Oxford Life Insurance Company, Phoenix, has released a new modified single premium Five-Year Guarantee Annuity. This annuity offers consumers guaranteed rates of return for five years and liquidity features that waive surrender/withdrawal charges for terminal illness, home health care and nursing home confinement.
The Oxford Life Five-Year Guarantee Annuity is designed as a high-yielding, fixed annuity product that producers and consumers can easily understand. Credited rates through the month of October 2009, are 5% year one and 3.75% years two through five for $50,000 or more (4% average annual yield for five years).
Clients can start an Oxford Life Five-Year Guarantee Annuity with as little as $5,000 for qualified accounts and $10,000 for non-qualified accounts. The maximum deposit allowed is $250,000. Interest may be withdrawn during the first year and 10% of the accumulated value may be withdrawn in subsequent years, withdrawal/surrender charge free.
Currently the Oxford Life Five-Year Guarantee Annuity is approved in Arkansas, Arizona, Colorado, Connecticut, Washington DC, Delaware, Florida, Georgia, Iowa, Idaho, Indiana, Kansas, Kentucky, Maryland, Maine, Michigan, Minnesota, New Mexico, North Carolina, North Dakota, Nebraska, Ohio, Oklahoma, Road Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Wisconsin and Wyoming. Additional states are pending approval.
For more information, visit http://www.oxfordlife.com/MYGA.aspx.
