Here are some key points to keep in mind with a fixed-rate multi-year guaranteed annuity.
With a term ranging from two to 10 years, this insurance contract promises a fixed rate of interest for that specific time period. Currently many offer a temptingly high contractual rate of more than 5.50%!Now that I have your attention, let me tell you what is involved – and what is not part of this interesting deal.
Rather, what we are talking about today is the life insurance industry’s version of a CD. A MYGA promises to pay you a contractually guaranteed rate of interest for a set number of years. However, the guarantee comes from a highly rated insurance company, not the FDIC. MYGA interest compounds tax-deferred, with no taxes paid until you cash in the annuity at the end of the contract or if you take interest out during the contractual time period. With any money you take out, the interest will taxed as ordinary income.
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