Our Professional Opinion on the Oxford Life Multi-Select MYGA
We recommend the Oxford Life Multi-Select MYGA when its guaranteed rate is competitive with other A- or better-rated insurance companies. Oxford Life is rated A by AM Best, so the insurer comfortably meets our minimum financial-strength standard.
Multi-Select offers guarantee periods from 3 through 10 years. That broad range makes it useful for short-term deposits, MYGA ladders, and buyers who want to lock today’s rate for a longer period.
The liquidity is better than average. Credited interest can generally be withdrawn during the first contract year. Beginning in year two, the owner can take penalty-free withdrawals up to the contract limit, and the product allows more than one withdrawal during the year as long as the cumulative amount remains within that limit.
We also like the health-related waivers. Multi-Select includes provisions for terminal illness, nursing-home confinement, and qualifying home health care. The home-health-care benefit is particularly useful because many MYGAs limit their waiver to facility confinement.
We are currently in a high-interest-rate environment, so the 5- through 10-year versions can make sense when the rate is competitive and you have enough liquidity elsewhere. The longer lock reduces reinvestment risk.
The biggest drawback is automatic renewal. If you do not act during the 30-day maturity window, Oxford can renew the contract for the same guarantee period at the new rate and restart the surrender schedule and Market Value Adjustment.
The death benefit is the full accumulation value, and the contract has no administrative fee. Excess withdrawals can still trigger surrender charges and an MVA, so emergency money should remain outside the annuity.
Bottom line: Oxford Multi-Select is a good, flexible MYGA from an A-rated insurer. We like the broad term menu, first-year interest access, annual liquidity after year one, full account-value death benefit, and home-health-care waiver. The rate and the automatic-renewal provision are the main items to compare.
Compare Oxford Multi-Select with the current fixed annuity rates before selecting a guarantee period.
What We Like
- A-Rated Insurance Company: Oxford Life exceeds our A- minimum.
- 3- Through 10-Year Terms: The broad term menu works for short, intermediate, and long rate locks.
- First-Year Interest Access: Credited interest can generally be withdrawn during the first contract year.
- Annual Liquidity After Year One: The owner can take penalty-free withdrawals up to the annual contract limit.
- Home Health Care Waiver: The contract offers broader health-related access than MYGAs limited to nursing-home confinement.
- Full Account-Value Death Benefit: Beneficiaries receive the accumulation value without normal surrender charges.
- No Administrative Fee: The base contract does not charge an annual administrative fee.
What We Don’t Like
- Automatic Renewal Restarts Charges: Missing the 30-day window can begin another full guarantee period, surrender schedule, and MVA.
- Market Value Adjustment: Excess withdrawals can be increased or reduced by the MVA.
- Long Terms Require Commitment: The 8-, 9-, and 10-year versions only make sense when the money truly can remain untouched.
- The Rate Still Has to Win: Strong liquidity and an A rating do not justify accepting a materially lower guaranteed return.
Product Overview
The Oxford Multi-Select Annuity is a multi-year guaranteed annuity (MYGA) issued by Oxford Life Insurance Company, which holds an A (Excellent) rating from AM Best. This annuity offers a guaranteed fixed interest rate for 3 to 10 years, with the flexibility to convert the contract into guaranteed lifetime income using a GLWB (Guaranteed Lifetime Withdrawal Benefit) rider for just 0.50% annually. It stands out for offering both fixed growth and a built-in income option, a combination rarely found in traditional MYGAs.
The product is designed for long-term savers and retirement income planners seeking principal protection, predictable returns, and income flexibility, but the long surrender charge schedule and automatic renewal provision require careful monitoring.
