FAQs
A multi-year guaranteed annuity, or “MYGA,” is a smart way to grow your money without risk to your principal. Here's how it works: You invest a lump sum for a set term (usually between three to ten years). In return, your money earns interest at a fixed rate during this time, called a “Guaranteed Interest Rate Period.” Please see Product Summary for additional details.
Nope! Fixed annuities, like FastBreak™, protect your principal. So, the money you put in stays safe unless you withdraw or surrender the annuity before the investment term ends.
FastBreak™ has investment terms ranging from three to ten years. You can pick the investment term that suits your financial goals. When your term ends, you can start a new investment term based on the available rates at that time. The flexibility is yours. For more information and additional options, please refer to the FastBreak™ Product Summary.
Absolutely! Because the tax isn't deferred on your earned interest, every January, we'll send you a 1099 form based on the prior year's credited interest, whether or not you made any withdrawals. It's similar to how taxes are handled for certificates of deposits.
Both offer principal protection and guaranteed growth. But FastBreak™ may offer a higher interest rate over a longer period. It's great if you want to earn a market-leading interest rate for a set investment term.
Unlike a CD, FastBreak™ allows you to apply the annuity amount to convert your contract value into guaranteed income payments for the period of time you choose - which may be a period of years or the rest of your life. Check the FastBreak™ Product Summary for more details about your Settlement Options.
Note that if you do not select a Settlement Option as of the Maturity Date of your FastBreak™ contract (the contract anniversary following your 100th birthday), we will apply your remaining Contract Value, reduced by any premium tax or similar tax, to the default Settlement Option of Single Life Annuity with a Guaranteed Annuity Payment Period of ten years.
FastBreak™ is unique you pay tax on your interest earnings each year - unlike typical annuities that offer tax deferral on earned interest until you withdraw it. Paying tax on the yearly interest gives you access to your money without penalty taxes, even if you're under 59 ½ years old. FastBreak™ is only available on a non-qualified basis. You fund it with after-tax money, not pre-tax dollars like a qualified retirement plan or an IRA.
No, there are no upfront sales charges or administrative fees. However, a Withdrawal Charge and a Market Value Adjustment will apply if you exceed your Free Withdrawal Amount in any year or surrender your Contract before the end of the Guaranteed Interest Rate Period. More details can be found in the FastBreak™ Product Summary.
For sure! During the accumulation phase, you can take out up to 10% of your premium in the first year and 10% of the Contract Value each year thereafter without paying a Withdrawal Charge or Market Value Adjustment. It's called your “Free Withdrawal Amount.” But keep in mind, any withdrawal reduces your Contract Value.
A Market Value Adjustment (MVA) is a positive or negative adjustment applied to the amount of your withdrawals exceeding your Free Withdrawal Amount. It's based on interest rate changes from when you bought the annuity to when you withdraw.
Yes! The FastBreak™ comes with a Right to Examine period. During this time (usually 30 days after you get the contract), you can return it for a full refund of your premium payment.
ParityFlex™ is a Multi-Year Guaranteed Annuity, or “MYGA,” intended for investors seeking long-term, tax-deferred accumulation for their retirement savings. It offers:
ParityFlex™ MYGA and a Certificate of Deposit (CD) offer principal protection and guaranteed growth. However, ParityFlex™ MYGA may provide a higher interest rate over a longer investment horizon, making it a good choice for those who want a market-leading interest rate for a set term. What sets ParityFlex™ MYGA apart from a CD is its built-in Guaranteed Lifetime Withdrawal Benefit (GLWB) at no extra cost. This feature allows you to make yearly withdrawals up to a specified amount after activating the benefit at age 59½ or after. Additional information is available in the ParityFlex™ MYGA Product Summary.
A Guaranteed Lifetime Withdrawal Benefit provides security through guaranteed annual income payments for life, provided certain conditions are met – even if your Contract Value falls to $0. The GLWB allows for continued access to the Contract Value while you accumulate interest. More details can be found in the ParityFlex™ MYGA Product Summary.
