Company Information
Company Name
Royal Neighbors Life
Product Name
Royal Neighbors California MYGA 9 Year
Description
This MYGA 9 Year is for California residents only. It is a single premium, fixed annuity with a nine-year rate lock. After nine years, owners can withdraw, transfer, or reinvest their full account value.
If no action is taken within 30 days, the account will renew for a second nine-year term at a new declared rate. The account does not automatically renew at the end of the second nine-year term (if chosen). Instead, a new yearly rate is declared and the annuity account remains completely liquid and surrender penalty free.
Two interest rate bands are available. The highest rate is for deposits greater than $100K. A lower rate applies to amounts between $10K – $99.9K. Qualified and non-qualified funds are accepted and there are no surrender penalties at passing.
AM Best Rating
A Excellent (3rd of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / Int
Rate
5.35%
Term
9 Years
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
8.50%. 7.50%, 6.50%, 5.50%, 4.50%, 3.50%, 2.50%, 1.50%, 0.50%, 0%
What We Like About This Annuity
Competitive fixed interest rates from an A rated carrier offered only in California. Free interest withdrawals all years and no surrender charges at passing. Several unique and comprehensive penalty free waivers are included. Fair 9 yr decreasing surrender schedule.
Notable Features
At no cost, this policy includes penalty free withdrawals and Emergency Access Riders for hospitalization, unemployment, disability, loss of residence, loss of owner's business, immediate family member passing, and account annuitization.
Other Popular Products
Royal Neighbors is well known for their competitive MYGA policies, but also offers a suite of comprehensive life insurance products including term, whole, single premium, and final expense coverage.
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About Royal Neighbors of America
This A rated Fraternal Benefit Society has been serving their members for more than 125 years. They were founded by nine women in 1895 to provide policies for an underserved demographic at that time. Now they boast over $1.2 billion under management and a $180 million surplus.
Specializing in annuity and life insurance products, their mission is to Insure Lives, Support Women, and Serve Communities. As a member, clients will learn about several opportunities to help their communities and be a catalyst for positive outcomes.