Secure MYGA MVA 3 review

It depends on your horizon and your exit tolerance. For a buyer who is confident about a three-year commitment and wants a guaranteed rate from a solidly rated carrier, yes — this is a reasonable choice. For a buyer who is less certain about liquidity needs, the MVA adds a layer of interest-rate risk on top of the stated surrender penalties that can make the actual exit cost hard to predict. The product does what it says it does; the question is whether the exit structure fits your situation.

The main reason is a short, predictable guaranteed rate from a carrier with solid financial strength. Three years is a relatively modest commitment for a fixed annuity, and F&G's A rating from A.M. Best adds credibility. The 10% free-withdrawal provision gives some flexibility if cash needs arise, and the chronic illness waiver offers a meaningful safety valve for health-related emergencies. For a conservative saver who wants to lock in a known return for three years without equity exposure, the structure makes sense.

I think this works best for someone in or near retirement who has a specific three-year block of money they do not expect to touch — retirement funds parked before a distribution phase begins, or non-qualified savings earmarked for a future expense. The wide issue age range (including non-qualified down to age 0) means this can also serve estate-planning situations. It is less suited to someone who might need liquidity above the 10% annual provision, who is actively rate-shopping across multiple carriers, or who finds the MVA concept confusing and would rather have a simpler surrender structure.

You are buying a three-year guaranteed interest rate, not market participation. The account value grows at a fixed rate credited daily, and when the three-year guarantee period ends, you can walk away or renew. The insurance company sets the rate at issue and guarantees it will not drop below a contractual floor (the minimum guaranteed surrender value is 87.5% of premiums at a 1-3% minimum interest rate). What you are not buying is flexibility during those three years — above the 10% free-withdrawal amount, any access to principal goes through both a surrender charge and an MVA that can add or subtract from that charge depending on interest rates at the time.

Interest is credited daily at a fixed rate guaranteed for the three-year term. The specific rate varies by premium amount — the brochure shows 4.25% for smaller deposits and 4.50% for larger ones as of March 2026. These rates are locked at issue and will not change during the guarantee period regardless of what happens to market interest rates. At the end of three years, the guarantee period expires and you can withdraw the full account value without penalty, renew into a new guarantee period, or annuitize.

The daily crediting is worth noting: unlike some fixed annuities that credit at the end of a year, interest compounds continuously, which is a modest structural advantage on the math side.

The chronic illness waiver is the most practically meaningful secondary feature. If the annuity owner becomes chronically ill during the surrender period — as defined in the contract, generally meaning inability to perform activities of daily living or cognitive impairment — the surrender charge and MVA can be waived on withdrawals. For a three-year product, this is a real safeguard. Health emergencies happen in short windows, and the waiver means the annuity is not a pure trap if circumstances change.

The systematic withdrawal provision is also worth noting for buyers who want structured income. Monthly, quarterly, semiannual, or annual payments are available (minimum $100 per payment), which lets buyers set up a regular cash flow if needed.

The free-withdrawal provision allows up to 10% of the beginning-of-year account value each year during the surrender period, with a $2,000 minimum remaining balance requirement. That is a standard provision and provides meaningful access for most buyers' incidental needs.

Beyond that 10%, the surrender charges are steep for a three-year contract: 9% in year one, 8% in year two, 7% in year three, and 0% after. These rates are higher than what many three-year MYGAs carry, and that matters because of the MVA stacked on top.

The market value adjustment (MVA) means that if interest rates have risen since you bought the contract, your effective surrender cost is higher than the stated charge. If rates have fallen, the MVA can actually reduce your exit cost. The direction is rate-dependent and not predictable at purchase. For a buyer who is genuinely planning to hold three years, the MVA is academic. For anyone with meaningful uncertainty about that, it is the key risk to understand.

Required minimum distributions are RMD-friendly, meaning qualified account holders can take their RMDs without triggering the full surrender penalty, which is important for buyers placing IRA or qualified money into this contract.

There are no explicit base contract fees, no rider fees, and no annual administrative charges disclosed in the available materials. The cost of this product lives entirely in the spread between the rate credited and the rate F&G earns on the underlying assets — a standard insurance company model for fixed annuities.

The tradeoffs are structural rather than fee-based. The stated surrender charges are on the high end for a three-year product, and the MVA compounds that during the surrender period. Buyers who exit early in a rising-rate environment can face a meaningful gap between what they expected and what they receive. That is not hidden, but it is easy to underestimate if you focus only on the headline guarantee period and rate.

Legal Entity: Fidelity & Guaranty Life Insurance Company

Parent: FGL Holdings

A.M. Best Rating: A

F&G is a mid-tier annuity carrier with a meaningful presence in the fixed annuity and FIA market. The A rating from A.M. