MYGA carriers agents are actually using this year, and how to compare the rate sheets

Multi-year guaranteed annuity rates have been high enough to sell on the number alone, and the carrier list that agents mention is long: names that specialize in fixed products, some of the FIA leaders, and a few insurers most clients have never heard of.

How to compare. The guaranteed rate for the term is the headline, but the comparison is: rate, term length, surrender schedule, free withdrawal provisions, death benefit treatment, and the carrier's financial strength rating. A slightly lower rate at a carrier with a higher rating is often the right recommendation for a conservative client.

Ratings. MYGAs are a promise to pay. The rating is part of the product. Show it.

Where MYGAs fit. Money the client won't touch for the term, in a bracket where tax deferral helps, for a client who wants to know the number.

Renewal. At the end of the term the client can renew at the then-current rate, move the money in a tax-free exchange, or annuitize. Put the renewal date in the CRM; a MYGA client at renewal is the easiest conversation of the year.

Suitability. Same review as any annuity; the rationale is usually simple.

Which MYGA carriers are on your rate sheet this quarter, and what rating floor do you hold yourself to?