Product Type
- Annuity Type: MYGA (Multi-Year Guaranteed Annuity)
- Issuer: Oxford Life Insurance Company
- AM Best Rating: A (Excellent)
- Primary Use: Fixed growth, income planning, CD alternative
- Income Option: Optional GLWB rider or traditional annuitization
Funding Options
- Non-qualified funds (savings, CDs, brokerage cash)
- Qualified funds (IRA, Roth IRA, SEP, 401(k) rollover)
- 1035 exchanges from another annuity
Key Features
| Feature | Details |
|---|---|
| Term Options | 3-, 4-, 5-, 6-, 7-, 8-, 9-, or 10-year guarantee periods |
| Fixed Interest Rate | Locked-in for chosen term; guaranteed growth |
| Interest-Only Withdrawals | Allowed in Year 1 without penalty |
| 10% Free Withdrawal | Annually after the first contract year |
| GLWB Income Rider | 0.50% annual fee; income you can’t outlive; start/stop anytime |
| Health-Based Waivers | Surrender charges waived for terminal illness, nursing home, or home healthcare (after one year) |
| Death Benefit | Full account value paid to beneficiaries |
| MVA (Market Value Adjustment) | Applies to early withdrawals above the 10% annual limit (not applicable in all states) |
Surrender Charge Schedule
Oxford’s surrender charge starts at 10% in Year 1 and reduces by 1% each year. The full schedule extends up to 10 years, depending on the term selected. Even after the original term ends, if no action is taken, the contract automatically renews, locking in a new surrender charge schedule for another term of the same length.
That means if you buy a 10-year term and don’t act within the 30-day window after it ends, you could be locked into a new 10-year surrender period unintentionally.
What Happens After the Term Ends?
You’ll have a 30-day penalty-free window after the end of the original guarantee period. During this time, you can:
- Withdraw funds without surrender charges or MVA
- Transfer via 1035 exchange
- Annuitize or activate the GLWB for lifetime income
- Reinvest in another product
If you do nothing, the contract automatically renews into a new term of equal length, restarting the surrender schedule and possibly offering a lower interest rate. This is one of the most important things to monitor with this annuity.
Why Comparing Annuity Products Matters
The Oxford Multi-Select Annuity’s combination of fixed growth and optional lifetime income makes it attractive, but comparing it to other products may reveal better fits depending on your goal:
- Some A-rated MYGAs offer higher guaranteed interest rates
- FIAs may offer inflation-protected income options with similar guarantees
- Other GLWB annuities may offer better lifetime income payout rates
- Some MYGAs do not auto-renew into new surrender periods, reducing the risk of being locked in again
A licensed annuity broker will walk you through the best options for your timeline, income goals, and risk tolerance.
Pros and Cons
| Pros | Cons |
|---|---|
| A-rated insurer (Oxford Life) | Auto-renewal restarts the surrender schedule if you don’t act in time |
| Fixed-rate growth with multiple term options | GLWB income may not match specialized income annuities |
| GLWB rider allows income start/stop flexibility | MVA can reduce values on early withdrawals |
| Interest-only and 10% annual free withdrawals | Long surrender periods on longer terms |
| Health waivers enhance emergency access | No inflation-adjusted income option built in |
Who Should Consider The Oxford Multi-Select Annuity?
Best for:
- Savers seeking fixed-rate accumulation with income flexibility
- IRA holders needing RMD-compliant withdrawals with health waivers
- Conservative investors who want the option, not obligation, to turn on lifetime income
- People comfortable managing surrender schedules and term renewals
Not ideal for:
- Clients who want maximum liquidity or flexible access beyond 10% annually
- Investors needing inflation-adjusted growth or income
- Anyone who may forget to act at the renewal window
- People primarily seeking growth over income
Final Verdict
Is the Oxford Multi-Select Annuity a good annuity? Yes—for those looking for guaranteed growth and the option to turn on income later, it’s one of the more versatile MYGAs available. Its low-cost GLWB rider, interest-only withdrawals, and health waivers provide real-world flexibility that most MYGAs lack. That said, the auto-renewal trap, long surrender periods, and potential MVA downside require careful attention and broker guidance.
Talk to The Annuity Expert Before You Buy
Before locking in a 3- to 10-year term, let us help you:
- Compare Oxford’s MYGA to top-rated competitors
- Evaluate whether a GLWB rider or traditional income annuity fits you better
- Review renewal provisions and avoid being locked into a new term
Contact The Annuity Expert now for free quotes and a customized recommendation based on your financial and retirement income goals.
Book A Free Consultation
Get help from a licensed financial professional. This service is free of charge.
Let Us Answer Your Questions
Not quite ready for a meeting, but you have a question that needs answering? We’re happy to help. Leave an inquiry below, and one of our staff will respond via email.