In order to reach your financial goals, planned and predictable growth of your funds is important. GBU's new Asset Guard Annuity is a Multi-Year Guaranteed Annuity (MYGA) offering a guaranteed rate over a shorter term. This allows you to plan for guaranteed, fixed growth of your money. The Asset Guard series is ideal for securing growth of your savings when you are close to retirement or for stable growth of your long-term savings. Here are a few questions you may have for determining if this new annuity series is right for you.

How is my rate determined?

Your rate will be the rate that is in effect when you open your annuity policy. That rate will be locked-in for the entire term of your annuity and will not increase or decrease.

What is the minimum annuity that I can purchase? 

You can start an Asset Guard Annuity with a minimum of $25,000 and a maximum of $2 million. 

Can I add additional funds to the Asset Guard?

No, the Asset Guard only allows for a one-time deposit. You can, however, start a new Asset Guard Annuity with your additional funds.

What guarantee periods are available for the Asset Guard?

Terms of 2, 3, 4 or 5 years are available.

Can I renew when the guarantee period is over?

At the end of each guarantee period, you have 45 days to renew your annuity for another period of 2, 3, 4 or 5 years ending at your 95th birthday. The new rate for the guarantee period you select will be based on the then-current interest rate on your renewal date and may be different than your original guaranteed rate. If you do not make a choice within the 45-day window, your policy automatically renews at the then-current interest rate using the same guarantee period you previously selected. You can also withdraw funds or surrender your annuity during that 45-day window without paying surrender charges or a Market Value Adjustment (MVA). 

Is there a death benefit?

Unless an annuity payment option has been selected, upon the death of the annuitant, the beneficiary to the contract will receive the contract value free of any withdrawal charges or MVA.

What if I need to make a withdrawal?

You can make a withdrawal of up to 10% of the account value each year, including the first year, without penalty. If no withdrawal is taken in a year, you may take out a max of 20% in one year not to exceed a total of 20%, 30%, 40% or 50% of the contract value for the duration years respectively. For qualified money, Required Minimum Distributions (RMDs) are permitted, even in excess of the 10%. During the 45-day renewal window, the entire contract value is available for free withdrawal. 

What if I need to withdraw more than 10%?

An MVA may be charged and surrender charges apply for withdrawals over the free withdrawal amount. Surrender charges are determined based on the contract year.

How can I find out more?

To find out more about the Asset Guard Annuity, contact your GBU agent, or request an appointment at gbu.org.