For sure! During the accumulation phase, you can withdraw up to 10% of your premium or your Required Minimum Distribution (RMD) amount, whichever is greater, in the first year and 10% of the Contract Value or your RMD, whichever is greater, each year after that without paying a Withdrawal Charge or Market Value Adjustment. It's called your “Free Withdrawal Amount.” Keep in mind that any withdrawal reduces your Contract Value.
After the first Contract year, you can also elect to access an “Annual Withdrawal Amount” when you activate your Guaranteed Lifetime Withdrawal Benefit, which you can not take before age 59½. A Lifetime Withdrawal Percentage, a rate based on your age, is applied to the Contract Value on the day you start receiving GLWB payments to determine your Annual Withdrawal Amount. Exceeding this amount in any year will lead to a proportional reduction in future years. It's important to note that GLWB payments are considered withdrawals and will reduce the annuity’s Contract Value. More details can be found in the ParityFlex™ MYGA Product Summary.
A Market Value Adjustment (MVA) is an adjustment applied to withdrawals exceeding your Free Withdrawal Amount. It can be either positive or negative and is based on interest rate changes from when you purchased the annuity to the time of withdrawal.
ParityFlex™ is a tax-deferred annuity, meaning you won’t owe taxes on the interest it accumulates until the funds are distributed. GLWB payments are withdrawals, so at the end of the calendar year, you'll receive IRS Form 1099-R, which reports any withdrawals you make and reflects the interest you've earned. Remember that withdrawing funds before age 59½ may result in a 10% federal penalty tax unless an exception applies (e.g., death benefits, payments following annuitization, etc.).
Yes! The ParityFlex™ includes a Right to Examine period of 30 days after you receive the contract. You can cancel your contract and receive a full refund of your premium payment during this time.
SteadyPace™ is a multi-year guaranteed annuity. SteadyPace™ is designed to guarantee the principal investment and accumulate interest at a guaranteed rate over a specified investment period, ranging from three to ten years.
SteadyPace™ and bank CD products are designed to protect your principal investment and accumulate interest at a guaranteed rate over a specified investment period. Both allow you to withdraw your money as a lump sum at the end of the investment term or renew for another term. On the other hand, SteadyPace™ is meant to be a longer-term accumulation product. Therefore, it offers tax-deferred growth. As opposed to SteadyPace™, CDs are designed to be shorter-term savings vehicles and taxed annually. Additionally, guarantees for SteadyPace™ are provided by the financial strength and claims paying ability of the issuing insurance company whereas CDs are generally guaranteed under FDIC insurance. The SteadyPace™ offered through the Gainbridge® platform also provides for annual penalty-free withdrawals (see “When can I withdraw money from my SteadyPace™?”, whereas CDs typically penalize any withdrawal before maturity.
The projected account value of your SteadyPace™ contract is the sum of your initial investment plus all accumulated interest at the end of your investment term if you don’t make any withdrawals during said term.
Beginning in the second year of your contract, you can annuitize your SteadyPace™ at any time by converting the account value into a series of guaranteed monthly payments over a period you select, which may be any annual period from five to ten years. A surrender charge may apply if you annuitize your SteadyPace™ contract before your fifth contract year ends. No surrender charge applies if you decide to annuitize your contract at maturity.
At maturity, you can withdraw your initial investment, plus earnings, as a lump sum or as a stream of monthly payments for five to ten years. Or, you can renew your annuity for another term. You choose. Before maturity, you can make penalty-free annual withdrawals of up to 10% of the premium or Required Minimum Distribution (RMD) Amount, if any (as calculated by us), to be withdrawn in the first Contract Year. Beginning in the second Contract Year, You will have up to 10% of the most recent Contract Anniversary’s Contract Value, or RMD Amount, if any (as calculated by us), available to You each Year to withdraw without incurring any penalties (Withdrawal Charges or MVA). If you withdraw above the penalty-free threshold, terminate your contract early, or elect a settlement option, 1) you will be assessed a withdrawal/surrender charge, which will be calculated as a percentage of your account value, and 2) your account value may be assessed a positive or negative market value adjustment (“MVA”) if market interest rates have changed since the beginning of your investment term. Get all the details on withdrawal fees in the full SteadyPace™ Product Summary. California residents, click here. New Jersey residents, click here.
