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September 22, 2020 at 02:12 AM
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.
(Related: Nationwide Adds a Variable Indexed Annuity: Annuity Moves)
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.
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.
