PlanGap® Annuity

Fixed Deferred Annuity with a Multi-Year Rate Guarantee (MYGA)

Retirement Protection

PlanGap® Annuity: 5 Year MYGA

If you experience a qualifying government-mandated reduction in Social Security benefits, you will receive a PlanGap® Bonus based upon how long you have held the Annuity. These funds can be withdrawn without penalty to help cover the gap in your retirement income.

Guaranteed Rate
Flexibility Bonus
Yield to Surrender
PlanGap Bonus
Up to 6% of Premium, credited for 5 years
Based on the number of years contract is in force
Single Premium
$1,000 minimum
$1M+, additional review
Guarantee Period
5 years
Contract Types
Non-qualified; Trusts; IRA – Traditional, Roth &
SEP; 401k, 403b as rollovers (no 501c3 or 401a)
Issue Ages
Renewals up to Age 99
Enhanced Death Benefit
Remaining Account Value
No MVA or Surrender Charge
Surrender Charge
Initial period: 9%, 8%, 7%, 6%, 5%
All renewal years: 5%
Free Withdrawals, Years 2+
10% of Accumulated Value, PlanGap Bonus
Required Minimum Distributions

On transfers, take RMD at current carrier to avoid chargeback and surrender charges in Year 1.
*Flexibility Bonus payable upon surrender during last 30-days of any guarantee period if no withdrawals other than RMDs.

The American Life PlanGap® Annuity is issued by American Life & Security Corp, Lincoln, NE, and is issued on form ICC18-MYGA 001 08/19, and ICC18-MYGADBR 001 08/18, ICC20-MYGAEIC 001 01/20, ICC20-MYGALR 001 01/20, ICC20-MYGACVER 001 01/20 (riders/endorsements). This policy has limitations. American Life is not authorized, nor does it solicit business in all states. Product and features are subject to state availability; limitations and exclusions may apply. The contractual obligations are backed by the claims-paying ability of American Life & Security Corp. The American Life PlanGap® Annuity is an annuity product; it is NOT an investment.

Effective Date: January 1, 2021

Guarantees based on the financial strength and claims paying ability of American Life & Security Corp. Withdrawals of taxable amounts are subject to income tax and may be subject to a market value adjustment, and if taken prior to age 59½, a 10% IRS penalty may also apply. Withdrawals, which may be subject to surrender charges and a market value adjustment, have the effect of reducing benefits and values.