Your annuity contract has two additional benefits called the Terminal Illness Waiver and the Nursing Home Confinement Waiver. They won't cost you anything extra. If you qualify for these benefits based on specific conditions, they can help you avoid withdrawal fees and market value adjustments (MVAs).
Before your guaranteed interest rate period ends, you will be notified at your last known email address how to reallocate your account value. Your contract sets forth the following three options:
Please Note: If an option is not selected, the contract will automatically renew to a new guaranteed interest rate period as outlined in the contract.
No. The interest rate is set on your issue date and is guaranteed for the Guaranteed Interest Rate Period you have elected. Once that period expires, you have the option to continue your SteadyPace™ contract by initiating a new Guaranteed Interest Rate Period, which comes with a new Guaranteed Interest Rate. Interest will be calculated and credited to your account value daily at the guaranteed interest rate.
The SteadyPace™ is a single premium individual tax-deferred annuity. The IRS requires that interest be distributed before the principal, so you will not be taxed until you receive that distribution. IRS Form 1099-R will be sent to you at the end of the calendar year, reporting any withdrawals you take and reflecting the interest you received. You will pay tax at the same rate as other ordinary income on your earnings at that time. Your earnings may be subject to an additional 10% federal tax if you withdraw before age 59 ½ unless an exception applies (like death benefits, payments following annuitization, etc.). Tax-deferred annuities can be exchanged for other tax-deferred annuities without paying taxes on the earnings.
SteadyPace account values are updated daily and reflect current interest credited and any withdrawals. Log in to your online account at www.gainbridge.io to access all your account information.
For SteadyPace™ contracts, you will receive an annual statement each year around your contract anniversary. Each annual statement will provide information such as beginning and ending account values, interest earned, withdrawals, surrender value, and death benefit value. You will not receive an annual statement for SPIA contracts, but you can view your remaining scheduled payouts online.
Your named beneficiaries have multiple options for receiving the death benefit under your annuity contract (i.e., your account value). These options are outlined in your annuity contract. In addition, your surviving spouse can continue your annuity contract for the remaining term if he/she is named the sole primary beneficiary and elects in writing to do so. Please contact the Gainbridge® customer support team for more information on these options.
The Market Value Adjustment (“MVA”) is an increase or decrease in the amount distributed to you upon withdrawal from or surrender of your annuity due to changes in market interest rates since the beginning of the applicable guaranteed interest rate period. This adjustment is in addition to any withdrawal or surrender charges that may otherwise be assessed in accordance with your contract. For detailed information regarding how the MVA is applied, including a sample MVA calculation, please refer to the MYGA Product Summary. California residents, click here. New Jersey residents, click here.
Currently, Gainbridge® offers single premium contracts, meaning you provide a single lump sum at enrollment.
Yes, you can. Get a quote for a new product, and then in the enrollment process, make sure to answer all the relevant questions about qualified funds. If you have any questions during the process, you can contact our customer support team for help.
Generally, we offer annuities with higher interest rates for longer investment terms. However, the amount you invest does not impact the interest rate offered. We believe in providing the same great value to all investors, regardless of wealth. Your policy will reflect current rates at the time your application is submitted.
Yes. As the annuity owner, you can designate a Payee to receive the monthly payments. Otherwise, you, the owner, will receive the monthly annuity payments. All payments are reported under your Social Security Number to the IRS using Form 1099-R.
What you see is what you get. There are no hidden costs or fees. Your guaranteed interest rate and projected account value are not reduced by management fees or agent commissions.The products we offer are a commitment of time for money, though. If you withdraw above the penalty-free limit (30 days from the initial contract) or break the contract altogether, you will be charged a withdrawal/surrender charge. Your account value may also be assessed a positive or negative market value adjustment (“MVA”). Get all the details on withdrawal/surrender fees in our full product summaries.
You have the right to cancel your annuity for any reason, penalty-free, within 30 days of receiving your contract. To do so, you must simply send a signed and completed cancellation notice via our Free-Look Request form. You can get that directly from the Gainbridge® customer support team. Once you cancel, you will receive the premiums paid, less any proceeds paid to you to date.
