routine) withdrawal is $100. Any disbursements in excess of the penalty-free withdrawal limit will incur a surrender charge; the exception being Required Minimum Distributions (RMDs) which are never subject to surrender charges (but do count toward your 10% penalty-free withdrawal limit).
Surrender Charges
A surrender charge applies to withdrawal amounts in excess of the penalty-free withdrawal limit. Each guarantee period has its own surrender charge schedule. The surrender charge amount is a percentage of the funds withdrawn, and the percentage decreases over the guarantee period. If your annuity renews for a new guarantee period, the surrender charge schedule will reset and start over.
Protection of Principal
There is no risk of market volatility because you are earning a guaranteed interest rate. Your money and the interest credited are protected.
Tax-Deferred Growth
The Pacific Guardian Diamond Head MYGA grows on a tax-deferred basis which may generate a greater account value over time. When you pay taxes each year on earnings, the amount of funds available for growth is reduced. With the Diamond Head MYGA, income taxes are only due when funds are withdrawn.
Market Value Adjustment
None. The benefits available on surrender or withdrawal will never be affected by changes in interest rates during a guarantee period. This product guarantees a fixed rate for the entirety of the guarantee period, regardless of market changes.
Death Benefit
Full Account Value or Spousal Continuation
Annuity Settlement Options
