Question 1

What is a Multi-Year Guaranteed Annuity (MYGA)?

Accepted Answer

A Multi-Year Guaranteed Annuity (MYGA) is a type of fixed annuity that provides a guaranteed interest rate for a set number of years — typically 2 to 10 years. Unlike variable or indexed annuities, MYGAs carry no market risk. Your principal and interest are guaranteed by the issuing insurance company. They are often used as a higher-yielding alternative to bank CDs, with the added benefit of tax-deferred growth.

Question 2

Are MYGA annuity rates higher than CD rates?

Accepted Answer

Yes, MYGA rates are typically higher than bank CD rates for comparable terms. In 2026, BW Pyles Insurance Agency offers MYGA rates up to 6.00% for 5-year terms and 5.90% for 7-year terms — generally 0.5% to 1.5% above bank CD rates. MYGAs also offer tax-deferred growth, meaning interest compounds without annual tax liability until withdrawal.

Question 3

Can I roll over a 401(k) or IRA into a fixed annuity?

Accepted Answer

Yes. You can roll over a 401(k), IRA, or other qualified retirement account into a MYGA annuity without triggering taxes, as long as the rollover is done correctly (direct rollover or trustee-to-trustee transfer). This is a common strategy for retirees who want to lock in a guaranteed rate on a portion of their retirement savings. BW Pyles Insurance Agency can guide you through the rollover process.

Question 4

What happens at the end of a MYGA term?

Accepted Answer

At the end of your MYGA term, you typically have a window (often 30 days) to withdraw your funds penalty-free, renew at the new rate offered by the carrier, or transfer to a new annuity. If you take no action, most contracts automatically renew for a new term. BW Pyles Insurance Agency will contact you before your term ends to review your options.

Question 5

Are fixed annuities safe?

Accepted Answer

Fixed annuities are backed by the financial strength of the issuing insurance company and are regulated by state insurance departments. They are not FDIC-insured like bank products, but they are protected by state guaranty associations up to applicable limits (typically $250,000 in Illinois). BW Pyles Insurance Agency only offers MYGAs from financially strong, highly-rated carriers.

Term	Carrier	Product	Annual Rate
2-Year	Axonic Insurance	Waypoint 2 MYGA	5.10%	Request information Carrier info Apply now →
3-Year	Axonic Insurance	Waypoint 3 MYGA	5.65%	Request information Carrier info Apply now →
4-Year	Oceanview Life and Annuity	Harbourview 4	5.60%	Request information Carrier info Apply now →
4-Year	Oceanview Life and Annuity	Harbourview 4 (CA)	5.60%	Request information Carrier info Apply now →
5-Year	Axonic Insurance	Waypoint 5 MYGATop Rate	6.00%	Request information Carrier info Apply now →
6-Year	Oxford Life Insurance Company	Multi-Select 6	5.85%	Request information Carrier info Apply now →
7-Year	Sagicor Life Insurance Company	Milestone Max MYGA 7Top Rate	5.90%	Request information Carrier info Apply now →
8-Year	EquiTrust Life Insurance Company	Certainty Select 8	5.65%	Request information Carrier info Apply now →
9-Year	Liberty Bankers Life	Heritage Elite 9	5.60%	Request information Carrier info Apply now →
10-Year	Oceanview Life and Annuity	Harbourview 10	5.80%	Request information Carrier info Apply now →
10-Year	Oxford Life Insurance Company	Multi-Select 10	5.80%	Request information Carrier info Apply now →

Current Fixed Annuity Rates

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Tax-Deferred Growth

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