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.

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of up to 10% of the premium or Required Minimum Distribution (RMD) Amount, if any (as calculated by us), to be withdrawn in the first Contract Year.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.