MYG Assure 3 review

It depends on your situation. For someone who wants a short-term, guaranteed-rate vehicle with no moving parts and already works with JP Morgan Chase, this is a solid choice. The rate banding — lower yield below $100,000, higher above — is standard for the MYGA market, and the guaranteed term structure is exactly what this product category is designed for. The channel restriction is the real filter here. If you do not have a JP Morgan Chase relationship, this product is not available to you regardless of how competitive the rate looks.

The rational case is straightforward: you want a three-year guaranteed rate that is better than a CD equivalent, you do not need more than 10% of the account value annually during that period, and you are comfortable with Athene as the issuer. The A+ A.M. Best rating adds carrier confidence. The low $5,000 minimum makes it accessible at smaller deposit sizes compared to many competitors that require $10,000 or more.

I think this works best for a saver in the 55–75 range who is parking non-qualified or IRA money for a defined three-year horizon — maybe a rollover waiting for a longer-term decision, or a bond replacement for a specific piece of a retirement portfolio. The RMD-friendly design makes it reasonable for traditional IRA holders who need to take required minimum distributions annually. It is less appealing for someone who might need full liquidity before the term ends, or for someone looking for any kind of index exposure or growth beyond the guaranteed rate.

A MYGA is not a CD, but the mental model is close. You deposit a lump sum, Athene guarantees a specific interest rate for the three-year term, and at the end of the term the contract transitions to a one-year fixed rate declared annually. There is no stock market involvement, no index tracking, and no crediting complexity. What you are actually paying for is the insurance wrapper — the tax deferral, the guaranteed rate, and the death benefit that goes with a fixed annuity contract rather than a bank deposit.

The Multi-Year Fixed Strategy credits a fixed interest rate guaranteed for the entire three-year term. Rates are banded by deposit size: the low band applies below $100,000 and the high band at $100,000 or above. As of the most recent rate sheet, those are 4.70% and 5.00% respectively, though current rates are subject to change and what matters is the rate locked in at contract issue. After the three-year term expires, funds automatically move to the 1-Year Fixed Strategy, where the declared rate resets annually. There is no automatic renewal of the MYGA term — you would need to take action to renew or reposition.

The free withdrawal provision is the most practically useful feature for someone in the accumulation or early decumulation phase. Ten percent of accumulated value is available each contract year starting in year one, and RMDs are treated separately — if your required minimum distribution exceeds the free withdrawal amount, Athene counts the RMD as part of the free withdrawal rather than stacking surrender charges on top of it. For an IRA owner who needs to take distributions but does not want to disrupt the principal, that is a meaningful design choice. The Confinement Waiver and Terminal Illness Waiver add a further safety valve if circumstances change dramatically, though neither is available in California.

MYG Assure 3 carries surrender charges of 8% in year one, 8% in year two, and 7% in year three. There is no market value adjustment, which removes one layer of surrender-period risk compared to MYGAs that do apply an MVA. The 10% free withdrawal addresses modest annual needs without triggering charges, and the RMD provision protects qualified account holders from paying surrender charges on required distributions.

The three-year structure is short by annuity standards, but the 8% first-year charge is not trivial. Anyone who thinks there is a meaningful chance they will need full access to this money within the next three years should weigh that carefully before committing.

There are no base contract fees and no rider fees because there are no riders. The product's cost is entirely captured in the spread between the rate Athene earns on its general account and what it credits to the contract — which is how all MYGAs work. The explicit surrender charges are disclosed upfront. The only hidden structural cost worth noting is the rate-reset risk at the end of the term: once the three-year guarantee expires, the one-year renewal rate is entirely at Athene's discretion, which means the product becomes something different after year three unless you actively choose to move.

Legal Entity: Athene Annuity and Life Company

Parent: Apollo Global Management

A.M. Best Rating: A+