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ReliAbility™ is a multi-year guaranteed annuity (MYGA) that locks in your interest rate for a set number of years. MYGAs are great for people who want simple, predictable growth with no market risk — ideal if you want safe and steady returns.
Frequently Asked Questions
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An annuity is a contract with an insurance company that lets you save money and grow it safely over time. In return, you get guaranteed payments in the future — often during retirement. Annuities are designed to help provide peace of mind by turning savings into predictable income.
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A Multi-Year Guaranteed Annuity (MYGA) is a type of fixed annuity. You choose a time period (like 3, 5, or 7 years) and your money earns a guaranteed interest rate for that entire period. You’ll know exactly what you’re earning, which makes planning easier.
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MYGAs often offer higher interest rates than savings accounts, and your money grows tax-deferred (you don’t pay taxes on the growth until you withdraw it). Unlike a bank account, annuities are designed specifically for long-term retirement savings.
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Annuities grow tax-deferred, which means you don’t pay taxes on the interest until you withdraw the money. This allows your savings to compound faster over time. When you do take withdrawals, the money is taxed as ordinary income.
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If you withdraw money before the end of your contract term, charges or market value adjustments may apply. These rules are designed to reward long-term savers, which may adversely impact your savings
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Yes. One of the benefits of annuities is that they can be structured to provide guaranteed income for a set period of time — or even for life. This helps cover basic living expenses and helps add peace of mind in retirement.
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Fixed annuities (like MYGAs and FIAs) protect your principal and guarantee returns.
Variable annuities invest in the stock market, which means your account value can go up or down. Ability focuses on fixed options for safety and predictability.
Ability only offers fixed annuities.
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With MYGAs, there are no annual fees — you simply earn the guaranteed interest rate.
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You can purchase an annuity through Ability Insurance by working with one of our licensed agents. They’ll guide you through product options, explain terms clearly, and help you decide if an annuity fits your retirement plan. Visit the Contact page to begin the process.
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Ability Insurance Company is owned by Mount Logan Capital (“MLC”). Ability combines the stability of a of an investment grade-rated life & annuity (re)insurer with the investment strength of owner, Mount Logan Capital. That means your savings are backed by both strong financial management and a commitment to serving everyday Americans.
Other Documents
Glossary of Terms
Age
A person’s age as of their last birthday.
Annuitant(s)
The person(s) on whose life or lives annuity payments are based. You cannot change the Annuitant(s), except as provided by the provisions of this contract.
Beneficiary
The person(s) or entity(ies) you designate to receive any Death Benefit under this contract.
Account Value
The total of the Premium received plus interest earned less Withdrawals/partial Surrenders.
Contract Year
Each 12-month period starting on the Issue Date and each anniversary of the Issue Date thereafter, while this contract is in force.
Death Benefit
The benefit that will paid if the Owner dies before the Income Date.
Income Date
The date that annuity payments begin under a Payment Option.
Issue Date
The date on which the Single Premium is used to issue the contract.
Maturity Date
The latest Income Date on which annuity payments under a Payment Option must take effect.
Owner
The person or entity named in the contract is entitled to exercise all rights and privileges of Ownership under the contract.
Payment Options
The options identified in the payment options provision of the contract for an election to receive annuity payments.
Penalty-Free Withdraw
Any withdrawal that is not subject to a surrender charge or Market Value Adjustment.
Qualified Contract
A contract that qualifies under the Internal Revenue Code as an individual retirement annuity (“IRA”) or a contract purchased with funds from a retirement plan that meets the requirements of Internal Revenue Code sections 401(a), 403(a), 403(b), or certain deferred compensation plans under section 457. If this contract is a Qualified Contract, we will attach a rider or endorsement to this contract to establish that it is a Qualified Contract. In addition, if this contract is a Qualified Contract, certain provisions required by the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or other applicable laws may limit the Owner’s rights under this contract.
Required Minimum Distribution
The required distribution for this contract is calculated according to the Internal Revenue Code for certain tax-qualified plans.
Spouse
The person to whom the Owner is legally married.
Surrender/Withdrawal Charge
The amount that is subtracted from the Account Value when Withdrawal or Surrender, is paid prior to the Income Date. The Surrender Charge is waived during the Renewal Windows and as provided by any Rider(s) attached to this contract. The Surrender Charge is equal to the Account Value withdrawn times the applicable Surrender Charge Percentage, minus any taxes payable and/or market value adjustments.
Surrender Value
The amount that will be paid to the Owner when Surrendering a policy on or before the Income Date.
Withdrawal
Any amount withdrawn by the Owner from the Account Value, including but not limited to a Surrender Charge or Market Value Adjustment.