Sagicor Life
4.40%
4 Year Term
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company Information
Company Name
Sagicor Life
product Name
Milestone 4 (CA Only)
Description
Sagicor Life Insurance company is a subsidiary of Sagicor Financial Corporation Limited. Sagicor means "wise judgement." Sagicor seeks to use wise judgement in their business dealings. Their business is based on a foundation of trust. Sagicor aims to be with you every step of the way.
am best rating
A- Excellent (4th of 13 ratings)
Product Type
MYGA
Product description
Fixed annuities are for conservative investors who want safety, security, and guarantees.
You will preserve your principal and earn a fixed rate of return.
You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's).
If you are sensitive to loss and don't want to lose a penny, a fixed annuity might be a good fit for some of your savings.
Read our educational articles on fixed annuities to learn more.
Rate Lock Period:
This is the number of days you have to get the funds to the insurance company after the application has been signed and submitted.
Qualified Retirement account: 60 Days
Non-Qualified/after-tax annuity: 60 Days
1035 Annuity Exchange: 60 Days
Riders & Features Available:
The following riders and features are available for this product.
Death Benefit
term
4 yrs
minimum investment
$ 15,000
maximum investment
$ 750,000
maximum age
90
withdrawal allowance
Starting in year two, you can withdraw up to 10% of the accumulated value each year of the contract penalty-free.
what we like
- No surprises because you know what you will earn
- Lower agent commission
- Percentage of balance withdrawals
- Reasonable 4-year term
- Market value adjustment does not apply on withdrawals
what we don’t like
- Only Available in California
- Not RMD Friendly
- or -
Guaranteed Returns
Choose an investment amount and we’ll show you how much you can earn.
| YEAR | RATE | EARNINGS | CUMULATIVE EARNINGS | BALANCE |
|---|---|---|---|---|
| 1 | 3.60% | $ ? | $ ? | $ ? |
| 2 | 3.60% | $ ? | $ ? | $ ? |
| 3 | 3.60% | $ ? | $ ? | $ ? |
| 4 | 3.60% | $ ? | $ ? | $ ? |
| Total | $ ? | $ ? | $ ? | |
Surrender Charge Schedule
Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.
percentage charged to withdrawal
market-value adjustment (MVA)
A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.
They allow companies to pay a higher rate and make longer-term investments.
MVAs only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.
other Information
| phone number | (888) 724-4267 |
|---|---|
| Product brochure |  |
| agent commission | 0.50-2.0%. We are paid from the insurance company general fund. It is not deducted from your account value. 100% of your money is working for you from day one. We could earn a higher commission based on sales volume and taking a more active role in the application process. |
| LOGIN FOR | Sagicorlifeusa.com |
| Rate Effective Date | September 16th 2024 |
| premium Type | Single Premium Annuity |
|---|---|
| account Type | Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b). |
| Not available in | This product is only available in the following state (CA) |
| options at maturity | At the end of the term, you can withdraw the account value, transfer it to another annuity, or turn the balance into a guaranteed income stream via annuitization. If you do nothing, the money will remain in the contract and earn the current interest rate they are offering. If the contract matures before you turn 59 ½, any withdrawals from a non-qualified account will be charged a 10% penalty. |
| death benefit provision | If you pass away before the end of your annuity contract, your beneficiaries will receive the accumulated policy value. This value will include all interest you have earned and be passed without any charges or fees. |
| taxes | Unlike bank CDs, the interest you earn in an annuity grows tax-deferred. The taxation will vary depending on the type of account you own. Non-qualified annuities are funded with after-tax money from checking, savings, taxable brokerage accounts, etc.. Only the interest earned will be taxable at ordinary income when withdrawn from the annuity. Annuities funded by a Traditional or “pre-tax” IRA will be 100% taxable distributions. Both the principal and interest will be taxed as ordinary income. IRAs are already tax-deferred, so the annuity does not add an extra tax benefit. Annuities funded by a Roth IRA will not be taxed at withdrawal. |
| surrender schedule | 9%, 8%, 7%, 6% |
|---|---|
| free-look period | 30 Days - This is the number of days you have after your policy has been delivered to change your mind and get a refund. |
| RMD | No |
| market value adjustment | No |
