Company Information
Company Name
Nassau Financial Group
Product Name
Nassau Life MYAnnuity 7X Year
Description
The Nassau Life MYAnnuity 7X is a single premium, fixed annuity with a seven-year rate guarantee. After seven years, owners have a 30-day window to withdraw, transfer, or renew their account balance. If no action is taken during the renewal window, the account will renew for a new term
This policy accepts qualified and non-qualified funds and includes a Market Value Adjustment. This policy is geared more toward growth as it does not automatically include free withdrawals during its surrender term.
There are no surrender charges at death. A spousal continuance option is allowed. A 10% free annual withdrawal rider can be added to the contract which decreases the yearly interest rate by .20%.
AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.60%
Term
7 Years
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
There are low miniums to start and no surrender or negative MVA charges at death. Spousal continuances are allowed. An optional 10% free withdrawal rider can be added.
Notable Features
At no cost, this policy includes Nursing Home, Terminal Illness, and Annuitization waiver. If approved, this allows for full surrender of the contract for health or income with no charges or penalties.
Other Popular Products
Nassau also offers competitively priced Medicare Supplements with a strong renewal history. However, they may be best known for their indexed annuities with lifetime income withdrawals. This income can double to cover healthcare needs (5 year max) - even when the account value is zero.
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About Nassau Life and Annuity Company
Headquartered in Hartford, Connecticut, Nassau Life boasts over $24 billion in assets under management. They were founded in 1851 and specialize in fixed and indexed annuities as well as Medicare Supplement policies.
They have recently expanded their fixed and indexed annuity offerings to include policies designed for lifetime income, premium bonuses, and enhanced long term care payouts. Their annuities provide solutions in four core categories, including: Growth, Income, Care, and Family.
Their stated mission is to be consumers’ carrier of choice, proven by their 374,000 policies and contracts currently in force. They are known for prompt and knowledgeable customer service agents dedicated to reliable service to their clients and agents.