Oceanview Life and Annuity Company
Harbourview MYGA is a Single Premium Deferred Annuity
(Policy Form: ICC19 OLA SPDA-*) designed to accumulate money for
retirement. It is suitable for use as an IRA or other qualified account, as
well as an attractive alternative to CDs and other taxable vehicles. You
can start your Harbourview MYGA with a minimum
premium of $10,000
How Interest is Credited
Interest is credited at the initial interest rate guaranteed for the first
Guarantee Period. At the end of the Guarantee Period, and each
subsequent Guarantee Period thereafter, a new rate will be declared. Your
annuity will earn a declared interest rate, which may go up or down, but
can never be less than the contract’s minimum guaranteed rate at the time
of your purchase. Your interest is credited and compounded daily to yield
our declared annual rate. There are no front-end sales charges or annual
administrative fees. 100% of your money works for you!
Until the policy is issued, rates are subject to change without notice
Market Value Adjustment (MVA)
The MVA may be applied during the surrender charge period of your
annuity Contract. The surrender charge period will vary by product.
Please see your annuity Contract or product brochure for details. The
MVA only applies during the surrender charge period should you elect to
surrender your annuity or take a withdrawal that exceeds your penalty-
free withdrawal amount. The Market Value Adjustment does not apply
upon death of the owner(s) or the annuitant when the owner is a non-
natural person, upon annuitization or after the surrender charge period.
The MVA affects the surrender value of your annuity which is defined in
your annuity contract. The Market Value Adjustment formula will be
applied at the time your annuity Contract is surrendered or if more than
your penalty-free available is withdrawn during the surrender charge
period as stated in your Contract. The impact of the MVA is similar to
how bond values are impacted by interest rates. The surrender value of
your annuity will generally decrease if interest rates for your annuity
product increase which creates a negative adjustment to your surrender
value. Alternatively, when interest rates for your annuity product have
decreased since your Contract was issued, the surrender value generally
increases due to the Market Value Adjustment.
Your Contract Value is 100% of all premiums and earned interest.
The Cash Surrender Value is the Contract Value less any cash
withdrawals and applicable surrender charges and Market
Surrender charges and MVA are waived in the
event of the Owner’s death. Prior cash withdrawals are deducted from
the Contract Value, Cash Surrender Value and Death Benefit.
You may have access to your annuity at any time permitted by law.
After the first contract year, you may withdraw up to 10% of the
Contract Value as of the prior Contract Anniversary (Free
Withdrawal Amount)*. No surrender charges or MVA fees apply.
You may take as many partial withdrawals as you want up to your
Free Withdrawal Amount without incurring any Surrender Charges or
MVA adjustments. Withdrawals in excess of the Free Withdrawal
Amount are subject to a MVA and the following charges:
Withdrawals may also be subject to a 10% IRS penalty on
amounts withdrawn before the owner reaches age 59½.
There is a wide range of annuity settlement options from which
you may choose, including: life only, life with 10 yearscertain,
and fixed period payments. A customized payout option may be
tailored to meet your specific needs.
If you elect to annuitize non-qualified money, generally only a
portion of each payment is taxable because a part of each
payment is a return of your premium.
Harbourview MYGA Advantage
Tax Deferred – Your annuity can grow faster than alternative
You earn interest on your principal.
You earn interest on your interest.
You earn interest on the money you would otherwise pay in
You don’t owe tax on interest until you take it out.