MYGA

A Multi-Year Guarantee Annuity (MYGA) allows a single premium payment to earn a competitive fixed interest rate, with interest accumulating on a tax-deferred basis.

It also allows the accumulated funds to be converted into a reliable and consistent stream of income paid at a designated time in the future (optional).

A single premium multi-year guarantee annuity offers future security to clients with time to save for retirement. A MYGA can be particularly useful for anyone uncomfortable with the greater risk presented by equity investments.

Tax-deferred accumulation makes single premium deferred annuities (SPDAs) more attractive than other investments such as CDs or mutual funds, subject to current income and capital gains taxation. In addition, single premium deferred annuities accumulate interest tax-free until withdrawn as income.