Company Information
Company Name
American National Life
Product Name
American National Palladium MYG Max 5
Description
The Palladium MYG Max 5 is a single-premium fixed annuity with a guaranteed five-year interest rate lock. After five years, owners have a 30-day window to withdraw or transfer the full account value. If no action is taken at first maturity, the annuity renews for five more years and completes a ten-year term at a new interest rate declared at that time.
This contract offers three rate bands. The highest rates are for deposits exceeding $250,000. Two lower interest rate bands are available for amounts between $100K-$249.9K as well as $5K-$99.9K. This account is RMD-friendly and accepts both qualified and non-qualified funds.
Spousal continuances are allowed where the surviving spouse is the beneficiary, but joint annuitants are not. The owner can be a corporation or a trust. There are no surrender charges upon death.
For those needing more liquidity, the American National Palladium MYG Annuity 5, allows for 10% free withdrawals all years.
AM Best Rating
A Excellent (3rd of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rates
| 5.55% | $250,000 | — | $3,000,000 |
| 5.40% | $100,000 | — | $249,000 |
| 5.30% | $5,000 | — | $99,999 |
Term
5 Years
Minimum Investment
$250,000
Maximum Investment
$3,000,000 without prior approval
Maximum Age
90
Surrender Schedule
8%, 8%, 7.4%, 6.5%, 5.6%, 0%
What We Like About This Annuity
Higher yields from an A rated company. Three rate bands to tailor your account size. Up to $3 million accepted for larger accounts. No surrender penalties at death. IRA friendly.
Notable Features
At no cost, this account provides Confinement, Terminal Illness, and Disability waivers if certain conditions are met. This policy also allows for penalty-free IRA Required Minimum Distributions.
Other Popular Products
Beyond fixed annuities, American National offers competitive indexed annuities (with rate locks for the entire term) and strong immediate income annuity policies. Their whole life and guaranteed universal life policies are also popular with consumers.
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About American National Insurance Company
This large and well-diversified insurance company offers life, annuity, and property and casualty insurance nationwide. They’ve been in business for over 100 years and are widely recognized for their industry strength and consumer service.
Integrity, respect, service, financial strength, and teamwork are just a few of their most important core values. Company breadth and flexibility allow for unique coverage options that can be tailored to consumers’ needs.