Company Information
Company Name
NexAnnuity
Product Name
NexAnnuity Nex7 MYGA
Description
The Nex7 is a single premium, fixed annuity with a seven-year rate lock and an MVA provision. After seven years, owners have a 30-day window to withdraw, transfer, or renew their account value in full. If no action is taken, the account will renew for a new term.
This policy does not automatically include free withdrawals or a surrender-free death benefit. One or both of these features can be added and will reduce the yearly interest rate accordingly. This policy is primarily designed for growth.
AM Best Rating
B+
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.00%
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
Seven year rate lock with low minimums to start. Offers competitive interest rates nationwide.
Notable Features
When applying, owners can add several liquidity features which will each reduce the yearly rate. A penalty-free withdrawal (.15%), surrender free death benefit (.30%), and a nursing home waiver (.15%) are all available at cost.
Other Popular Products
NexAnnuity (through Ohio State Life) specializes in fixed annuities only. They do not offer other insurance products at this time.
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About NexAnnuity
This insurance company offers fixed annuities through Ohio State Life which was founded in 1906. They are domiciled in Dallas, TX and serviced out of Salt Lake City, UT. They operate in 46 states and the District of Columbia.
With over $570 million in assets and a mulit-billion dollar parent company (NexBank & NexPoint) behind them, they are committed to delivering modern solutions for retirement needs.