Multiple Year Guarantee Annuity
If you are looking for an annuity that has flexibility and control as a means to meet your long-term financial goals, but you are also concerned about interest rate fluctuations, you may want to consider a Multiple Year Guarantee Annuity (MYG). The Standard Life Provider Plus MYG annuity has the options you need for flexibility and control and can eliminate the concern for market fluctuations by providing interest rates that are guaranteed for the life of the contract.
Select from Six Different Interest Guarantee Periods
The Provider Plus offers six different guarantee periods which allow you to lock in a competitive fixed rate for the period of time that fits your needs.
You can choose a 5, 6, 7, 8, 9 or 10 year guarantee period and the declared rate applies throughout the interest guarantee period. Also, certain guarantee periods offer an interest rate enhancement during the first year. The Provider Plus gives you predictability you can count on.
The Provider Plus is a tax-deferred annuity that helps you control your tax situation by providing options. You decide when you need to take income from your annuity.
If you need additional income, you can receive monthly payments of the interest earned or a fixed amount and only pay taxes on the gain that you withdraw subject to any applicable surrender charges or market value adjustment. However, if you do not need additional income, leave your money, plus interest earned, in your Provider Plus annuity and continue to earn interest, tax-deferred.1
Access When You Need It
Because your needs may change, the Provider Plus gives you opportunities to withdraw funds without a surrender charge, Market Value Adjustment (MVA) or Excess Interest Deduction (EID).2
Starting in the first policy year, you may withdraw the interest as it is earned or in a lump sum at the end of the year. After the first policy year, up to 10% of the annuity value at the beginning of that policy year, can be withdrawn without surrender charge, MVA or EID.
The greater of the annuity value or the surrender value will be paid to the named beneficiary at the death of the owner or annuitant. Generally, death proceeds paid to a named beneficiary (other than the annuitant's estate) are not subject to the probate process.
In the event of unforeseen hardships such as confinement to an eligible institution, disability or disabling terminal illness, the Provider Plus contains a Confinement Waiver and a Disability Waiver that allow you to have access to your money without penalty*.
Flexibility After Your Initial Guarantee Period
When your initial guarantee period comes to an end, the Provider Plus gives you the opportunity to choose what makes the most sense for you. You can withdraw all of your money3 with no surrender charges, MVA or EID or continue your annuity and earn Standard Life's portfolio interest rate that is declared each year on your policy anniversary date.
1 Tax treatment of withdrawals from qualified annuities may vary.
2 Withdrawals taken before age 59 1/2 may have a 10% tax penalty.
3 This is only available for 30 days after the end of the initial guarantee period and must be a full surrender. Partial surrenders and systematic withdrawals cannot be taken without penalties during this 30 day period.
Policy Form Series 2030, 2031 availability, issue ages and minimum guaranteed interest rate will vary by state. The policy has exclusions and limitations. For costs and complete details of the coverage, see your policy for details or call the Company or your Agent.
Standard Life and its representatives do not give legal, tax or accounting advice. If you need such advice, consult your attorney, accountant or personal tax advisor.
Standard Life does not offer to sell, nor solicit an offer to buy any insurance product in any jurisdiction in which the Company is not authorized to do business or the product is not approved.
*See policy for details.
