MYGA (Multi-Year Guaranteed Annuity)

Definition:

A MYGA (Multi-Year Guaranteed Annuity) is a type of fixed deferred annuity where a fixed interest rate is guaranteed for a period longer than one year. Typically, the guarantee period ranges from 2 to 10 years.

Key Characteristics:

• Fixed Interest Rate: The rate does not change during the guarantee period.
• Deferred Annuity: Earnings accumulate over time until withdrawals begin.
• Guaranteed Duration: Provides predictable growth over the term of the contract.

Fields for MYGA Contracts:

• MYGA Yes/No indicator whether the contract is a MYGA
• MYGA Duration Length of guaranteed rate duration in years (commonly 3, 5, or 7)
• MYGA End Date Date at which the guaranteed rate expires

Example: