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SAN ANTONIO – (December 14, 2020) USAA Life Insurance Company announced today the introduction of a three-year Fixed Guaranteed Growth Annuity (FGG3) product available to USAA members directly through USAA.com or a USAA Retirement Income Specialist.
Fixed guaranteed growth annuities are a type of deferred annuity that provide a guaranteed interest rate for a fixed period of time. In the case of the FGG3, it provides a fixed guaranteed interest rate for the first 3 years of the contract, a short 3-year surrender-charge period, and critical care withdrawals that can provide access to the account value without a surrender charge for nursing home, assisted living or home health care services.
The new annuity product from USAA Life also allows consumers to start building a source of income for retirement that, when annuitized, can provide a monthly paycheck for life. As with all fixed annuities, the contract value is guaranteed and protected from market ups and downs, unlike stocks and bonds that can fluctuate with the market.
“In this short-term rate environment, this type of annuity allows for a nice return without a long-term commitment,”said Bill White, vice president and general manager, retirement products at USAA. “The flexibility can alleviate the stress that some may feel in having to balance their short- and long-term financial needs in retirement.”
The FGG3 and all life insurance and retirement products offered by USAA Life are open to the public and do not have a membership requirement. USAA Life’s suite of annuity products are designed to support members and customers who are planning for—and living in—retirement..
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to nearly 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
Annuities are generally suitable for long-term investing, particularly retirement savings.
An annuity is a long-term insurance contract sold by an insurance company and designed to provide an income, usually after retirement, that cannot be outlived. There are fees, expenses and surrender charges that may apply.
USAA means United Services Automobile Association and its affiliates.
Fixed Guaranteed Growth (FGG) (SINGLE PREMIUM DEFERRED ANNUITY WITH EXTENDED INTEREST RATE GUARANTEE PERIOD): ICC1798732 10-18 (varies by state). Call for details on specific costs, benefits, limitations and availability in your state.
Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer’s claims-paying ability and financial strength.
Money not previously taxed is taxed as income when withdrawn. Withdrawals before age 59 may be subject to a 10% federal tax penalty.
Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.