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CUNA Mutual Adds a MYGA Contract: Annuity Moves

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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.

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The product is now available in 44 states.

In other annuity moves news:

Eagle Life Insurance Company, an arm of American Equity Investment Life Insurance Company, West Des Moines, Iowa, has introduced the Eagle Guarantee Focus Series single-premium fixed annuity contracts.

The contracts offer the purchaser the choice of an interest rate guarantee that can last for three years or five years.

The three-year version now offers a fixed rate of 2.1%, and the five-year version offers a fixed rate of 2.5%.

The contracts come with terminal illness and nursing care riders at no additional cost. They also come with a free withdrawal option.

— Read Bankers Life Adds an Indexed Annuity: Annuity Moveson ThinkAdvisor.

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