Global Atlantic SecureFore 5 is a single-premium, Multi-Year Guaranteed Annuity (MYGA) with a 5-year surrender charge duration, and a 5-year fixed interest rate. This annuity is credited with a fixed interest rate of 2.55% starting the first year for a total of 5 years.
As of May 2017, the SecureFore 5 annuity was not available in Puerto Rico and New York.
Note: The only difference between this fixed annuity and the SecureFore 3 annuity is the surrender charge period. This annuity has a 5-year surrender charge period, while the SecureFore 3 has a 3-year surrender charge duration.
SecureFore 5 Annuity Features
Issue Ages
0-85 years. Annuitization age is 100 years.
Minimum and Maximum Deposits
Minimum – $10,000.
Maximum:
- Up to age of 50 years – $1,000,000.
- Ages 81+ – $500,000.
Flexible premiums are not accepted.
Note: Minimum and Maximum Deposits may vary by state.
Withdrawal Privileges
Starting the second year, throughout the surrender charge duration, owners of the SecureFore 5 fixed annuity can withdrawal up to 10% of their contract value free of any charges.
Free withdrawals may be taken in combination with systematic withdrawals (these are available monthly, quarterly, semi-yearly, and annually) or partial withdrawals.
Withdrawal Charge Schedule
| Contract Year | 1 | 2 | 3 | 4 | 5 | 6+ |
| Withdrawal Charge (%) | 8 | 8 | 7 | 6 | 5 | 0 |
Withdrawal Charge Waivers
- Nursing Home Waiver – available any time after the contract year. If the annuity owner is confined to a nursing home for at least two months on end, then they’re allowed access to their entire contract value free of withdrawal charges.
- Terminal Illness Waiver – available after the first contract year. If the annuity owner suffers from a terminal ailment that causes death within 1 year, then they can access their entire contract value free of any charges.
Death Benefit
Appointed beneficiaries receive the entire contract value as the death benefit, without any withdrawal (or any other) charges. This benefit is paid out in lumpsum within 7 days of proving death of the annuitant.
Annuity Benefits
- 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.
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