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The Guardian Eagle MYGA imposes surrender charges on early withdrawals that exceed the contract’s penalty-free provisions. These charges vary based on the selected term length. For the 5-year term, charges begin at 5% in the first year and decline by 1% annually until they reach 0% in year six. The 7-year term starts at 9% and decreases annually to 0% by year eight, while the 10-year term also begins at 9% and gradually reduces to 0% by the eleventh year. These charges are designed to protect the insurer from premature fund outflows and help maintain the guaranteed interest rates offered. Certain exceptions apply, including waivers for terminal illness or extended nursing home confinement.

Upon the death of the contract owner, the full account value is paid to the beneficiary. There are no Market Value Adjustments (MVAs) or hidden fees applied. 

 annuity includes a waiver of withdrawal charges for qualifying events such as:

Nursing Home Confinement: If the owner is confined to a nursing home for at least 90 consecutive days after the contract has been in force for one year and was purchased before the owner’s 76th birthday.  

Terminal Illness: If the owner is diagnosed with a terminal illness after the contract has been in force for at least one year and is under age 70 at the time of diagnosis. 

Penalty-free withdrawal of principal allowed. 

Plus accrued interest is available at any time.

Free withdrawal provision is 15% once per year, beginning in year two (or in year one for 7 and 10-year terms).

Flexible Premium Annuity (available separately).

Guardian Eagle MYGA policies are purchased with a lump sum and allow contributions for up to 90 days post-issue. The product offers penalty-free access to interest and partial withdrawals under specific terms. After the guaranteed term ends, the policyholder may annuitize, transfer funds to another annuity, or earn interest at a renewal rate. Additional features include the possibility to waive surrender charges for qualifying nursing home confinement or terminal illness, enhancing the policy’s flexibility.

After the guaranteed term ends, some contracts will offer a non-guaranteed interest rate, the option to annuitize, or the choice to transfer the funds to a new annuity.

The surrender value is the current account value minus any applicable withdrawal charges for early termination.  

 is a single premium deferred annuity designed to grow retirement savings with fixed, tax-deferred interest over a guaranteed term. Interest is compounded and tax-deferred, allowing for potentially faster accumulation compared to taxed investment vehicles like CDs. It is available in 1, 2, 3, 5, 7, and 10-year term options. The product is positioned as a secure alternative to Certificates of Deposit, typically offering higher interest rates and the advantage of deferring taxes on earnings until withdrawal.

ELCO Mutual – Guardian Eagle MYGA (1-, 2-, 3-, 5-, 7-, 10-Year Terms)