Nassau Simple Annuity
A Direct to Consumer MYGA

Nassau Simple Annuity

Take your retirement savings plan into your own hands.

Active people thinking about higher interest rates and MYGAs

Nassau Simple Annuity is a single-premium, multi-year guaranteed annuity, or MYGA, that offers you protection from market volatility, a choice of 4 or 6 year guarantee periods, and a 5% free withdrawal each year. You may purchase the product online directly from the company.

Rates / Guarantee Periods* 3.15% | 4 Years
3.40% | 6 Years
Issue Age 18-85
Premium Range $15,000 - $1,000,000

*If you renew into a guarantee period of the same duration, the guaranteed interest rate may not be the same as the previous guarantee period. The company may change the guaranteed interest rate for future periods in its sole discretion.

Want to look at the MYGA options that we offer?
We currently offer guarantee periods that have annual rates between 3.15% and 3.40%

You might consider choosing this product if you:

  • Are approaching, or are in retirement, and seek competitive interest rates without market risk
  • Seek attractive interest rates over a four-year period or longer
  • Look for predictable return rate over a four year or longer period
  • Want a simple retirement savings option that doesn't put your principal at risk
  • You have not yet retired and regularly max out your 401(k) or IRA contributions

Always remember that your principal will be reduced any time you take withdrawals or if you surrender your contract during a guarantee period

How will the value of my
Nassau Simple Annuity GROW?

You purchase this annuity with a single premium payment. The amount of your premium payment will grow through interest credited to your contract based on the guarantee periods you select. Interest is credited daily at an interest rate we set and guaranteed for the length of the guarantee period. We may refer to this as the guaranteed interest rate. The initial guarantee period will be either four or six years, depending on the length of time that you initially select. We can change this interest rate for each new guarantee period after that.

wheat sprouting from the ground like money growing with MYGA compound interest
  • Guaranteed Interest Rate

    During each guarantee period, we will credit the guaranteed interest rate corresponding to the duration of the period you select. The initial guaranteed interest rate is locked in for the guarantee period you choose on your application for the contract.

  • Minimum Guaranteed Interest Rate (MGIR)

    At all times during the life of the contract, we will credit at least the MGIR. For future guarantee periods, we will never offer a guaranteed interest rate less than the MGIR which is 1.00%.

This is a summary of certain product features and options, which may vary by state. Actual product details may vary in a particular state based on the terms of that state's approval. Please review the product disclosure for details, including any state variations, restrictions, terms and conditions that may apply.

Increase your retirement savings with a guaranteed return

How Can I Withdraw My Money?

Getting access to your account value

You can withdraw money from your annuity at any time. Life is full of surprises. Sometimes you may just want to take a getaway from the rest of the world. However, withdrawing money from your annuity may result in surrender charges, a negative or positive market value adjustment (MVA), and less interest credited to your contract. The money available from your annuity as a full surrender, as a death benefit, and upon annuitization will never be less than a guaranteed amount described in your contract. This guaranteed amount is referred to as the TGV. Any withdrawal taken from your contract will reduce the TGV dollar for dollar by the amount of net withdrawal. This amount may be less than the initial premium paid.

Withdrawals that will never incur
charges and adjustments

  • An annual withdrawal of up to 5% of your contract value.
  • A required minimum distribution requested after the first contract year. This will be treated as a free withdrawal and no surrender charge or market value adjustment will apply. However, if you are required to take an RMD in the first contract year and elect to take it from this contract after February 15th, the withdrawal will not be treated as a free withdrawal so a surrender charge and market value adjustment will apply.
  • Withdrawals made during your 30-day window period. This occurs at the end of the 4 or 6 year guarantee period.
  • Annuity payment options that you selected when you purchased the contract. Once you annuitize your contract, surrender charges and an MVA will not apply.

Withdrawals that will always incur
charges and adjustments

  • Withdrawals in excess of any free withdrawal amount or RMDs outside of your window period.
  • Withdrawals of your entire contract value, known as surrendering your contract.
taking a vacation with money withdrawn from a Nassau Simple Annuity MYGA

Get a 3.40% guaranteed return
when you chose 6 Years guaranteed period.

Additional features
of our Nassau Simple Annuity

Our MYGA offers other flexible benefits you may value

 Free Withdrawal

Annual Free withdrawals up to 5% or your RMD for the contract without a surrender charge or market value adjustment

 Nursing Home & Terminal Illness Waivers

We also offer nursing home and terminal illness surrender charge waivers. Surrender charges may be waived if the owner is admitted into a licensed nursing home or if the owner is diagnosed with a terminal illness that is expected to result in a death within six months (24 months in Massachusetts). Waivers are only available after the first contract year. Subject to state approval and certain conditions

 Annuitization Options

You may choose to annuitize after the first contract year with no penalty. There are currently seven annuity payment options available from which to choose.

 Available Spousal Continuation

If the spouse of a deceased owner is the beneficiary, the surviving spouse has the the option to elect to continue the contract as the new owner. In the case of a non-qualified contract, the surviving spouse must be the sole beneficiary.

Want to look at the MYGA options that we offer?
We currently offer guarantee periods that have annual rates between 3.15% and 3.40%

Common Annuity Tax Implications

How is your annuity taxed?

The tax rules that apply to annuity contracts are complex. This disclosure document provides only a general description of certain tax aspects of the contract. This discussion is not intended to be comprehensive or address any particular owner’s tax situation.

This contract is an annuity, as defined in the Internal Revenue Code. As long as your earnings remain in the annuity, they are not subject to federal or state income tax. All amounts paid-out or withdrawn, including death benefits, regardless of whether charges and adjustments are applied, are subject to federal and state income tax.