Gainbridge® is a self-managed innovative digital platform providing direct access to trusted financial products to grow your savings smartly. Our clients value straightforward, high-yield products they can understand and buy themselves, to grow their money for goals big and small. Through Gainbridge®’s digital platform, savings, and retirement solutions are accessible to anyone who wants to take control of their finances. We help you cut through the confusing language, fees, cost structures, and restrictions that traditionally stand between people and a great financial opportunity.
The Gainbridge® platform offers a single-premium deferred annuity (SteadyPace™), designed to protect your investment and accumulate interest on a tax-deferred basis at a guaranteed rate over a specified investment period that can range from three to ten years. For more information, please see the product page.
Gainbridge® is a powerhouse team of insurance and financial technology experts with a shared mission to help consumers meet their financial goals and increase their purchasing power through intuitive digital products offered on the Gainbridge® platform. We are a wholly owned subsidiary of Group 1001, a financial services group striving to make asset accumulation and insurance products more useful for everyone. Group 1001 has combined assets under management of approximately $66.8 billion as of September 30, 2024, and continues to look for opportunities to help disciplined investors grow and protect their savings. Group 1001’s family of brands includes Gainbridge®, Delaware Life®, Clear Spring Health®, and Clear Spring Insurance®. Annuity products offered on the Gainbridge® platform are issued by Gainbridge Life Insurance Company; (NAIC#15691) (“Gainbridge Life”), a Delaware-domiciled insurance company with its principal office in Zionsville, Indiana. Gainbridge Life is currently licensed and authorized to do business in 49 states (all states except New York), the District of Columbia and Puerto Rico.
Gainbridge® is for hands-on people who believe in reaching their financial goals with a balanced approach to managing investment risks. We help our clients make steady progress towards what they want to do, big or small – from buying a home to make room for a new arrival to living a dream retirement— with products that protect their savings from market ups and downs and provide tax-deferred, meaningful growth.
With Gainbridge®, you can purchase an annuity entirely online in minutes through its platform. If you need help, we have licensed agents available weekdays from 8 am to 5 pm EST by phone or live chat. If you need help outside of our hours of operation, you can leave a message through our secure chat window, and we’ll respond as soon as possible.
Currently, products offered through the Gainbridge® digital platform are available for legal U.S. residents except in New York and Puerto Rico. Applicants must be over 18 years of age and possess a valid Social Security Number.
Annuity products are issued by Gainbridge Life Insurance Company; (NAIC#15691) (“Gainbridge Life”), a Delaware-domiciled insurance company with its principal office in Zionsville, Indiana. Gainbridge Life is currently licensed and authorized to do business in 49 states (all states except New York), the District of Columbia and Puerto Rico.
Yes, you can. And it's even easier than getting an annuity the first time through the Gainbridge® platform. No need to re-do your personal information or create an account again. Just get a quote, sign in to your account, and complete the enrollment.
At enrollment, there are three paths for funding your account:
To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires all financial institutions and their third parties to obtain, verify, and record information identifying each person who opens an account. What this means for you: When you purchase an annuity through the Gainbridge® platform, we will ask for your name, address, date of birth, and certain other information that will allow us to identify you. See our Privacy Policy page for more information about how we collect, use, and protect your information.
You may be subject to an additional 10% Internal Revenue Service (IRS)-mandated tax on your earnings if you withdraw before age 59½ unless an exception applies (like death benefits, payments following annuitization, etc.). You can renew your SteadyPace™ contract for a new guaranteed interest rate period or transfer your account value to another annuity at the end of your investment period to avoid this tax. If you withdraw before turning 59½, your net yield might still be better than a CD or online savings account, based on current rates.
For example, let’s assume a contract with a guaranteed rate of 4.00% APY. If you withdraw your money before 59½, your effective fixed rate would be approximately 4.00% APY x (1-10% penalty) = 3.60% APY. Please consult an attorney or tax professional for legal or tax advice concerning your situation.
No. Enrollment through the Gainbridge® platform does not require us to run a credit check but is subject to ID verification.
Once you have set up an account online, you can make updates by logging into your account and contacting our customer support team. They will happily help you through the necessary steps by completing the appropriate forms for specific updates, such as changing beneficiary information, owner information, etc.
