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The surrender charge schedule is fixed and decreases annually depending on the selected GOP. For a 3-Year GOP, charges are 8.50% in year 1, 8.00% in year 2, and 7.00% in year 3. For a 5-Year GOP, charges reduce from 8.50% to 5.00% across five years. For a 7-Year GOP, charges reduce from 8.50% in the first year to 3.00% in the seventh year. These charges apply to early withdrawals that exceed the free withdrawal limit or do not qualify under any waiver. An additional Market Value Adjustment may increase or reduce the withdrawal amount depending on interest rate conditions at the time of withdrawal.

Liquidity Rider allows free annual withdrawals of up to 10% but requires a reduced crediting rate for the selected term.

Upon death, the full Accumulated Value will be paid to the Beneficiary. The Death Benefit is free of withdrawal charges or MVA.

Terminal Illness Waiver and Extended Care Waiver are included but not available in all states. These allow access to up to 100% of the Accumulated Value up to a maximum of $250,000 under qualifying conditions.

n exchange for a rate reduction for the entire GOP term, 10% free withdrawals are available annually based on the Accumulated Value at the beginning of the most recent Contract Year. The rate reduction is 0.30% for 3-Year GOP, 0.40% for 5-Year GOP, and 0.50% for 7-Year GOP.

Qualified Plans: Rollovers accepted from IRAs, 401(k)s, 403(b)s, and Pension or Profit-Sharing plans.

Non-Qualified Plans: Owner and annuitant must be the same individual. Joint Ownership is available but must also be Joint Annuitants and spouses. Non-natural ownership is also accepted.

The Staysail annuity contract allows for the selection of a Guaranteed Option Period (GOP) of 3, 5, or 7 years, during which a fixed interest rate is guaranteed. At the end of the selected term, funds automatically convert to a 1-year guarantee period with no withdrawal charges or MVA applied. The contract includes withdrawal options, terminal illness and extended care waivers, systematic withdrawals, and annuitization options after the first year. The product is designed for individual ownership but also allows for joint ownership in non-qualified plans, with provisions for death benefits and minimum account requirements.

When the contract reaches the end of the selected guarantee period, any remaining funds will automatically convert to a 1-Year guarantee period. No withdrawal charges or MVA will apply during this renewal. The new 1-Year rate is determined annually and conveyed to the contract owner.

If the contract is not annuitized or withdrawn penalty-free, surrendering it may result in a deduction via withdrawal charges and possibly a Market Value Adjustment (MVA). The Surrender Value equals the contract value minus applicable charges.

Staysail is a multi-year guaranteed annuity (MYGA) issued by Merit Life Insurance Co., designed to provide stable, predictable growth over a set period of 3, 5, or 7 years. The product credits simple interest daily, which is guaranteed for the entire term selected. Staysail is suitable for clients looking for fixed returns, preservation of capital, and structured retirement planning. Additional benefits and waivers are available, depending on the selected options and state availability.

Knighthead Life – Staysail with Liquidity (California)

Knighthead Life – Staysail With Liquidity (3-, 5- and 7-year terms)

Knighthead Life – Staysail (California)

Knighthead Life – Staysail (3-, 5- and 7-year terms)