Company Information
Company Name
Nassau Financial Group
Product Name
Nassau Life MYAnnuity 7X
Description
This is a single premium, fixed annuity with a five-year rate guarantee. After five years, owners have a 30-day window to withdraw, transfer, or renew their account balance. If no option is chosen, the account will be renewed for a new term. This policy accepts both qualified and non-qualified funds and includes a Market Value Adjustment.
There are no surrender charges at death – and a spousal continuance option is allowed. A 10% free annual withdrawal rider can be added to the contract which decreases the yearly interest rate by .20%.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.45%
Term
7 Years
Minimum Investment
$ 10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Low miniums to start. No surrender or negative MVA charges at death. Spousal continuance allowed. Optional 10% free withdrawals. Prompt customer service assistance.
Notable Features
At no cost, this policy includes Nursing Home, Terminal Illness, and Annuitization waiver. If approved, this allows for full surrender of the contract for health or income with no charges or penalties.
Other Popular Products
Nassau also offers competitively priced Medicare Supplements with a strong renewal history. However, they may be best known for their indexed annuities with lifetime income withdrawals. This income can double to cover healthcare needs (5 year max) - even when the account value is zero.
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About Nassau Life and Annuity Company
Headquartered in Hartford, Connecticut, Nassau Life boasts over $24 billion in assets under management. They were founded in 1851 and specialize in fixed and indexed annuities as well as Medicare Supplement policies.
Their stated mission is to be consumers’ carrier of choice proven by their 374,000 policies and contracts currently in force.