The Sky Harbourview Multi-Year Guaranteed Annuity from Oceanview Life provides a guaranteed rate of return over a set period of time, giving you the assurance you need to plan for the future.
Multi-Year Guaranteed Annuity Advantages
- Principal Protection
- Guaranteed Interest Rates
- Tax Deferred Earning Flexible Annuitization & Settlement Options
- Death Benefits For Beneficiaries
Who’s Right For A Multi-Year Guaranteed Annuity?
- Whose risk tolerance is shifting towards risk avoidance
- Wants protection from market volatility
- Anticipates limited liquidity needs
- Seeking tax advantages
- Considering guaranteed retirement income options
This product is available via our Financial Institution partners
Contact our Sales Team to get more information
Sky Harbourview MYGA Brochure
Contract Features of the
Sky Harbourview MYGA
- Premium Requirements
- Issue Age
0 through 89 (non-qualified and qualified assets)
- Multi-Year Guaranteed Period Options
3, 5, 7, and 10 year
10% of Contract Value on or after first year of Contract anniversary without Surrender Change penalty.
Minimum Withdrawal Amount = $250
- Death Benefit
Contract Value (No MVA or surrender charges) or Spousal Continuation
- Crediting Rate
Crediting Rate is set at policy issue date for the Guarantee Period selected. At the end of the Guaranteed Period, you and the contract owner will be notified that the contract can be surrendered, transfered, or renewed for another Guaranteed Period for the then current renewal rates. Minimum Guaranteed Crediting Rate is 1%.
- Free Partial Withdrawals
After first 12 months, up to 10% of account value is available for withdrawal without surrender charges, annually. Withdrawals in excess of the 10% free annual allowance will be subject to surrender charges and an MVA. Minimum Withdrawal Amount is $250.
- Market Value Adjustment (MVA)
A Market Value Adjustment (MVA) applies to all withdrawals subject to Surrender Charges. The MVA may have the effect of increasing or decreasing the Surrender Value of the withdrawal depending on market interest rates. The Product Disclosure provided to you at the time of the application has additional details regarding the MVA.
*Please see your contract for additional details. Rider and calculations may vary by state.
- Surrender Charges
A surrender charge applies to all withdrawals over 10% during contract term and reduces your contract value.
Riders of the Sky Harbourview
Terminal Illness*: After the first contract anniversary, in the event that the contract owner is terminally ill and not expected to live more than 12 months, any applicable MVA and surrender charges will be waived on any withdrawal. Terminal illness must be diagnosed by a qualified physician after the contract’s issue date. Proof of terminal illness must be provided to the Company.
Nursing Home Confinement*: After the first contract anniversary, in the event that the contract owner is confined to a nursing home, any applicable MVA or surrender charges will be waived on any withdrawal. Nursing home confinement is defined as at least 90 consecutive days or at least 90 days if there is no more than a 6-month break in the confinement. Confinement must be prescribed by a qualified physician and medically necessary. Proof must be furnished to the Company during confinement or within 90 days after such confinement
*Waiver of surrender and MVA charges based on final review of claim.
Contract Renewal Process of the Sky
Harbourview Fixed Annuity
30 Days Prior to the end of the Contract’s Interest Rate Guaranteed Period, the Agent and Policy Holder will be alerted to the following options:
Surrender Contract (not subject to surrender charges or MVA). If client does not make an election, the Contract renews for the same Guarantee Surrender Charge Period at the declared new money rate (never less than 1%).
Apply for a new Contract Guarantee Period of choice with the declared new money rate with a corresponding new Surrender Charge Period.
Take a partial withdrawal (not subject to surrender charges or MVA), and renew the remaining value to the same Guarantee Period or apply to another Guarantee Period.
1035 Exchange Full or Partial account value
Spousal Continuation: This option allows one spouse to continue the other’s contract as the new annuitant. In the event of the death of one spouse, contracts that are jointly owned by spouses or a single-owner contract with a sole spouse beneficiary allow the surviving spouse to assume all rights to the initial agreement. They will have the ability to elect to continue the contract, collect any remaining and all payments and any death benefits and choose beneficiaries, subject to certain conditions. This provision allows for the surviving spouse to maintain a tax- deferred status and secure long- term financial stability.
Settlement Options of the Sky
Harbourview Fixed Annuity
The Sky Harbourview MYGA can provide an income stream for a term of your choosing, including the rest of your life.
Life Only: Equal monthly payments for the annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death.
Life with 10-Year Period Certain. Equal monthly payments for the greater of 120 months or the annuitant’s remaining lifetime.
Joint and Last Survivor: This option provides payments during the lifetime of the annuitant and the lifetime of a designated second person. If at the death of the survivor, annuity payments have been made for less than 120 monthly periods, the remaining guaranteed annuity payments will be continued to the beneficiary.
*Once annuity payments have begun, no changes can be made.
*For most states, Harbourview Fixed Annuities Policy Form: ICC19OLASPDA. Product features, options, form numbers and availability may vary by state.This is a brief description of the Harbourview Fixed Annuities and is meant for informational purposes only. It is not individualized to address any specific investment objective. It is not intended as investment or financial advice.
Product availability may vary by distribution channel.