Refinance guide
Compare your current contract
The annuity market evolves constantly. Products issued even a few years ago may have lower rates, higher fees, or fewer features than what's available today. Here's how to evaluate what you have vs. what's out there.
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Contract snapshot
Tell us about your current annuity for instant insight.
Product type
Surrender years remaining: 3 yrs
Do you have an income rider?
What to gather from your current contract
Pull out your most recent annual statement and your original contract (or Certificate of Disclosure) and identify these key data points.
Product type
Is it a MYGA, FIA, Variable Annuity, RILA, or SPIA? Each type has different comparison metrics.
Current accumulation value
This is your real money — the amount you'd receive (minus any surrender charges) if you surrendered today.
Benefit base / income base
If you have an income rider, what is the current benefit base? This is the phantom number used to calculate guaranteed income and is often much larger than the accumulation value.
Surrender schedule
What year of the surrender period are you in? What is the current surrender charge percentage? When does the surrender period end?
Current credited rate or cap
For MYGAs: your guaranteed rate. For FIAs: the current cap rate, participation rate, and/or spread. For variable annuities: your sub-account allocations.
Annual fees
Total all rider fees, M&E charges, sub-account expenses, strategy charges, and administrative fees. Express as a single annual percentage.
Income rider details
If applicable: roll-up rate, current benefit base, payout factor at your target income age, and annual rider fee.
Death benefit
Standard or enhanced? Current death benefit value? Any step-up or ratchet provisions?
Carrier and rating
Who issued the contract? What is their current AM Best rating?
Tax qualification
Is it qualified (IRA, 401(k)) or non-qualified (after-tax dollars)? This affects how a replacement would be handled.
Key comparison metrics by product type
If you own a MYGA or fixed annuity
- Compare your current guaranteed rate against today's MYGA rates for the same term. As of early 2026, top 5-year MYGAs from A-rated carriers are offering 5.50–6.30%.
- If your MYGA has matured or is in its auto-renewal period, the renewal rate may be significantly lower than the original guarantee. This is the most common reason to replace a MYGA.
- Check whether your current MYGA uses compound or simple interest. Some older contracts use simple interest, which produces less growth.
If you own a fixed indexed annuity (FIA)
- Compare current cap rates, participation rates, and spreads against today's competitive products. Cap rates have improved significantly since 2020–2022.
- If your FIA has an income rider, compare the guaranteed income (in dollars, not percentages) that your current contract would produce vs. what a new product would produce.
- If your current FIA has no income rider and you now want guaranteed income, a replacement to a product with an embedded GLWB could add a feature your current contract cannot provide.
If you own a variable annuity
- Total your annual fees: M&E + sub-account expenses + any rider fees + admin fees. If the total exceeds 2.5%, there are likely lower-cost alternatives.
- Compare your variable annuity's after-fee performance over the past 5–10 years against a hypothetical FIA with principal protection. Did the market exposure justify the higher fees and risk?
- If you purchased the VA primarily for its living benefit rider, compare that rider's income to what modern FIA income riders produce.
If you own a RILA
- Compare your current buffer/floor levels and cap rates against today's RILA offerings. Higher buffers with higher caps may be available.
- RILAs are relatively new (widespread since 2018–2019), so early-generation products may lack strategy options available on newer contracts.
The comparison that actually matters
Compare outcomes, not features
Don't compare features against features. The only question that matters is: “Will I end up with more money, more income, lower risk, or better features — net of all costs — by switching vs. staying?”
- Ask for an illustration from the proposed new product and compare it to a projection from your current contract. Both should use the same assumptions for a fair comparison.
- Factor in the surrender charge you'd pay to leave the current contract. If the surrender charge is $5,000, the new product needs to make up that $5,000 before you break even.
- Factor in the new surrender period. If you're comfortable with a new 7–10 year commitment, that's fine. If you may need liquidity sooner, a shorter-term product may be more appropriate.
Frequently asked questions
Where do I find my current contract details?
How often should I review my annuity?
What if my advisor won't show me a comparison?
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Replacing an existing annuity involves potential surrender charges, loss of existing benefits or riders, new surrender periods, and tax implications. This content is for educational purposes only and does not constitute financial, tax, or legal advice. All guarantees are backed by the claims-paying ability of the issuing insurance company.
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