Product Overview

Now is always the best time to start saving for the future. However, selecting the right savings strategy can be difficult and often becomes confusing when considering the many available choices. How about an easy to understand, simple and guaranteed way to safely grow your savings? Introducing the Milestone MYGA, a single premium deferred fixed annuity with multi-year rate guarantees.

Features & Benefits

The Milestone MYGA provides a guaranteed fixed rate of interest over a period of time called a guarantee period. Your money grows safely on a tax-deferred basis during this time without market risk.

At the end of the initial guarantee period, money can be withdrawn without surrender charges during a 30-day penalty free window, left to grow for another guarantee period depending on the initial guarantee period selected, or taken as an income stream in any one of the available annuitization payout options.

With a guaranteed fixed rate of interest, tax-deferred earnings, penalty-free withdrawals, a choice of guarantee periods and flexibility through multiple options at the end of the initial guarantee period, a Milestone MYGA may be a great way to help you reach your savings milestones.

  • Your premium starts working for you immediately by earning a guaranteed interest rate that grows on a tax-deferred basis.

  • By earning a guaranteed fixed interest rate instead of participating in the stock market, you don't have to worry about market risk or volaility.
  • Premium payments, less surrender charges and market value adjustment, if any, are protected based on the claims paying ability of Sagicor.

  • The Milestone MYGA grows on a 100% tax-deferred basis, which boosts growth by allowing more of your money to compound over time.
  • Your premium earns taxed-deferred interest and the compounding interest is also taxed-deferred.
  • Income taxes are only due when you start taking withdrawals.

  • Beginning in the second contract year you may withdraw an amount equal to 10% of the last contract anniversary accumulation value without a surrender charge or market value adjustment (MVA).
  • There is a minimum withdrawal requirement of $500.
  • (No MVA in California)

  • In the event of death, your beneficiary(ies) will be paid a death benefit equal to the accumulation account value of your annuity without surrender charges or market value adjustment.
  • A beneficiary may choose to receive the death benefit in either a lump sum or any of the available annuitization options.

  • An MVA will apply to any full surrender or partial withdrawal that exceeds the maximum penalty free withdrawal during the guarantee period. Depending on the direction interest rates move, the MVA may increase or decrease benefits available under the contract. (No MVA in California.)
  • The market value adjustment does not apply to the death benefit or the guaranteed surrender value.

  • A surrender charge applies to withdrawal amounts that are greater than the penalty-free withdrawal limit. Each guarantee period has its own surrender charge schedule.
  • The surrender charge amount is a percentage of the accumulation value and decreases over time. If your annuity renews for a new guarantee period the surrender charge schedule will reset and start over.
    Surrender Charge Percentage by Contract Year and chosen Surrender/Guarantee Period
    Guarantee Period
    Contract Year 7 Year 6 Year 5 Year 4 Year 3 Year
    1st 9% 9% 9% 9% 9%
    2nd 8% 8% 8% 8% 8%
    3rd 7% 7% 7% 7% 7%
    4th 6% 6% 6% 6% -
    5th 5% 5% 5% - -
    6th 4% 4% - - -
    7th 3% - - - -

  • A surrender charge applies to withdrawal amounts that are greater than the penalty-free withdrawal limit. Each guarantee period has its own surrender charge schedule.
  • The surrender charge amount is a percentage of the accumulation value and decreases over time. If your annuity renews for a new guarantee period the surrender charge schedule will reset and start over.
    Surrender Charge Percentage by Contract Year and chosen Surrender/Guarantee Period
    Guarantee Period
    Contract Year 7 Year 6 Year 5 Year 4 Year 3 Year
    1st 8.40% 8.40% 8.40% 8.40% 8.40%
    2nd 8.35% 8.35% 8.35% 8.35% 8.35%
    3rd 7.35% 7.35% 7.35% 7.35% 7.35%
    4th 6.30% 6.30% 6.30% 6.30% -
    5th 5.30% 5.30% 5.30% - -
    6th 4.25% 4.25% - - -
    7th 3.20% - - - -

  • At the end of a 3-, 4-, 5-, or 6-year guarantee period, a 30-day penalty-free window begins in which a full or partial withdrawal may be taken without surrender charge or MVA (No MVA in California).
  • Depending on the length of your guarantee period, the surrender charges and penalty-free window repeat as follows:
    • Guarantee Period Subsequent Surrender Charge Periods When You Can Expect a Penalty-Free Window
    3-Year Guarantee Two Twice: At contract anniversary years 3 and 6
    4-Year Guarantee Two Twice: At contract anniversary years 4 and 8
    4-Year Guarantee
    (Florida)    		 One Once: At contract anniversary year 4
    5-Year Guarantee One Once: At contract anniversary year 5
    6-Year Guarantee One Once: At contract anniversary year 6
    6-Year Guarantee (Florida) None N/A: Does not repeat
    7-Year Guarantee None N/A: Does not repeat
  • You will receive written notice 45 days before the penalty-free window begins. If no action is taken, the 3-, 4-, 5- and 6-year guarantee periods will automatically renew with a new guaranteed credited interest rate, subject to the surrender charge and MVA (No MVA in California).
  • Following the subsequent surrender charge periods, the guaranteed credited interest rate will renew on an annual basis. No surrender charge or MVA (No MVA in California) will be in effect.

Footnotes

If you have questions about the contract and riders, please contact your insurance agent. Products issued by Sagicor Life Insurance Company. Not available in all states and variations may apply. Withdrawals made prior to age 591/2 are subject to ordinary income taxation and may be subject to tax penalties. Sagicor does not provide tax, legal or accounting advice. Home Office: Scottsdale, Arizona.

Contract/Rider Forms: ICC173008, 3008, 3008FL, 3008ND, ICC176068, 6068, 6068ND.

Not FDIC insured. Not insured by any federal agency. Not a deposit or other obligation of the bank. Not bank guaranteed.