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Please note this content is not approved for use in NY. MultiOption Extra is not available for sale in NY.

MultiOption® Extra

Give your clients' retirement a boost

MultiOption Extra is a deferred variable annuity that features a 7% Credit Enhancement on each purchase payment received in the first year. For clients who are looking for market participation, tax-deferred growth for retirement, and the flexibility to add additional guarantees through an optional benefit (for an additional cost).

Why choose MultiOption Extra?

7% Credit Enhancement

A 7% Credit Enhancement right out of the gate. Your clients can get ahead faster with an immediate bonus.

Tax deferral

Keep more of clients’ money in their contract and compounding over time.

Leave a legacy

A minimum death benefit guarantee helps clients lay a foundation for their family’s future.

Optional benefits

Optional benefits enhance guarantees for retirement income and legacy.

7% Credit Enhancement

A bonus on your client’s variable annuity

MultiOption Extra provides your clients with a 7% Credit Enhancement to their contract value on day one, helping them jumpstart their retirement savings.

How the Credit Enhancement works

Initial contribution $100,000
+7% on date of purchase $7,000
Total invested on day 1 $107,000

There is a 7% Credit Enhancement on each purchase payment received prior to the 1st contract anniversary. The Credit Enhancement is allocated among the investment options in the same manner as clients’ purchase payment.  

Credit Enhancements are vested 1/7th per year on the contract anniversary and fully vested after the 7th contract anniversary. During the first seven contract years, any withdrawal in excess of the free withdrawal, surrender or annuitization will result in a proportionate recapture of any unvested Credit Enhancement (also applies to withdrawals taken for hospital/ medical care or a terminal condition in excess of the free withdrawal amount).

Tax deferral

Help your clients keep their earnings growing

One of the advantages that annuities provide is tax deferral. It lets clients defer taxes on their annuity earnings and allows them to make changes to their annuity investment options without creating tax consequences – keeping more of their money in their contract and compounding over time.

The power of tax deferral over 25 years

Comparison of tax deferred investing returns versus taxed investing returns
  Before tax After tax
Tax-deferred investment $429,187 $320,555
Taxable investment   $267,868 (taxed annually)

Even after the tax-deferred investment has taxes paid upon lump sum withdrawal, it still results in quite a bit more than the annually-taxed investment. That’s the power of tax deferral.

This hypothetical example assumes a $100,000 initial investment with a 6% rate of return, no withdrawals over a 25-year period, and a 33% ordinary income tax bracket. It is for illustrative purposes only and is not intended to predict or project investment results.

Ability to leave a legacy

Clients can help lay a foundation for their family’s future

Leaving loved ones an additional measure of financial security is a powerful and meaningful gift. MultiOption Extra provides a minimum death benefit guarantee to help clients protect and preserve annuity assets for loved ones.

Beneficiaries receive the greater of:

  • The value of the annuity contract at the contract owner’s death
  • Total purchase payments, adjusted pro-rata for withdrawals

In addition to the minimum death benefit guarantee to protect and preserve assets for loved ones, clients can also choose from optional death benefits to further protect or enhance the assets they pass on.

Options for customization

Optional benefits offer income, asset and legacy guarantees

With MultiOption Extra comes a suite of optional benefits that lets clients customize their retirement strategy. Optional living benefits offer additional income and optional death benefits provide greater protection, flexibility, and enhanced death benefits.

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Lifetime income
MyPath Lifetime Income suite

A suite of GLWBs that provide income growth and guarantees for a variety of client scenarios.

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Legacy and estate
Optional death benefits

Options to provide greater protection, flexibility, and enhanced death benefits.

See the benefits

Product details

Contract type

Flexible Payment with 7% Credit Enhancement feature (with vesting and recapture provisions)

Maximum issue age

80 for either owner and/or annuitant

Purchase payment

  • Initial: $10,000
  • Subsequent: $500
  • Maximum: $1 million

Annual cost

Mortality & Expense Risk Charge:

  • Years 1-9: 1.70%
  • Thereafter: 1.10% (1.20% if annuitized)

Administrative Charge: 0.15%

Maintenance Fee: $35 (waived if contract value $75,000 or more)

Deferred sales charge

9 years from each purchase payment: (% = 6.5, 6.5, 5.9, 5.9, 5.9, 5, 4, 3, 2, 0)

Withdrawal minimum


Systematic withdrawal

$250 minimum available monthly, quarterly, semi-annually or annually. Options available include specific amount, % of value, IRS Required Minimum Distribution.

