Why it earned this rating
Our assessment
The Palladium MYG 6 occupies an in-between position in American National's lineup, offering a year more than the standard 5-year MYGA with a rate premium for it. The product is well-structured and backed by a strong carrier; the rating reflects the slightly less compelling positioning relative to the 5 and 7-year options.
The short version
I think most shoppers who are considering this product are comparing it against the 5 and 7-year options. The 6-year will likely sit between them on rate. Whether the incremental rate premium over the 5-year justifies a sixth year of restricted liquidity is personal — it depends on your cash flow needs and how likely you are to need the money during year six. The structure and carrier are both sound.
Key facts
American National Insurance Company has been in business since 1905 and carries an A (Excellent) rating from A.M. Best. The Palladium MYG series spans seven durations (3 through 10 years). The 6-year option gives savers a middle ground between the two most popular duration choices.
The full review
Is American National Palladium MYG 6 a Good Annuity?
Yes, for savers with a 6-year horizon. It does exactly what a MYGA should — guarantees a fixed rate, protects principal, defers taxes. The 6-year duration will offer a better rate than the 5-year, and it's one year shorter than the 7-year, which matters if you're not comfortable with a full seven-year commitment.
Why Someone Would Buy This Annuity
Someone might choose the 6-year if they have a specific date in mind — a retirement target, a mortgage payoff, or a planned distribution event — that falls around the six-year mark. The rate should be incrementally better than the 5-year, giving them a reason to extend slightly without going all the way to 7 years.
Who This Annuity Is Best For
Best for conservative savers ages 50–80 with a clearly defined 6-year financial horizon who want principal protection and a guaranteed rate. Not ideal for people who might need liquidity before year six (beyond the 10% annual free withdrawal) or for people who want any chance of earning more than the guaranteed rate.
What You're Really Buying Here
A 6-year fixed rate guarantee with 100% principal protection and tax deferral. The rate is set at issue and holds for six years with no resets. At the end of six years, the full annuity value is available without penalty.
How the Core Feature Works
American National declares a fixed rate at issue guaranteed for six full years. The rate compounds annually. Starting in year two, you can take up to 10% of the annuity value per year without surrender charges (interest only in year one). A Market Value Adjustment applies to excess withdrawals during the surrender period.
Why the Secondary Feature Matters
The premium band structure means larger deposits ($100,000+) earn a better rate. Savers depositing a significant lump sum should ask for the quoted rate at their specific deposit level — it can make a meaningful difference in total accumulation over six years.
Liquidity and Surrender Schedule
6-year surrender period. The Palladium MYG 10-year underlying schedule shows charges of 8,8,8,7,6,5 for years 1–6. After year six, the annuity is fully liquid. Emergency waivers apply for nursing home confinement, terminal illness, and disability.
Fees and Tradeoffs
No explicit annual fees. The product is not available in New York. MVA applies to excess withdrawals during the surrender period.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Multi-Year Guaranteed Annuity (MYGA) |
| Surrender Period | 6 Years |
| Issue Ages | 0–90 |
| Minimum Premium | $5,000 |
| Interest Rate | Guaranteed fixed for full 6-year term; rate varies by premium band |
| Free Withdrawal | Interest only year 1; 10% of AV per year starting year 2 |
| Market Value Adjustment | Yes, on excess withdrawals during surrender period |
| MGSV | Greater of full AV or CSV |
| Waivers | Nursing Home, Terminal Illness, Disability (vary by state) |
| Death Benefit | Greater of full AV or CSV, no surrender charges |
| State Availability | Not available in New York |
Carrier snapshot
American National Insurance Company (ANICO), founded in 1905 and headquartered in Galveston, Texas, is now part of Brookfield Reinsurance. It holds an A (Excellent) rating from A.M. Best and a long track record of meeting policyholder obligations.
Final take
The Palladium MYG 6 is a well-built product that will suit savers who have a specific 6-year window. The rate should be modestly better than the 5-year option, and the structure is identical. If your timeline is genuinely six years, this is worth considering. If you're flexible on duration, compare all three of the 5, 6, and 7-year options and pick the one that best matches your timeline and rate preference.