Contracts carry minimum guaranteed rates at two levels:
The Minimum Guaranteed Interest Rate (MGIR) represents the minimum annual credited rate that can be declared on Certainty, Certainty Select and the Fixed Account on the Indexed Annuities. The renewal rate on each of these products/accounts can never be less than the MGIR.
The Minimum Guaranteed Contract Rate (MGCR) is the rate associated with the minimum cash value floor, and is often referred to as the SNFL (Standard Nonforfeiture Law) rate. If a client surrenders their contract, the surrender value can never be less than this amount.
EquiTrust has adopted use of the Model Index Standard Nonforfeiture law in all states that have adopted the new NAIC Model. The Model Index allows the company to reset minimum guaranteed rates once per calendar year. For EquiTrust, resetting of the minimum guaranteed rates will take place each January 1.
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