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Diamond Head Multi-Year Guaranteed Annuity (MYGA) Consumer Brochure

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The Diamond Head MYGA (Generic Policy Forms ICC21-MYGA21, ICC22-MYGA22 and MYGA21-CA) is a single premium deferred annuity. May not be available in all states.

Diamond Head Multi-Year Guaranteed Annuity (MYGA) Consumer Brochure

Features & Benefits

Issue Ages
Ages 18 through 85 (based on age at last birthday)

Minimum Premium

Guarantee Periods
3 to 10 years

Crediting Rate
Your credited rate is guaranteed for the Guarantee Period selected. At the end of your Guarantee Period, you will have a 30 day window to surrender all or a portion of your account value without penalty. Or, you may do nothing and your funds will automatically roll into another guarantee period at the then current credited rate.

Free Look Period
When you receive your MYGA contract, you are given a 30-day “free look” period. If during this period you decide that you do not want the MYGA, you may return it to us for a full return of premium less any withdrawals made by you during those 30 days.

Penalty-Free Withdrawals
Beginning immediately after your free look period, you may withdraw up to 10% of your account value without a surrender charge. The limit on these penalty-free withdrawals is 10% per year. Withdrawals in excess of the penalty-free withdrawal limit will incur surrender charges; however, the “Life Events Rider” offers an additional opportunity for a penalty-free withdrawal. The minimum withdrawal requirement is $500.

Life Events Rider
The Diamond Head MYGA offers an additional withdrawal of up to 10% of your account value for any reason without incurring a surrender charge. This rider is available at no additional cost, and can be exercised only once during the life of the contract.

Systematic Withdrawals
You may elect to take regular disbursements from your account value, as either a fixed amount per period (monthly, quarterly, or annually) or interest only payments where your original principal remains untouched. These can be arranged at any time. The minimum amount of any systematic (or routine) withdrawal is $100. Any disbursements in excess of the penalty-free withdrawal limit will incur a surrender charge; the exception being Required Minimum Distributions (RMDs) which are never subject to surrender charges (but do count toward your 10% penalty-free withdrawal limit).

Surrender Charges
A surrender charge applies to withdrawal amounts in excess of the penalty-free withdrawal limit. Each guarantee period has its own surrender charge schedule. The surrender charge amount is a percentage of the funds withdrawn, and the percentage decreases over the guarantee period. If your annuity renews for a new guarantee period, the surrender charge schedule will reset and start over.

Protection of the Principal
There is no risk of the market volatility, because you are earning a guaranteed interest rate. Your money and the interest credited are protected.

Tax-Deferred Growth

The Diamond Head MYGA grows on a tax-deferred basis which may generate a greater account value over time. When you pay taxes each year on earnings, the amount of the funds available for growth is reduced. With the Diamond Head MYGA, income taxes are only due when funds are withdrawn.

Market Value Adjustment (MVA)
None. The benefits available on surrender or withdrawal will never be affected by changes in interest rates during a guarantee period. This product guarantees a fixed rate for the entirety of the guarantee period, regardless of market changes.

Death Benefit
Full Account Value or Spousal Continuation

Annuity Settlement Options
Life Income Only; Life Income with Guaranteed Period Certain; Period Certain Only

Diamond Head MYGA (Generic Policy Forms ICC21-MYGA21, ICC22-MYGA22 and MYGA21-CA) is a single premium deferred annuity. May not be available in all states. A.M. Best Rating as of November 9, 2022, subject to change. A (Excellent) rating is 3rd highest of 13 possible rating classes for financial strength. Policy form numbers and provisions may vary. Rates are guaranteed depending on the guarantee period selected at policy issue and are subject to change. Within 30 days prior to the end of the Initial Interest Guarantee Period, we will send a notification informing you of the date the Guarantee Period is ending and provide the renewal rate and Surrender Charges in effect for the subsequent Guarantee Period. Withdrawals in excess of the Free Partial Withdrawal amounts are subject to a Surrender Charge. The IRS may impose a penalty for withdrawals prior to age 59 1⁄2. This material is a general description intended for general public use. All annuity features, risks, limitations, and costs should be considered prior to purchasing an annuity. Guarantees are based on the claims paying ability of the issuing insurance company. Neither employees of Pacific Guardian nor any of its representatives may provide tax or legal advice. ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK OR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.

Why Pacific Guardian Life?

  • Financially strong, well capitalized company
  • Focused on providing you with a guaranteed return, without any hidden riders that may destroy value
  • A team of customer service representatives ready to help you from 8am to 9pm Eastern on business days

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