- Principal Protection with Tax-Deferred Growth
Your premium is protected from market loss, with interest credited on a tax-deferred basis to help your money grow efficiently over time. - A Floating Rate That Resets Each Year
After the first contract year, your interest rate resets annually based on a simple formula: the 1-Year U.S. Treasury rate plus a guaranteed base rate (spread). This floating rate approach allows your rate to adjust each year as interest rates change—up or down. - Guaranteed Base Rate for Your Selected Term
Your base rate (spread) is declared at issue and guaranteed for the entire guarantee period you select—providing clarity and consistency throughout the term.
Oceanview CurrentRate® MYGA
Principal Protection | Tax-Deferred Earnings | Rates Designed to Stay Current
Why Consider Oceanview CurrentRate MYGA?
Product Overview
Oceanview CurrentRate® MYGA is a Single Premium Deferred Multi-Year Guaranteed Annuity designed for individuals seeking principal protection, tax-deferred growth, and straightforward annuity features—with a floating rate interest-crediting approach designed to stay aligned with changing interest rate conditions over time.
Unlike traditional MYGAs that guarantee one declared interest rate for the entire guarantee period, Oceanview CurrentRate MYGA provides:
- A declared interest rate in the first contract year, guaranteed for that year, and
- Annual interest rate updates beginning in year two, based on a transparent, rules-based formula tied to the 1-Year U.S. Treasury Rate plus a guaranteed spread.
CurrentRate MYGA is currently available with a 5-year guarantee period.
This structure preserves the core guarantees of a MYGA while giving clients a different way to participate in changing interest rate environments—within a fixed annuity that provides principal protection, subject to contract terms.
Who May Consider Oceanview CurrentRate® MYGA
Oceanview CurrentRate® MYGA may be appropriate for individuals who:
- Want principal protection with predictable MYGA features
- Prefer a transparent, rules-based approach to interest crediting
- Are concerned about committing to a single fixed rate for the full guarantee period
- Are comfortable with a floating rate MYGA structure where credited interest rates may adjust annually beginning in year two
- Value clarity, consistency, and simplicity in retirement planning
A financial professional can help determine whether this 5-Year MYGA aligns with an individual’s financial objectives, time horizon, risk tolerance, and overall retirement strategy.
Key Product Features
Product Type:
- Single Premium Deferred Multi-Year Guaranteed Annuity (MYGA)
- Market Value Adjustment (MVA) applies to non-California contracts
- No MVA applies to California contracts
Guarantee Periods Available
- 5 – years
Minimum Premium
- $20,000 (Qualified and Non-Qualified)
Issue Ages
- 5-year guarantee periods: Issue ages 0–89 (last birthday)
Minimum Guaranteed Interest Rate
- 1%
First Contract Year
- Interest is credited at a declared rate set at issue
- This rate is guaranteed for the first contract year
Subsequent Contract Years (During the Guarantee Period)
Beginning in the second contract year, the credited interest rate is determined annually on each contract anniversary.
Each year’s credited rate is the combined total of:
- A Guaranteed Period Base Rate, declared by Oceanview at issue and fixed for the entire 5-year guarantee period, plus
- A Floating Rate Component based on a the 1-Year U.S. Treasury Rate, as defined in the contract
The combined credited rate will never be less than the Guaranteed Minimum Interest Rate stated in the contract.
Important Rate Considerations
- The Guaranteed Period Base Rate does not change during the guarantee period
- The Floating Rate Component may increase or decrease based on prevailing market conditions
- Interest is credited and compounded daily in accordance with the contract
End of Guarantee Period & Renewal Options
At the end of the surrender charge period, the contract includes a 30‑day window during which the contract value may be withdrawn with no surrender charge or Market Value Adjustment.
If no action is taken during this window:
- The contract automatically renews into the same guarantee period
- A new declared interest rate applies for the first year of the new period
- Annual rate updates resume thereafter using the CurrentRate interest‑crediting methodology in effect at that time
- A new surrender charge schedule begins with each renewed guarantee period
Withdrawals & Liquidity
Free Withdrawals
- After the first contract year, up to 10% of the contract value may be withdrawn annually without surrender charges or a Market Value Adjustment
- Unused free withdrawal amounts do not carry over from year to year
Surrender Charges
- Apply to withdrawals exceeding the free withdrawal amount during the surrender charge period
- Surrender charges vary by guarantee period
- A new surrender charge schedule begins with each new guarantee period
Death Benefits
Upon the death of the owner, beneficiaries will receive the greater of:
- The contract value (with no surrender charges or Market Value Adjustment), or
- The minimum surrender value
Spousal continuation options may be available, subject to contract provisions.
Tax Considerations
- Earnings grow tax-deferred until withdrawn.
- Withdrawals are taxed as ordinary income.
- Withdrawals taken prior to age 59½ may be subject to an IRS penalty.
This information is not intended as tax advice. Clients should consult a tax advisor regarding their individual circumstances.
Download the CurrentRate Brochure
Oceanview CurrentRate® MYGA is a single-premium deferred multi-year guaranteed annuity designed for individuals seeking principal protection, tax-deferred growth, and simple, transparent features—featuring a floating interest crediting approach that adjusts over time with changing interest rate conditions.