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- verified by Scott Brooks, MBA, CFP® Editor
Fixed annuities are for conservative investors who want safety, security, and guarantees.
You will preserve your principal and earn a fixed rate of return.
You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's).
If you are sensitive to loss and don't want to lose a penny, a fixed annuity might be a good fit for some of your savings.
Read our educational articles on fixed annuities to learn more.
Guaranteed Rate Lock Period:
The rate is locked for 60 days from the date of application. If the funds are received after that period the rate might be subject to change and will be the rate in effect at that time.
what we like
- No surprises because you know what you will earn
- Lower agent commission
- Percentage of balance withdrawals
- Reasonable 4-year term
what we don’t like
- Not RMD Friendly
- Market value adjustment may apply on withdrawals
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Surrender Charge Schedule
Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.
percentage charged to withdrawal
market-value adjustment (MVA)
A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.
They allow companies to pay a higher rate and make longer-term investments.
MVAs only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.
|phone number||(888) 724-4267|
|0.50-2.0%. We are paid from the insurance company general fund. It is not deducted from your account value. 100% of your money is working for you from day one. We could earn a higher commission based on sales volume and taking a more active role in the application process.|
|Rate Effective Date||May 11th 2023|
|premium Type||Single Premium Annuity|
|account Type||Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b).|
|Not available in||AK, CA, CT, FL, ME, MT, NY, PR, VI, VT|
At the end of your contract term, you have a 30 day penalty free window to take a partial or full withdrawal without surrender charges. Written notice is provided 45 days in advance of the start of the penalty-free window period. If no withdrawals are taken, the 4 year guarantee period will automatically renew with the then-current guaranteed interest rate subject to surrender charge and market value adjustment.
|death benefit provision||If you pass away before the end of your annuity contract, your beneficiaries will receive the accumulated policy value. This value will include all interest you have earned and be passed without any charges or fees.|
|taxes||Annuities typically grow tax-deferred. If you withdrawal money that has never been taxed, withdrawals are 100% taxable. Non-qualified withdrawals have been taxed already, so only interest is taxed. This is called an exclusion ratio. Interest would be taxed, but the principal would not. Please work with a qualified specialist.|
9%, 8%, 7%, 6%
|free-look period||30 Days|
|market value adjustment||Yes|