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 These funds can be withdrawn without penalty to help cover the gap in your retirement income.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
2.30%
Flexibility Bonus
1.50%
Yield to Surrender
2.61%*
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
18-80
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.