The Preserve Multi-Year Guaranteed Annuity 4 is a deferred multi-year guarantee annuity issued by Clear Spring Life & Annuity Company.
This annuity is a premium banded product. The interest rate you earn will vary depending on the amount of premium you deposit (see Rate Details below). Currently, the highest 4 year guarantee period annual yield is 4.90% on premium amounts of $250,000 - $1,000,000. This is the guaranteed annual yield, including bonuses if applicable, for the initial guarantee period term, up to the first penalty free full withdrawal window. The Preserve Multi-Year Guaranteed Annuity 4 has a full penalty free withdrawal window after 4 years.
During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. In the first contract year, this annuity provides interest only withdrawals. Beginning in the second contract year, up to 10% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.
This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.
Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.
Clear Spring Life & Annuity Company is rated “A-” by A.M. Best, was founded in 1985, and has over $12.5 billion in total assets.