Free withdrawal (annual amount free of deferred sales charge and credit enhancement recapture) – not available on surrender

Set on each contract anniversary, greater of:

  • 10% of the sum of purchase payments not previously withdrawn and still subject to charge (in the 1st contract year, 10% of purchase payments not previously withdrawn)
  • If in an IRA, additional amounts available to satisfy IRS Required Minimum Distributions from the contract for that year. However, if you withdraw the Required Minimum Distribution for two calendar years in a single contract year, deferred sales charge may apply.

Waiver of deferred sales charge

  • After the first contract anniversary for the following qualifying events:
    • Hospital, medical care stay (confinement of at least 90 days)
    • Terminal condition (life expectancy of 12 months or less)
  • Death
  • Annuitization

Investment options

  • More than 85 variable investment options plus a 6 and 12 month DCA fixed account

Death benefits

Greater of contract value or purchase payments adjusted pro-rata for withdrawals

Optional benefits

Several optional living and death benefits available for an additional cost

Investment resources

Optional benefits

Optional living benefits1

  • MyPath EdgeTM 
    Guaranteed lifetime income now, for retirement-ready clients
  • MyPath HorizonTM 
    Guaranteed income growth for those looking to retire soon
  • MyPath JourneyTM 
    Accelerated enhancement growth for those gearing up for retirement later

Optional death benefits1

1 Optional benefits are available for an additional cost. Optional benefits may not be approved in all states and product features may vary by state.

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An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to nonqualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charge, investment management fees and rider fees. Variable sub-accounts of annuities are subject to market fluctuation, investment risk and loss of principal.

MultiOption Extra variable annuity and the optional benefits may not be approved in all states and features may vary by state. Not available in New York. The guarantees in MultiOption Extra are subject to the financial strength and claims-paying ability of Minnesota Life. The guarantees have no bearing on the performance of the variable investment options.

Credit Enhancements are treated as earnings for tax purposes and will be subject to market risk when invested in the variable investment options. The Credit Enhancement is also treated as earnings as it applies to benefits within the contract such as the Guaranteed Minimum Death Benefit or any optional Living or Death Benefit. Contracts with Credit Enhancements often have higher fees and expenses and longer Deferred Sales Charge periods than contracts that do not provide Credit Enhancements. Minnesota Life recovers the cost of providing Credit Enhancements through these higher fees and expenses. It is possible that higher fees and expenses may outweigh the benefits of the Credit Enhancement.

We reserve the right to limit or discontinue acceptance of future purchase payments after the contract is issued. This may limit the ability to increase the contract value through additional purchase payments. If an optional benefit is elected in the contract, this may also limit the ability to increase the value used to calculate the optional benefit.

The MyPath suite of optional lifetime income benefits establish a benefit base for calculating guaranteed annual income. The benefit base provides no minimum contract value or investment return and is not available for withdrawal. Withdrawals exceeding allowed guidelines, or taken before the benefit date, may have a negative impact on the guarantees of these optional living benefits. All withdrawals reduce the contract value. These benefits cannot be cancelled and require use of an approved asset allocation strategy. The guarantees are subject to the financial strength and claims-paying ability of Minnesota Life. The guarantees have no bearing on performance of the variable investment options. These benefits are available on a single or joint life basis for an additional cost with a variable annuity and are based on state approval. Certain MyPath benefits may be selected on a Plus or Joint 50 basis. These options may provide a greater initial stream of annual income with a reduction in annual income upon occurrence of specified events.

Variable annuities are sold by prospectus. Your clients should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information. Please read the prospectuses carefully before investing.

The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination.

A purpose of the method of marketing is solicitation of insurance and that contact will be made by an insurance agent or agency.

Policy form numbers: 11-70203, ICC11-70203, 12-70236, ICC12-70236, 12-70238, ICC12-70238, 12-70239, ICC12-70239, 20-70559, ICC20-70559, 20-70560, ICC20-70560, 20-70561, ICC20-70561, 20-70591, ICC20-70591, 20-70592, ICC20-70592, 20-70593, ICC20-70593, 20-70594, ICC20-70594, 20-70595, ICC20-70595, 20-70596, ICC20-70596, 20-70597, ICC20-70597

DOFU 12-2022