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fixed annuities

Multi-Year Guarantee Annuity Details

Preserve Multi-Year Guaranteed Annuity 1

Product Name

Preserve Multi-Year Guaranteed Annuity 1

Annuity Type

Multi-Year Guarantee Annuity

Issuing Insurance Company and Ratings

(4th of 15 ratings)
Not Rated
Not Rated
Not Rated
Not Ranked

Product Information

The Preserve Multi-Year Guaranteed Annuity 1 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 1 year guarantee period annual yield is 4.15% 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 1 has a full penalty free withdrawal window after 1 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 Beginning in the second contract year, up to 10% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.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 $13.2 billion in total assets.

Rate Details

Premium Amount: $250,000 - $1,000,000 High-Band

Premium Amount: $5,000 - $249,999 Low-Band

Initial Surrender Charge and MVA Periods

1 years

1 years

1 years

State variations may exist, refer to product disclosure for details.

Other Guarantee Periods Available

Policy Details

Penalty Free Withdrawal Provisions

Annuitization, Death, Nursing Home and Terminal Illness

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  NY (as of 04/01/2022)

For DE: No Market Value Adjustment (MVA).

For MA: No Nursing Home Waiver.