SecureFore 3 is a single-premium Multi-Year Guaranteed (MYGA) fixed annuity product that offers a 3-year guaranteed interest rate, and 3-year surrender charge duration. This annuity is credited with a 2% 1st year interest rate that’s guaranteed for a total of 3 years. After the 3rd year, the company sets the applicable rate for the annuity each year. This might be higher or lower than the guaranteed interest rate, depending on market conditions and other factors. Either way, Global Atlantic guarantees that this rate will never be less than 0.50% (this is the guaranteed minimum interest rate for this product).
As of May 2017, the SecureFore 3 from Global Atlantic was not available in New York and Puerto Rico.
Note: The only difference between this fixed annuity and the SecureFore 5 annuity is the surrender charge period. This annuity has a 3-year surrender charge period, while the SecureFore 5 has a 5-year surrender charge duration.
SecureFore 3 Facts
Age Restrictions
The maximum age restriction for buying this annuity is 85 years. The annuitization age is 100 years.
Minimum and Maximum Premiums
- Minimum single premium – $10,000.
Maximum Single Premium:
- Up to 80 years of age – $1,000,000.
- Ages 81+ – $500,000.
Flexible premiums are not accepted.
Annuity Options
The SecureFore 3 fixed annuity provides the following options:
- Life annuity – if this option is elected, annuity payouts are continued throughout the lifetime of the annuitant, and end with the last payment before the death of the annuitant.
- Life annuity with 10 years payments guaranteed – payouts continue throughout the life of the annuitant, ending at the later of (120 months, or the last payment before the annuitant’s death).
- Life annuity with 20 years payments guaranteed – annuity payouts continue throughout the life of the annuitant, ending at the later of (240 months, or the last payment before the annuitant’s death).
- Joint and last survivor annuity option – with this option, annuity payouts continue for the entire lifetime of the annuitant and joint annuitant, ending with the last payment before the death of the surviving annuitant.
- Joint and last survivor annuity with 10 years payments guaranteed – annuity payouts continue for the entire lifetime of the annuitant and joint annuitant, ending at the later of (120 months, or the last payment before the death of the surviving annuitant).
- Guaranteed payment period – annuity payouts continue for a guaranteed period ranging between 5-30 years. The payment period is not pegged to the annuitant’s life.
- Alternative life annuity – annuity payouts continue throughout the lifetime of the annuitant, and end with the last payment before death. This option is available only if the Annuity Date happens on the Maturity Date at the annuitant’ss attained age of 100 years.
Free Withdrawals
Annuitants can take withdrawals up to 10% of their contract value without incurring charges.
Withdrawal Charge Schedule
| Contract Year | 1 | 2 | 3 | 4+ |
| Withdrawal Charge (%) | 8 | 8 | 7 | 0 |
Systematic Withdrawals
Systematic withdrawals available monthly, quarterly, semi-yearly, or yearly. Minimum feasible account value is $500, and the minimum withdrawal account is $75.
Terminal Illness Rider
If after the first contract year the annuity owner suffers from a terminal ailment that results in death within a year, they’re allowed full access to their contract value. This rider is included in the contract free of charge!
Nursing Home Rider
If after the first year the SecureFore 3 annuity owner is confined to a nursing home for at least 2 months on end, then they’re allowed full access to their contract value. This rider is included in the contract cost free!
Death Benefit
If the annuity owner dies during the accumulation period, his or her beneficiaries are awarded a death benefit that equals the contract value at the time proof of death is received by the company.
Annuity Pros
- Guaranteed minimum interest rate.
- Access to 10% of your contract value free of charges each year (during the surrender duration, and starting the second year).
- Penalty-free, full accessibility after the surrender charge duration.
Need Hand Holding? We can Help!
Looking for more information on SecureFore 3 rates or annuity features? Annuity Broker can help you compare this annuity to other market leading products, right from the comfort of your home! Get in touch with our passionate team here.
