MYG Assure 7 review

Yes, for buyers who have a clear seven-year horizon and access to the JP Morgan Chase channel. The rate is competitive for the peer group, the no-MVA structure removes a meaningful risk most MYGAs carry, and the free-withdrawal terms are better than average. The honest caveat is that seven years is a longer commitment than most buyers default to, and the channel restriction limits who can access it in the first place. If both of those fit your situation, the product holds up well.

The primary reason to buy MYG Assure 7 is a higher locked rate in exchange for a longer commitment. Seven-year MYGAs typically offer better yields than five-year MYGAs from the same carrier, and this product follows that pattern — the high-band rate steps up by 10 basis points relative to the MYG Assure 5. The secondary reason is the same as any MYGA: certainty. You know exactly what you will earn each year, your principal cannot decline, and there are no decisions to make during the holding period. For a buyer allocating a portion of retirement assets to fixed income who is not planning to touch the money for seven years, that certainty has real value.

I think MYG Assure 7 is best for someone in or approaching retirement who has a portion of savings they are confident they will not need for at least seven years, already works with an advisor contracted through JP Morgan Chase, and wants a clean fixed-rate instrument without index exposure or rider complexity. It works well for IRA rollovers or non-qualified savings where tax deferral matters. It is less well-suited for someone who may need meaningful liquidity above 10% during the term, prefers a shorter commitment window, or is shopping through independent advisor channels outside the JP Morgan Chase network.

You are buying a guaranteed rate of return for seven years with a contractual floor on what you will receive if you hold to maturity. The insurance company takes your premium, invests in a fixed-income portfolio, and credits back a stated yield for the entire term. Unlike a bank CD, growth inside a non-qualified annuity is tax-deferred until you take withdrawals, which extends the compounding benefit over a seven-year horizon. The price for that guarantee and tax treatment is the surrender schedule — exiting early before Year 7 costs you a percentage of your accumulated value depending on when you leave.

MYG Assure 7 uses a Multi-Year Fixed Strategy as its primary crediting approach. The rate is locked at contract issue and guaranteed for all seven years — it will not be reset mid-term. At the end of the seven-year period, funds move automatically to a 1-Year Fixed Strategy that renews annually at or above the contract's Minimum Interest Rate. That renewal rate will likely differ from the original term rate, so buyers approaching the end of the term should review their rollover options, which may include moving into a new multi-year product.

The rate banding means the threshold at $100,000 matters. A contract funded with $95,000 earns at the low band rate of 5.00%, while one funded with $100,000 earns 5.30%. Over seven years, that 30-basis-point gap compounds — on a $100,000 contract, it represents roughly $2,100 in additional interest at maturity — so buyers near the threshold should consider whether rounding up is practical.

The absence of a market value adjustment is the most important secondary feature on this product. Many seven-year MYGAs include an MVA, which means your actual surrender cost fluctuates with prevailing interest rates — if rates have risen since you bought, the MVA adds to the stated surrender charge and your real exit cost is higher than expected. Athene eliminates that uncertainty entirely on MYG Assure 7. The surrender schedule you see at contract issue is the maximum penalty you will ever face, regardless of where rates go.

The Year 1 free withdrawal provision reinforces this. Most MYGAs delay penalty-free withdrawals until Year 2. Starting in Year 1 gives buyers a liquidity option during the first contract year, which can matter for unexpected expenses or required distributions that arise earlier than planned.

You are committing to a seven-year holding period in exchange for a locked rate. The free-withdrawal provision gives you access to 10% of the accumulated value each contract year starting in Year 1, without penalty. That is the primary liquidity valve most buyers will use.

Withdrawals above the free amount are subject to the following schedule:

The schedule steps down each year and hits zero after Year 7. Because there is no market value adjustment, the above figures are your actual exit cost — they will not be worse because rates moved.

RMDs attributable to this contract are treated as part of the annual free withdrawal even if they exceed the 10% free amount. That is a practical benefit for IRA-funded contracts and means you generally will not owe surrender charges on required distributions. The Terminal Illness Waiver covers 100% of accumulated value after the first contract anniversary if death is expected within one year. The Confinement Waiver covers 100% of accumulated value after the first contract year if confinement to a qualified care facility for 60 or more consecutive days occurs. Neither waiver is available in California. These provisions matter most in worst-case scenarios but are genuinely meaningful when they apply.

There are no base contract fees or rider fees on MYG Assure 7. The implicit cost is the spread between what Athene earns on its investment portfolio and what it credits to you — that is standard economics for any fixed annuity, and it is not a separately disclosed number. The surrender schedule is the only explicit cost for buyers who exit early.

The more relevant tradeoff is structural. Seven years is a meaningful commitment. Buyers who underestimate their liquidity needs during the term can face surrender charges on any withdrawal above 10%, and the early years of the schedule carry a heavier penalty than most shorter-term MYGAs. The channel restriction adds another constraint: because this product requires an advisor contracted through JP Morgan Chase, independent advisors and direct shoppers simply cannot access it. That limits competitive comparison shopping unless your existing advisor is already in that network.

Legal Entity: Athene Annuity and Life Company

Parent: Apollo Global Management

A.M. Best Rating: A+

Athene is one of the larger fixed annuity carriers in the U.S. by premium volume. The A+ rating from A.M. Best reflects strong financial strength. Athene is owned by Apollo Global Management, which sources institutional fixed-income assets to back its annuity obligations. That structure is common among large fixed annuity platforms and is not unusual for the market.