Why it earned this rating
Our assessment
The 7-year Palladium MYG hits a sweet spot in the MYGA rate curve — it earns a notably better rate than shorter durations without the full decade commitment of the 10-year. American National has a strong carrier profile, the product is clean, and 7 years is a duration that works well for the mid-60s pre-retirement or early retirement saver.
The short version
For a 7-year MYGA, the Palladium MYG 7 does its job well. I think it's a strong choice for savers who want safety, tax deferral, and a rate that actually moves the needle — provided they can comfortably live within the 10% annual free withdrawal for seven years. Confirm the rate is competitive at the time you're shopping, because MYGA rates shift with the environment.
Key facts
American National has been operating since 1905 and holds an A (Excellent) rating from A.M. Best. The Palladium MYG 7 is the most popular longer-duration MYGA in the series, offering savers a meaningful rate advantage over 5-year products while maintaining a timeframe that still feels manageable.
The full review
Is American National Palladium MYG 7 a Good Annuity?
Yes. For conservative savers with a 7-year commitment window, this is a well-built product from a financially strong carrier. The rate is competitive at this duration, the terms are clear, and the free withdrawal provision provides a meaningful safety valve during the 7-year period.
Why Someone Would Buy This Annuity
A typical buyer is in their late 50s or early 60s, looking to grow a chunk of savings safely for seven years before they need it. They've already decided that market risk isn't for them in this portion of their portfolio, and they want the best guaranteed rate they can find for a defined period. The 10% annual free withdrawal means they can pull some income from it along the way without triggering surrender charges.
Who This Annuity Is Best For
Best for ages 55–75 with a 7-year window who want a guaranteed accumulation vehicle with no market risk. Also appropriate for savers who have just rolled out of a 5-year MYGA or annuity and want to extend their safe money position. Not suited for people with unpredictable cash flow needs who might need to break the contract early.
What You're Really Buying Here
A 7-year locked-in interest rate with 100% principal protection and tax deferral. The mechanics are simple: your premium earns a fixed rate for seven years, and at the end of year seven the full value is available. The annual free withdrawal keeps you from being completely illiquid, and the waiver provisions protect against catastrophic liquidity needs.
How the Core Feature Works
American National declares a rate at issue that holds for the full 7-year term. You can reallocate your annuity value between years at a rate they declare — but the rate at issue is your baseline for seven years. Beginning in year two, 10% of the annuity value is accessible without surrender charges or MVA. Year one is limited to interest credited. A Market Value Adjustment applies to excess withdrawals.
Why the Secondary Feature Matters
Premium bands: $100,000 and above typically earn a meaningfully higher rate than sub-$100,000 deposits. If you're putting in $100,000 or more, always ask for the enhanced rate — the difference compounds significantly over 7 years.
Liquidity and Surrender Schedule
7-year surrender period. Charges from the underlying schedule: years 1–7 are 8,8,8,7,6,5,4. At year eight (post-surrender period), the contract is fully liquid. Free withdrawal: 10% of AV per year starting year 2. Emergency waivers for nursing home confinement, terminal illness, and disability.
Fees and Tradeoffs
No explicit fees. Rate is net to the policyholder. Not available in New York. MVA applies on excess withdrawals during surrender period.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Multi-Year Guaranteed Annuity (MYGA) |
| Surrender Period | 7 Years |
| Issue Ages | 0–90 |
| Minimum Premium | $5,000 |
| Interest Rate | Guaranteed fixed for full 7-year term; higher rates for $100k+ premiums |
| 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, founded in 1905 in Galveston, Texas, is now part of Brookfield Reinsurance. A.M. Best rates the company A (Excellent). The company has a long, consistent record in the fixed annuity market and continues to operate as a standalone insurance entity.
Final take
The Palladium MYG 7 is a well-executed 7-year MYGA from a carrier with genuine staying power. For savers who can commit to seven years and want the best guaranteed rate they can get from a highly rated carrier, this is a legitimate option. As with any MYGA, shop the rate — the carrier quality is consistent, but the rate is what changes with the market. If American National's 7-year rate is competitive at the time you're buying, this is a straightforward choice.