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Multi-Year Guarantee Annuities (MYGAs) work similar to a bank CD in that they have a specified interest rate and maturity term, however there are a few differences.  Most people think of annuities as income-for-life products, which they can be, however many retirees use annuities as deferred savings vehicles and not for income at all.
MYGAs typically provide higher guaranteed interest rates than other savings vehicles while offering the principal protection that retirees desire.  The claims-paying ability of the insurance company guarantees the contract, so be sure to take the company ratings by A.M. Best into consideration.
MYGA contracts differ primarily in the area of liquidity.  Some contracts allow for up to 10% annual penalty-free withdrawals, others allow interest-only withdrawals and others yet do not permit any withdrawals until the end of the guarantee period.  Your VRTA agent can provide the details and determine individual suitability.
Today's Interest Rates
(as of 10/14/2019)
3 year period - 2.70% APR
5 year period - 3.70% Avg-APR
6 year period - 3.82% Avg-APR

(rates subject to change without notice, to verify rates: 800.467.5425)


(to verify rates: 800.467.5425) Rates offered by Fidelity & Guaranty Life Ins. Co. “FG Guaranty Platinum 3”, Atlantic Coast Life “Safe Haven” 5yr and 6yr. Rates guaranteed by annuity contract. Contact agent for details, suitability, minimum premium, and disclosures. No surrender charge at the end of guarantee term for full withdrawal.

© 2018 by Creekside Insurance Advisors Inc.