Company Information
Company Name
Nationwide Life
Product Name
Nationwide Life Secure Growth 7 MVA
Description
The Secure Growth 7 is a single-premium, fixed annuity with a 7 year rate guarantee. After 7 years, owners can withdraw, transfer, or reinvest their full account value. If no action is taken, the account remains fully liquid and a new, one year interest rate is applied. The account does not automatically renew.
Two interest rate bands are available. The highest rate is for deposits above $100K. A lower rate applies to deposits between $10K – $99.9K. A Return of Premium feature is available at a lower annual interest rate. Qualified and non-qualified funds are accepted and there are no surrender charges at passing.
AM Best Rating
A+
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
10% / 10%
Rate
4.80%
Term
7 Years
Minimum Investment
$ 100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
8%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Offered from an Excellent rated A+ insurance company and includes 10% free withdrawals in all years. Policy does not automatically renew at maturity. No surrender penalties at passing. Several variations available including an optional Return of Premium.
Notable Features
At no additional cost, this annuity includes nursing home, terminal illness, and annuitization surrender charge waivers. Accounts can be established with or without a Market Value Adjustment and/or Return of Premium feature.
Other Popular Products
Nationwide is well known for innovative life and annuity products. Their Peak 10 fixed-indexed annuity is a great product for growth and income while maintaining principal. Their CareMatter long term care linked life insurance policy is also quite popular with those looking to plan for LTC needs in the future.
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About Nationwide Life Insurance Company
Domiciled in Columbus, Ohio this A+ rated company boasts approximately $300 billion under management with over $1 billion in net operating income. They’ve been in business and providing insurance and investments since 1925.
They pride themselves on being a technology-focused company with a human touch. Their diverse line of innovative products in the life, health, property and casualty markets make them one of the strongest insurance companies in the US.