If you assign your contract or pledge it as collateral, it will be taxed as a withdrawal. The amount of this tax will depend on the nature of the payment as well as the amount of the payment that represents contract gain. In addition to tax, any withdrawals before the Owner is age 59½ may incur an additional 10% federal income tax penalty.

A premium tax may be deducted when you take a withdrawal, surrender your contract or annuitize your contract, where required by law.

Can you use this contract with an IRA?

Yes, this contract can be used with individual retirement annuities (IRAs), as well as non-IRAs (referred to as non-qualified contracts). However, contracts issued as part of a qualified plan or IRA, do not receive any additional tax benefits as compared with other qualified retirement plan or IRA investment vehicles.

However, an annuity contract issued as part of a qualified retirement plan or IRA does not receive any tax benefits in addition to those provided under such qualified retirement plan or IRA without an annuity contract.

A contract issued as a traditional IRA generally is subject to minimum distribution requirements that apply generally when the Owner reaches age 70½ and after the Owner dies. A contract issued as a Roth IRA is not subject to the minimum distribution requirements during the owner’s lifetime and is subject to these requirements after the Owner dies. The after-death distribution requirements applicable to qualified retirement plans and IRAs differ from those mentioned above for non-qualified annuity contracts.

IRAs are subject to special rules, including special rules governing the amount and treatment of contributions, the minimum distribution requirements, the federal income tax treatment of distributions, and the ability to rollover or transfer amounts tax-free to another IRA or a qualified retirement plan. If your contract is an IRA, you will receive a separate disclosure statement providing an explanation of the federal income tax rules applicable to the contract. Also, additional information about IRAs can be obtained from any IRS District Office or from various IRS Publications (in particular, Publication 590-A, Publication 590-B, and Publication 560).

What Are My Choices
When My Guarantee Period Ends?

At least 30 days prior to each contract anniversary, you will be notified of the available guarantee periods and their applicable rates. You will have a 30-day window period after your current guarantee period ends to select one of three options:

Stay Where You Are

If we are continuing to offer the length of guarantee period identical to the length of your contract’s expired guarantee period, you may renew the contract for another guarantee period of that duration at the currently available guaranteed interest rate. This is the default option if you do not choose a new guarantee period by the end of the window period. The new guaranteed interest Rate may not be the same rate of interest we applied to your contract value in the previous guarantee period, although the two guarantee periods are of the same duration.

Pick a New Guarantee Period

Choose a new guarantee period of a different length and associated guaranteed interest rate from those then available.

Take a Withdrawal

Surrender any amount of the contract value without incurring surrender charges or MVA.

Want to look at the MYGA options that we offer?
We currently offer guarantee periods that have annual rates between 3.15% and 3.40%

What happens to your contract if you die?

The Internal Revenue Code has distribution at death requirements. These are described in your annuity contract and are based on the death of the owner unless the contract is owned by a trust. If the spouse of a deceased owner is the designated beneficiary, the surviving spouse can continue the contract as the new owner in lieu of receiving the death benefit.

Death before the Contract Maturity Date

A death benefit will be paid upon the death of a contract owner, or annuitant if the contract is owned by a trust, following the date the company receives a certified death certificate or an order of a court of competent jurisdiction. The death benefit is equal to the greater of the contract value or the total guaranteed value (TGV) as of the date of death. No surrender charge or MVA will apply.

Death on or after the Contract Maturity Date

If the owner dies on or after the contract maturity date, any remaining annuity payments will be paid to the beneficiary under the payment option in effect on the date of death. Payments may not be deferred or otherwise extended. If there is a surviving owner, the payments continue as if there had been no death.

Who receives the death benefit?

Single Owner

The death benefit will be paid to the designated beneficiary.

Joint Spousal Owners

The death benefit will be paid to the surviving spousal owner.

Multiple Owners

The death benefit will be paid to any surviving owner(s) who are be deemed to be the beneficiary(s).

Want to look at the MYGA options that we offer?
We currently offer guarantee periods that have annual rates between 3.15% and 3.40%

Learn More

Read our consumer disclosure if you would like additional details
on how this product works before you make your decision.


Notes

1. Withdrawals made during the life of the contract will reduce the amount payable upon annuitization.

BPD #39572

Important Disclosures

Nassau Simple Annuity is subject to state approval. Product features, options and availability may vary by state.

The information on this website is not a recommendation. It is intended for use by the general public and is not individualized to address any specific investment objective. It is not intended as investment or financial advice. he information on this website is not a recommendation. It is intended for use by the general public and is not individualized to address any specific investment objective. It is not intended as investment or financial advice.

If your application, required forms and premium are not in good order at the time of application signature, you may receive a different guaranteed interest rate for the guarantee period elected on the application.

If you renew into a guarantee period of the same duration, the guaranteed interest rate may not be the same as the previous guarantee period. The company may change the guaranteed interest rate for future periods in its sole discretion.

Lifetime payments and guarantees are based on the claims paying ability of PHL Variable Insurance Company. Nassau Simple Annuity (ICC17FADTC,17FADTC) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in ME and NY.

Annuities are long-term investment vehicles. Annuities held within qualified plans do not provide any additional tax benefit. With certain exceptions, surrender charges apply to withdrawals taken during the initial guarantee period and a market value adjustment, which may increase or decrease the amount received upon withdrawal, may also apply at any time.

All or a portion of amounts withdrawn are subject to ordinary income tax, and if taken prior to age 59 1⁄2, a 10% IRS penalty may also apply. Phoenix does not provide tax, financial or investment advice, or act as a fiduciary in the sale or service of the product. Consult a tax advisor or financial representative about your specific circumstances.

This is a brief description of Nassau Simple Annuity and is meant for informational purposes only. Please refer to your Contract for any other specific information including limitations, exclusions and charges.