Ceres Life MYGA 5
More rates from Ceres Life Ins Co
The Ceres Life MYGA 5 is a single premium, fixed annuity with a five-year rate guarantee. After five years, owners have a 30-day window to renew, withdraw, or transfer their full contract value. If no action is taken after 30 days, a new five year (or longest available) contract will begin with a new surrender schedule. This policy includes 10% free withdrawals beginning in year two and is RMD-friendly. Qualified and non-qualified funds are accepted and the contract includes an MVA feature. There are no surrender penalties upon passing. The full accumulation value is available to the owner's beneficiaries.AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Rate
5.75%
Term
5 Years
Minimum Investment
$25,000
Maximum Investment
$ 1,000,000
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 0%
What We Like About This Annuity
There are low minimums for the highest rate. Policy includes free RMDs. After the first year, free interest or 10% free contract withdrawals are available. There are no surrender charges at passing.
Notable Features
After year one, this policy offers several penalty-free annuitization options for owners and or owner/spouses for guaranteed income. Ceres accepts several types of qualified accounts including inherited ROTH, SEP and traditional IRA accounts.
Other Popular Products
Ceres Life Insurance Company only offers guaranteed fixed annuity accounts (MYGAs) at this time. Additional product offering are anticipated in the future.
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Ceres Life Ins Co
About Ceres Life Insurance Company
This new and innovative insurance company was founded in 2020 and is domiciled in Shelton, Texas. They were created by CC Capital and are rated B++ with AM Best. They boast nearly $400 million in assets.
Currently, they offer guaranteed fixed annuity accounts only for growth and income. Ceres is a technology-driven company with consumer (and agent) digital platforms designed for financial innovation. Annuity contracts are offered in all states except for California, Idaho, Maine, Minnesota, and New York.