MYG Assure 5 (NY) review

Yes, for the right buyer in the right channel. If you are a New York resident with a JP Morgan Chase relationship and want a 5-year locked rate with no MVA exposure, this is a well-structured product. The rate banding rewards larger deposits, the waivers are meaningful, and the 10% free-withdrawal provision from year one is better than some competing MYGAs. It is less useful for anyone without a JP Morgan connection or for someone shopping the broader New York MYGA market independently.

The rational case for this product is straightforward: you want a guaranteed rate for five years, you do not need an income rider, and you already have a relationship at JP Morgan Chase. The no-MVA feature is a real differentiator — it means that if you need to surrender early and pay the withdrawal charge, at least the penalty is fixed and predictable. The $5,000 minimum also makes this accessible for smaller IRA transfers that many competing MYGAs would not accept.

I think this is best for a New York retiree or pre-retiree in their late 50s through early 80s who has a qualified account at JP Morgan Chase, wants to move money into a guaranteed rate, and does not anticipate needing more than 10% annually during the five-year term. It is also a reasonable fit for someone with a larger balance who qualifies for the high-band rate. It is not a fit for someone who shops outside the JP Morgan channel, wants index-linked upside, or needs more liquidity than the 10% provision covers.

You are buying a five-year contract with a single locked interest rate applied to your entire balance from day one. There is no index exposure, no participation rate to track, and no crediting strategy to choose among beyond a secondary 1-Year Fixed Strategy that kicks in after the term ends. What you get in exchange for that simplicity is certainty: a rate that does not reset annually and does not depend on market conditions during the term. At the end of five years, if you do not act, your balance transfers to a 1-Year Fixed Strategy with a minimum guaranteed rate of at least 1.00% — which is the floor, not the expectation. That post-term step-down is worth planning around before you commit.

The Multi-Year Fixed Strategy locks your credited rate for the entire five-year contract period. The rate is banded: deposits below $100,000 receive a lower band rate, deposits of $100,000 or more receive a higher band rate. Based on the brochure materials from April 2026, the low-band rate was 4.75% and the high-band rate was 5.05%, both guaranteed for five years. Those rates will vary at time of purchase — always confirm the current rate before signing. The 1-Year Fixed Strategy is available after the initial term and resets annually, with a floor of 1.00%. There is no market value adjustment on this contract, which means your surrender charge is the only variable if you need to access funds early.

The confinement and terminal illness waivers are the most practically meaningful secondary feature. After the first contract anniversary, if you are confined to a qualified care facility for 60 or more consecutive days, the withdrawal charge is waived and you can access your full Accumulated Value. The same applies for terminal illness — if you receive a diagnosis with less than 12 months of expected survival after the first anniversary, the charge goes away entirely. These are real safety valves that address two of the most common scenarios where someone in retirement might need access to a large sum outside normal liquidity planning. They come at no additional cost, which makes them valuable in any MYGA comparison.

You are trading five years of full liquidity for a locked rate. The free-withdrawal provision — 10% of Accumulated Value per contract year, starting in year one — gives you a meaningful annual access amount without triggering charges. RMDs are also covered: if your required minimum distribution exceeds the 10% free-withdrawal amount, the excess is not charged. That makes this viable for a qualified account without creating a tax trap.

Withdrawals beyond the free amount are subject to the following charges:

There is no market value adjustment, which is notable. In a rising-rate environment, many MYGAs add an MVA that increases the effective penalty for early surrender. That risk does not exist here. At contract maturity, the full Accumulated Value is available without any withdrawal charges — no automatic renewal that traps you in a new surrender period.

There are no base contract fees and no rider fees on this product. The surrender charge schedule is the only cost that applies, and only to withdrawals above the free amount. That is a clean cost structure for a fixed annuity.

The real tradeoffs are distributional and structural. The bank-channel restriction is the largest one — you must be contractable through JP Morgan Chase. Rate banding means you get a better yield if you can deposit $100,000 or more. And the post-term default to the 1-Year Fixed Strategy at a potentially low guaranteed minimum means you need to actively review your options at year five rather than letting the contract roll over passively.

Legal Entity: Athene Annuity & Life Assurance Company of New York

Parent: Athene Holding Ltd.

A.M. Best Rating: A+