A Multi-Year Guaranteed Annuity (MYGA) is a fixed annuity that pays a declared interest rate for a specific number of years. Growth is tax-deferred, and the original premium is protected by the insurer's claims-paying ability.
During the guarantee period, the insurer credits the declared rate. At the end of the term, the contract enters a renewal period. The new rate is declared by the insurer and may be higher or lower than the original rate.
You usually have a window near the end of the term to withdraw the full amount, move it to another annuity through a 1035 exchange, or renew into a new term — all without a new surrender charge on the original principal.
| Feature | MYGA | Bank CD |
|---|---|---|
| Issuer | Insurance company | Bank or credit union |
| Principal protection | Backed by insurer's claims-paying ability | FDIC insured up to limits |
| Growth | Tax-deferred | Taxed annually unless in IRA |
| Liquidity | Surrender charges; often 10% annual free withdrawal | Early-withdrawal penalty |
| Rate term | 3, 5, 7, 10 years common | Typically 6 months to 5 years |
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Amount you would place in the contract.
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Whole years, 1 to 30.
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