Oxford Life Multi-Select Annuity

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The Multi-Select by Oxford Life Insurance Company is a multiple year guaranteed annuity (MYGA). It’s a single premium deferred annuity. The Multi-Select is available in 3, 4, 5, 6, 7, 8, 9, and 10-year guaranteed interest options. This fixed annuity may be a good choice for near-retirees who are keen to get a steady stream of retirement income while at the same time protecting their principal amount from market run downs.

Oxford Life Multi-Select MYGA Facts

Rate Guarantees Renewal

Once the guarantee period ends, the annuitant is given a thirty-day window to renew the guarantee. If no election happens, the company will automatically renew the annuity for the same period. If the annuitant withdraws or surrenders, no MVA charge applies. The interest rate is guaranteed to never go below 1.00%.

Minimum and Maximum Premiums

The minimum single premium for this annuity is $20,000 while the maximum single premium is $350,000.

Flexible premiums are not allowed with the Multi-Select annuity.

The annuity also provides for market value adjustment

Issue age

The Multi-Select annuity is issued to people aged between 0-77. However, this may vary depending on the specific guaranteed period that you choose. The age restriction for annuitization stands at 95 years.

Free Withdrawals

This annuity allows policy holders to make free withdrawals per policy year limited to 10% the value of the annuity. The withdrawal is based on accumulation.

Holders can also withdraw the interest amount only if they wish to. This is however only available after thirty days.

Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals, according to the surrender charge schedule.

Market Value Adjustment

This is based on the Treasury Constant Maturity Rate. If the annuitant withdraws or surrenders their policy, the amount they receive will change depending on the aforementioned rate. The amount will either increase or reduce depending on the changes in interest rates.

Systematic Withdrawals

Systematic withdrawals are available with Multi-Select. These can only be done on a monthly, quarterly, semi-annual, or annual basis.

Terminal illness

If the annuitant is diagnosed with terminal illness and this happens at least a year after the annuity’s date of issue, then the annuity’s surrender charges will be waived for the entire period of the annuitant’s illness. This option is however not available in all states.

Nursing home confinement

If the annuitant is confined in a nursing home for at least 90 days and after at least a year after the date of issue, then all surrender charges will be waived on all withdrawals made during the confinement period.

Death Benefit

The death benefit for the annuitant is the greater amount between the accumulation value or the GMV (Guaranteed Minimum Value) at the date of death. If the annuity was jointly owned, the benefit is paid after the death of the first joint owner.

State specificity

Consult your financial advisor or annuity products expert to learn whether the Multi-Select annuity by Oxford Life is available in your state.

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