FAQs

A fixed annuity has two phases- an accumulation period and an income period. During the accumulation phase, the money you contribute to your fixed annuity will earn interest at a fixed interest rate.

During the income period, the money you’ve accumulated in your fixed annuity can be turned into a stream of income payments or a lump- sum payment. You also have the option to renew your contract Guarantee Period with a declared new money rate.

Annuities serve people to provide an income stream they cannot outlive. Our annuity is built for a risk-adverse investor seeking a guaranteed return and principle. An annuity will provide protection from loss, steady, predictable growth, benefits of tax-deferred earnings, and guaranteed retirement income.

When purchasing the Harbourview MYGA, you are insuring against the personal risk of outliving your savings once you retire. The Harbourview Multi- Year Guaranteed Annuity offers you the ability to grow your assets with a competitive fixed interest rate, accumulate tax- deferred growth while preparing for a retirement income stream provides death benefits to protect your beneficiary and a generous liquidity feature available during the accumulation period.

We recommend you contact your financial professional when purchasing one of our products. Call our Customer Service Team and we will be happy to connect you with one of our experienced financial professionals today! Click Here Contact

Clients can withdraw up to 10% of account value per year, free of surrender charges, starting in year two.

Surrender Charges can be avoided by:

• Holding the contract until the end of the Guarantee/ Surrender Charge Period
• Not taking more than the free withdrawal amount during any given contract year
• Annuitizing the contract through one of the standard annuity options offered on this product.

At least thirty (30) days prior to the end of the Initial Interest Guarantee Period or any subsequent Guarantee Period, you may elect to:

• Continue the Contract for the same Guarantee Period at the declared renewal rate;
• Continue the Contract for another Guarantee Period that We make available to You at the time of renewal;
• Take a partial withdrawal, with no Surrender Charges or Market Value Adjustment, and apply the remaining value to another Guarantee Period, which may be the same or different than the prior Guarantee Period.
• 1035 Exchange your annuity into another product
• Surrender the Contract without Surrender Charges or application of any Market Value Adjustment;
• Apply the Contract Value to a Settlement Option.

Life Annuity, Life Annuity with 120 monthly payments guaranteed (10 Year Period Certain), Joint and Last Survivor with 120 monthly payments guaranteed.

A 1035 Exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment, or annuity to a new policy, without having to pay taxes.

Qualified funds are those contained within a tax qualified account, such as an IRA or 401k. Non-qualified funds are everything else.

If you are transferring money from another financial institution to fund your new annuity purchase, Oceanview will allow you to lock-in our current interest rate for up to 60 days pending receipt of your transferred funds. Upon receipt of funds, you will receive the locked in rate or the current rate then available, whichever is higher.

72t is a rule from the IRS that allows for penalty-free, early withdrawals from a retirement savings account. According to the IRS, withdrawals are based on the account owner’s life expectancy. https://www.investopedia.com/terms/r/rule72t.asp