Multi-Year Guaranteed Annuities (MYGA)
Predictable growth, guaranteed rates
A Multi-Year Guaranteed Annuity or MYGA is a type of fixed annuity that offers a guaranteed fixed interest rate for a certain period of time. A MYGA is a good option for someone thinking about retirement and who would like tax deferral and a guaranteed return. Also, buying a MYGA is one strategy for generating added income in retirement to supplement other savings, investments and social security.
Interest rates are determined by date of receipt of deposit. Rates are subject to change without notice. Benefits may be taxable. During the surrender charge period, withdrawals exceeding 10% will be subject to a surrender charge that may be higher than fees associated with other types of financial products and may reduce the principal. Interest compounds daily over the specified term. Earned interest and principal may be withdrawn after the first 30 days up to the annual 10% withdrawal amount. If you choose to make a withdrawal over the free withdrawal amount and not during the 45-day renewal window, GBU will apply surrender charges and may make a Market Value Adjustment (MVA) as defined in the contract. The MVA can be either positive or negative and reflects the difference between the credited rate on your contract compared to the interest rate index benchmark. An MVA may be charged, and surrender charges apply for withdrawals over the free withdrawal amount. The maximum issue age is 95. The minimum guaranteed rate is 0.50%. See the surrender charge schedule and contract for specific details. Annuities are not short-term products. Withdrawals prior to 59½ may be subject to IRS penalties, separate from the annuity’s schedule of surrender charges. The free look period is 10 days or 30 days for replacements unless noted herein. Withdrawals for amounts over those allowed during the guaranteed period are subject to surrender charges defined in the contract. The payout amount you will receive is based on your individual circumstances, the options you select at the time of application and your initial premium payment. NOT A DEPOSIT OF A BANK AND MAY LOSE VALUE-NOT BANK GUARANTEED. Contract Form Series: ICC21_SPDA_CON_(4-21) AND SPDA_CON_(4-21)_FL
Insurance that makes a difference
At GBU Life, we specialize in life insurance and annuity products to help protect families and anchor retirements.
We do things differently at GBU as we don’t have shareholders. We don’t have clients. Instead, we have members—members who come to GBU Life to add security to their futures, build their legacies and impact the communities around them.
From the start, GBU Life has been member-owned and member-driven. As a not-for-profit company, we emphasize value—and values. Our members can realize their financial protection goals and give back to people and causes that matter most to them.
AM Best recognizes GBU Life’s fiscal responsibility and growth by rating us
A- Excellent, since 2017
As of 6/15/22, AM Best Company updated GBU Financial Life’s A- rating, which we have maintained since 2017. Third-party ratings are subject to change. A- (Excellent) rating is 3rd best out of 17 possible rating categories. For the latest Best’s Credit Rating, access www.ambest.com.