What is a MYGA (fixed-rate annuity)?

A MYGA (multi-year guarantee annuity) credits a stated rate or schedule for a guarantee period. Compare yield to surrender and all key dates.

1. 1.

   Paste this case. In ChatGPT Work, type @ and pick Annuities Genius first.

   Copy

   Using Annuities Genius: I'm an independent agent paid by commission. My client is 66, in North Carolina, with $150,000 from a CD that just matured (non-qualified). She wants a fixed rate for 5 years, may need to take out up to 10% a year, and only wants issuing insurers with a current AM Best Financial Strength Rating of A- or better. Show the legal issuer and rating date. Give me the 3 best MYGAs, with the rating, surrender years and free withdrawals. Look up how each one is sold. Flag any fee-based (Advisory) product, and tell me what to check before I show them. I decide.

   Date every figure. Mark every figure you worked out yourself. If you cannot reach Annuities Genius, say so and give no figure.

   Select the text and copy it.

2. 2.

   Check the rating, key dates, free withdrawals, market value adjustment (MVA), yield to surrender and sales channel.

   A market value adjustment (MVA) can lower early-exit value when rates rise. Confirm guarantee and surrender dates. Check maturity and renewal terms.

3. 3.

   Ask for a year-by-year illustration of your pick (20 credits). For a ladder, split the money and run each term alone.

   Each rung is a smaller amount, and some rates drop below a set amount. Check the rate for each rung.