MYGA Rates

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To calculate the ending balance on an MYGA, do you use simple interest of the principal only for the term of the annuity or do you compound the interest credited each year to arrive at the final sum?
 
emptyeternity said:
Who's been giving good rates for myga lately? Premium bonus etc.?

Most are in comparison to Bank CDs....I was checking out my personal bank yesterday it takes a 7 year CD before interest gets over 1%.
 
What is Guggenheim's ratings and comdex score?

B++ by A.M. Best. No Comdex to my knowledge...they are an interesting company though. They own Equitrust, Security Benefit, reinsure Standard Life (of Indiana) and they recently bought SunLife's U.S. annuity business.

Their insurance division is part of a larger organization:

Global Financial Services Firm | Guggenheim Partners
 
I'm looking for the best interest rate I can get someone. He only has $25,000, and he wants a 5 year MYGA. He wants to take his interest out monthly or quarterly, whichever is available. And, he wants the death benefit to equal the contract value. The best I've been able to find that meets all the criteria is from Sentinel Security Life. They offer 3.1% interest, but take away .08% to be able to get to your interest and another .35% to have no surrender upon death. That brings it down to 2.67%. He would really like to get at least 3%.
 
I'm looking for the best interest rate I can get someone. He only has $25,000, and he wants a 5 year MYGA. He wants to take his interest out monthly or quarterly, whichever is available. And, he wants the death benefit to equal the contract value. The best I've been able to find that meets all the criteria is from Sentinel Security Life. They offer 3.1% interest, but take away .08% to be able to get to your interest and another .35% to have no surrender upon death. That brings it down to 2.67%. He would really like to get at least 3%.

We'd all like 3% on a 5 year MYGA....I believe Oxford is at 3% on their 7 year but I don't think that they allow systematic w/ds.

If you want something better than Sentinel on a 5 yr, you might have to go fraternal.

William Penn Association and Polish RCA come to mind...I don't sell them so I don't know if they fit your other criteria.

Good luck.
 
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