Fixed Deferred Annuity with a Multi-Year Rate Guarantee (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 These funds can be withdrawn without penalty to help cover the gap in your retirement income.
Yield to Surrender
|Up to 6% of Premium, credited for 5 years|
Based on the number of years contract is in force
$1M+, additional review
|Non-qualified; Trusts; IRA – Traditional, Roth &|
SEP; 401k, 403b as rollovers (no 501c3 or 401a)
Renewals up to Age 99
Enhanced Death Benefit
|Remaining Account Value|
No MVA or 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.