Minnesota Life SecureOption Select Annuity Review
Minnesota Life's SecureOption Select annuity is a fixed deferred annuity that provides compounded, tax-deferred growth. Your annuity will grow at a fixed interest rate that is determined at contract issue. Minnesota Life will issue this annuity at a 9, 7, or 5 year rate guarantee.
Product not available in AL, AR, CA, CT, IN, MI, MN, MO, NJ, and WI.
SecureOption Select Annuity Highlights:
- This annuity offers penalty-free interest withdrawals.
- There are no fees, loads, or sales charges.
- Your contract has no stock market exposure.
- Click to read the SecureOption Select company brochure.
Frequently Asked Questions About the SecureOption Select Annuity:
Q: Does the interest compound? A: Yes.
Q: Is the interest taxed? A: The interest you leave in the account grows tax-deferred until you withdraw it. That interest is not taxed within the annuity. This is an advantage over interest you earn on a bank CD which is taxed each year even if you leave it in the CD.
Q: Are there any fees? A: No. There are no upfront sales charges or ongoing maintenance fees.
Q: Is it FDIC insured? A: No. FDIC insurance is only for bank deposits. Fixed annuities are guaranteed by the issuing insurance company.
Q: What are the early surrender charges? A: The early surrender charges only apply to withdrawals which are greater than the penalty free amount. If surrender charges apply, they start at 9% and decline to 0% after the end of the guarantee period. The schedule is 9%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%.
Q: Are penalty-free withdrawals available? A: Yes. You can withdraw 10% or less of your initial premium in the first year, then 10% or less of the prior contract anniversary value in the proceeding years. The minimum amount you can withdrawal is $250.
Q: If I withdraw more than the penalty-free amount, will a Market Value Adjustment (MVA) be applied? A: Yes. You can read more about market value adjustments here.
Q: What happens after the initial rate guarantee period? A: You have a 30 day window to do whatever you want with the full cash value any penalties. You can remove all of it or let your cash balance roll over into a new identical guarantee period.
Q: What happens to the money in my account if I die? A: Your beneficiaries will receive the full account value.
Q: How do I apply? A: Start by calling 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.
Q:What is the minimum premium I need to pay? A:$5,000 - $99,999 for the low-band rate, $100,000 and up for the high-band rate .
Q:Are there any age restrictions? A:Yes. You can purchase this annuity up to age 90. In some states the age requirements may differ.
Q:In which states is the SecureOption Select available? A: The SecureOption Select annuity is not available in all states. Call 800-872-6684 to find out if it's available in your state.
To review the SecureOption Select annuity with an agent or to receive a free personalized illustration call 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.
Read more about Minnesota Life's Deferred Annuities on the Minnesota Life site.
See which other annuities are really popular here.
