ANNUITIES
MYGA Annuities
A multi-year guaranteed annuity, or MYGA, is a fixed annuity that guarantees a stated interest rate for a specific number of years.
How MYGAs Work
You select a guarantee period, and the insurer credits the contract at the stated rate during that period, subject to the terms of the contract. At the end of the period, you decide what to do next based on the options then available.
What to Consider Before You Choose
- Compare the guaranteed rate and guarantee period—not just the headline rate.
- Review surrender charges and annual penalty-free withdrawal provisions.
- Check whether a market value adjustment can affect an early withdrawal.
- Plan for what happens when the initial guarantee period ends.
Who Often Considers MYGAs
MYGAs can fit people who want a defined rate for a defined period and are comfortable committing money for the selected term.