American Life American Classic 5 (no liquidity)
Product Overview
Basic Features
| Feature | Details |
|---|---|
| Product Name | American Life American Classic 5 (no liquidity) |
| Insurer | American Life & Security Corp. |
| Ratings |
|
| Agent/Broker | PlanEasy Inc. |
| Annuity Type | Multi-Year Guaranteed Annuity (MYGA) |
| Term | 5 Years |
| Current Rate for $0+ | 5.53% |
| Last Rate Change | 1/17/2025, +20bps |
| Interest Type | Compound Interest |
| State Availability | AZ, CO, DC, FL, GA, HI, ID, IL, IN, IA, KS, LA, MI, MO, MT, NE, NV, NM, ND, OH, OK, OR, SD, TX, UT |
| Free Withdrawals | No. If you request a withdrawal or surrender your contract before the end of your current guarantee period, you would be subject to a withdrawal charge and market value adjustment on any amount you withdraw. |
| Free RMDs | Yes |
| Death Benefit | Yes |
| MVA | Yes |
| Nursing Home Waiver | No |
| Terminal Illness Waiver | No |
| Surrender Charge by Year | 9.0%, 8.0%, 7.0%, 6.0%, 5.0% |
| Funding Sources | Personal Investment, Cash, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA |
| Terms Available | 3, 5 Years |
| Age Restrictions | 0 to 90 Years Old |
Quick Summary
The American Life American Classic 5 (no liquidity) is a 5-year Multi-Year Guaranteed Annuity (MYGA) issued by American Life & Security Corp. and sold through PlanEasy Inc., a national online annuity agency.Earn a guaranteed compound interest rate on this fixed annuity:
- 5.40% for $0+
Key Details
- Ratings: American Life & Security Corp. is rated B++ by A.M. Best.
- Guaranteed Rates: 5.53% for premiums of $0+. This fixed guaranteed rate ensures predictable tax-deferred growth, making it an excellent alternative to bank CDs.
- Term: The interest rate is guaranteed for 5 years with a surrender charge schedule of the same duration.
- Free Withdrawals: No, there are no free withdrawals on this product.
- RMDs: Yes, RMDs can be taken out without penalty.
- Age Eligibility: Available for owners between 0 to 90 years old.
- Minimum Premium: Investors can contribute a minimum of $0
- Death Benefit: Yes, the product has a traditional death benefit of the annuity's accumulation value, available to the beneficiary with no surrender charges.
- Market Value Adjustment (MVA): Yes, the MVA is applicable to any withdrawals that also incur surrender charges.
- Nursing Home Waiver: No, there is no nursing home waiver.
- Terminal Illness Waiver: No, there is no terminal illness waiver.
Current & Historical 5-Year Rates
| Premium Band | Effective Date | Guaranteed 5-Year Yield to Surrender |
|---|---|---|
| $0+ | 1/17/2025 | 5.53% |
| 11/18/2024 | 5.33% | |
| 9/16/2024 | 5.13% | |
| 8/19/2024 | 5.53% |
Available Terms & Current Rates
| Premium Band | Term | Guaranteed Yield to Surrender |
|---|---|---|
| $0+ | 3 | 5.25% |
| 5 | 5.53% |