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Oceanview Harbourview Multi-Year Guaranteed Annuity (MYGA) Review

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A surrender charge applies to any withdrawal in excess of the 10% free withdrawal amount during the guarantee period. The charge decreases over time depending on the selected term. For example, the 5-year term has surrender charges of 9%, 8%, 7%, 6%, and 5% in years 1 through 5, respectively. These charges are applied to the amount withdrawn over the free allowance and reduce the contract value. Note: Market Value Adjustment (MVA) is not applicable in California, and surrender charges may vary by state.

Contract Value (no MVA or surrender charges) or Spousal Continuation.

RMDs taken after the first year are not subject to surrender charges.

After the first 12 months, up to 10% of account value is available annually without surrender charges. Minimum withdrawal amount is $250. The 10% allowance is not cumulative year over year.

This annuity product allows clients to deposit a single premium of at least $20,000 and earn a fixed interest rate for the selected guarantee period (2 to 10 years). It supports flexible income payout options, including life-only and joint life with period certain. After the first policy year, clients may withdraw up to 10% of the contract value annually without penalty. The contract includes a full account value death benefit and is free of surrender charges after the annuity date. There are no administrative or front-end sales charges, and no MVA applies to California contracts.

At the end of the guarantee period, clients will be notified and may renew at the current declared rates, surrender, or transfer the contract.

The greater of (1) the contract value minus applicable surrender charges, or (2) the minimum surrender value.

The Harbourview MYGA California version is a single premium deferred annuity designed for residents of California seeking a long-term, guaranteed retirement savings vehicle. It provides a guaranteed interest rate for a chosen term, principal protection, and tax-deferred growth. The annuity is suitable for both qualified (e.g., IRA) and non-qualified funds, and allows policyholders to receive income through various annuitization options. This version excludes the Market Value Adjustment (MVA), in compliance with California regulations.

A surrender charge applies if the contract is surrendered or if a withdrawal exceeds the free withdrawal amount during the surrender charge period. The percentage charged depends on the selected guarantee period and declines annually. For example, a 5-year guarantee period has surrender charges of 9%, 8%, 7%, 6%, and 5% respectively in years 1 through 5. The surrender value may also be subject to a market value adjustment (MVA), which reflects changes in interest rates and can increase or decrease the surrender amount. The MVA does not apply upon death or annuitization.

The death benefit will be the greater of the contract value (without any surrender charge) or the minimum surrender value. No MVA or surrender charge applies.

Required Minimum Distributions (RMDs) taken after the first year are not subject to surrender charges.

After the first contract year, you may make multiple withdrawals totaling 10% of the contract value on the prior contract anniversary without incurring a surrender charge. This amount is not cumulative.

This policy allows individuals to make a one-time premium payment in exchange for a guaranteed interest rate over a selected term ranging from 2 to 10 years. The annuity provides penalty-free withdrawals of up to 10% annually after the first year, flexible settlement options at maturity, and a death benefit equal to the contract value. Upon maturity, the annuity can be converted into periodic income payments, with several payout options available.

At the end of the guarantee period, you will be notified that the contract can be surrendered, transferred, or renewed for another guarantee period at then-current renewal rates.

The cash surrender value is the greater of (1) the contract value less any surrender charges, or (2) the minimum surrender value.

 Multi-Year Guaranteed Annuity (MYGA) is a single premium deferred annuity issued by Oceanview Life and Annuity Company. It is designed to provide a guaranteed interest rate for a selected term while offering tax-deferred growth and the option for lifetime income. It is ideal for individuals seeking safety of principal and predictable returns without market exposure 

Oceanview Life - Harbourview (California only)

Oceanview Life - Harbourview