A MYGA is often described as a “CD alternative,” but in many cases it offers structural advantages beyond what traditional bank products provide. With most CDs, interest is taxable annually, reducing the effective compounding rate over time. With the Guaranty Income Rate Lock MYGA, growth is tax-deferred. That means interest compounds without current taxation until funds are withdrawn, allowing earnings to build more efficiently. Over a multi-year period, the difference between taxable and tax-deferred compounding can be meaningful, particularly for larger deposits or longer terms. The Rate Lock MYGA has a minimum investment of just $10,000, making it accessible for a wide range of savers, while enhanced rate bands may apply to larger premium amounts. If you would like to evaluate how this product compares to other leading fixed annuities in today’s interest rate environment, you can review our Current Fixed Annuity Rates page for a broader look at competitive offerings.

Liquidity features are designed to balance long-term discipline with practical access. Beginning in year two, you may withdraw up to 5% of your account value annually without surrender charges. For many retirees, that provision allows modest supplemental income or emergency access while preserving the majority of the contract’s accumulation. The annuity also includes withdrawal charge waivers in the event of terminal illness or nursing home confinement, adding a layer of protection during unforeseen health events. Withdrawals exceeding the penalty-free amount during the surrender period may be subject to surrender charges and a Market Value Adjustment (MVA), which reflects prevailing interest rate conditions at the time of withdrawal. Understanding how surrender schedules and MVAs function is important before committing to any fixed annuity; our guide on Annuity Surrender Charges Explained provides a detailed overview of these mechanics so you can make an informed decision.

At the end of your selected 3-, 5-, 7-, or 10-year guarantee period, the Rate Lock MYGA gives you flexibility. You may withdraw your funds without penalty, renew into a new declared rate for another term, or convert the accumulated value into a guaranteed income stream. That final option can be particularly valuable for retirees who want to transition from accumulation to predictable lifetime income. If you are evaluating whether guaranteed income belongs in your retirement strategy, you may also find our resource on Are Annuities a Good Investment in Retirement? helpful in weighing the broader planning considerations.

For savers comparing MYGAs to other fixed annuity types, it is important to distinguish between traditional fixed-rate products and fixed indexed annuities. The Guaranty Income Rate Lock MYGA credits a declared fixed rate for the entire term — nothing more, nothing less. In contrast, indexed annuities tie returns to external market indices subject to caps or participation rates. For some clients, that structure is appropriate. For others who prefer absolute predictability, a MYGA is more aligned with their objectives. If you want a clearer breakdown of these structural differences, our overview on How Does a Fixed Indexed Annuity Work? explains the mechanics in greater detail.

The death benefit structure further enhances the product’s appeal. Should the contract owner pass away during the guarantee period, beneficiaries receive the full accumulation value without surrender charges, typically avoiding probate delays depending on beneficiary designation and state law. That makes the Rate Lock MYGA not only a conservative savings vehicle but also an efficient legacy planning tool for families who want assets transferred cleanly and predictably.

If you would like to see how the Guaranty Income Rate Lock MYGA compares side-by-side with other leading multi-year guaranteed annuities available in your state — including rate bands, surrender schedules, and projected accumulation values — we encourage you to request a customized illustration using our secure Monday annuity form:
Request Your Personalized MYGA Comparison. We will review your timeline, deposit amount, and income objectives to identify competitive options aligned with your retirement goals.