No, annuities are not FDIC insured.

However, if an insurance company fails, your annuity may still be protected through state guaranty associations, which provide coverage up to certain limits. Each state has its own regulations regarding this protection, typically safeguarding a portion of your annuity’s value. It's important to understand the coverage limits. To learn more about state guaranty associations, visit nolhga.com

FastBreak™ is a high rate savings product that grows your money non-tax deferred meaning you can earn and withdraw your money at any age, unlike most traditional annuities where you can only withdraw your money after 59.5 years old to avoid penalty from the IRS.

FastBreak™ grows more similarly to a Certificate of Deposit than a traditional annuity.

A Multi-Year Guaranteed Annuity (MYGA) is a type of fixed annuity that offers a guaranteed interest rate for a specified period, usually ranging from 3 to 10 years. It provides stable, guaranteed returns, making it a secure option for savings.

You can withdraw your money at the the end of your term.

Alternatively, you can withdraw up to 10% your initial premium in the first year or, starting in the second year, your can withdraw up to 10% of the contract anniversary's contract value.

These are the maximum amounts your can withdraw without incurring a surrender charge or market value adjustment in a given contract year. We recommend reviewing your annuity contract for specific terms and potential penalties related to withdrawals.

While MYGA annuities offer stability and guaranteed interest accumulation, there are still some risks to consider. These include potential surrender charges for early withdrawals and the possibility of earning less interest compared to more aggressive or market-based investment options. If you require liquidity, a MYGA may not be ideal due to its fixed term and potential penalties for accessing funds early.

If you withdraw more than 10% of your account value, it may trigger a withdrawal charge and a market value adjustment, which can lower both your withdrawal amount and your annuity account value. Additionally, any amount withdrawn may be subject to taxes. We recommend reviewing your contract for specific terms.

Yes, you can open multiple FastBreak™ accounts with Gainbridge. Each account is treated separately, allowing you to manage different savings goals or investment strategies. However, please ensure that you meet the minimum funding requirements for each account. If you have any questions, feel free to reach out to our customer support team.

Your funds with FastBreak™ are secure, as they are held in a product backed by Gainbridge Life Insurance Company, which is rated A- (excellent) financial strength rating of insurance company by AM Best.

In the unlikely event an insurer becomes insolvent, state guaranty associations may provide limited protection, funded through assessments on other insurers. FastBreak™ is designed to prioritize safety and stability, giving you added peace of mind.

There are no hidden fees with any Gainbridge annuities. The only fee you may incur is if you withdraw more than 10% of your annuity value before the end of your term.

In general, most MYGA annuities have minimal fees, primarily surrender charges that may apply if you withdraw more than the allowed amount during the surrender period. Be sure to review your specific contract for any potential fees.

MYGAs can be a good option for those seeking stability and guaranteed interest, especially for conservative investors. They provide tax-deferred growth and protect principal, but may not offer the same growth potential as equity-based investments. Always consider your financial goals and consult with a financial advisor.