Great American Legend 7 is a 7-year indexed annuity. Great American was recently acquired by MassMutual increasing their AM Best rating from A to A+. Great American offers solid renewals on their product portfolio and has a history of competitive rates. The Legend 7 offers a unique “cap-lock” crediting strategy that locks in your cap rate for the life of the annuity. This is a great annuity for someone who likes the potential returns of an indexed annuity but is concerned about a reduction of cap rates during their surrender period. The combination of great growth potential, no chance at a loss, and overall company strength makes the Great American Legend 7 an excellent option.
Great American Legend 7 Product Stats
- AM Best Rating A+
- Index Annuity
- 7 Year Duration
- Flexible Premium
- Minimum Premium $10,000
- Free Withdrawals: 10% Annually – Starting from Year 1
Terminal Illness Waiver: Yes
Provided that the diagnosis is rendered more than one year after the contract effective date, up to 100% of the account value can be withdrawn without deduction of an early withdrawal charge or MVA (if applicable) if the owner or joint owner is diagnosed by a physician as having a terminal illness with a prognosis of 12 months or less. This waiver may be used only once.
Nursing Home Waiver: Yes
An extended care waiver rider is available for no additional charge. If the owner is confined to a nursing home or other long-term care facility after the completion of the first contract year for at least 90 consecutive days, early withdrawal charges and MVAs (if applicable) may be waived on withdrawals up to a full surrender.
Surrender Charges:
Year 1: 9%
Year 2: 8%
Year 3: 7%
Year 4: 6%
Year 5: 5%
Year 6: 4%
Year 7: 3%
