Savings Bank Mutual Life ECAccumulate MYGA
Current Fixed Rates Bands
The Savings Bank Mutual Life ECAccumulate MYGA 5 is a single-premium deferred fixed annuity with a five-year rate lock and a Market Value Adjustment provision. After 5 years, consumers can withdraw, transfer, or renew for a new term.
If no action is taken at maturity (five years), the account does not automatically renew. Instead, a new yearly rate is declared, and the annuity funds remain fully liquid. Qualified and non-qualified funds are accepted. There are no surrender penalties at death.
Two rate bands are available for this fixed annuity from SBLI. The higher rate is for deposits above $100K – amounts between $25K-$99.9K receive a slightly lower rate. Policies offered in California do not include the MVA rider and currently offer the same rate.
More Annuity options from: SBLI Life
Notable Features
At no extra cost, both a Terminal Illness and Nursing Home rider are included. This allows consumers to withdraw all (or part) of their annuity balance penalty-free when either of these features is triggered. The policy does not automatically renew at maturity.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
5 Years
Free Withdrawals Yr1 / Yr2+
5% / 5%
Additional Withdrawal Information
Beginning in year one, owners can withdraw up to 5% of the accumulated contract value each contract year. This contract also allows for penalty-free Required Minimum Distributions for IRA owners.
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 0%
Maximum Age
85
Minimum Investment
$100,000
Maximum Investment
$1,000,000
What We Like About This Annuity
This policy is issued by an A rated carrier SBLI, has two rate bands, and offers good liquidity options. The contract includes 5% free withdrawals in all years, and is RMD-friendly for IRA accounts. At maturity, the policy does not renew for a new term. It remains tax-deferred and completely liquid with a one-year declared interest rate.
Other Popular Products
SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) is also known for offering simple term life policies with quick and easy underwriting provisions. Their whole life insurance and legacy life plans are competitively priced nationwide as well.
About SBLI Life
SBLI Life
AM Best Rating: A Excellent (3rd of 13 ratings)
https://www.sbli.com/
About Saving Bank Mutual Life Insurance Company of Massachusetts
Founded in 1907, SBLI specializes in providing simple insurance solutions for its customers. They are licensed in 49 states and have held their A (Excellent) rating for over 45 years. They have an A- rating with Standard and Poor’s and score 75 with Comdex.
This mutually held company boasts over $180 billion of in-force insurance and nearly $3.4 billion in assets under management. They offer whole, legacy, and term life policies as well as multi-year guaranteed fixed annuities.