CUNA Mutual has introduced an annuity contract that offers the purchasers a guaranteed rate of return.
The Madison, Wisconsin-based life insurer unveiled the MaxProtect Fixed Annuity contract Monday.
The contract is a multi-year guaranteed annuity (MYGA) contract that gives the purchaser the ability to choose an interest rate guaranteed period that’s set to last for three years, five years or seven years.
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CUNA Mutual is offering a market-value-adjustment version and a book-value version.
The purchaser can also buy an optional return-of-principal guarantee, and can choose whether to receive payouts on a fixed installment or fixed-life basis.\
The minimum purchase amount is $10,000.
CUNA Mutual is issuing the contract through its CMFG Life Insurance Company unit. CMFG is responsible for the contract’s guarantees.