Annuity glossary
MYGA (Multi-Year Guaranteed Annuity)
A fixed annuity that locks in one declared interest rate for the entire multi-year term you choose, rather than resetting each year. Often compared to a bank CD, but issued by an insurance company, with tax-deferred growth and surrender charges for leaving before the guarantee period ends. At term end you can renew, exchange, or withdraw. The contract explains the available terms, charges, access limits, and payout choices that apply. Any guarantee is backed by the claims-paying ability of the issuing insurer.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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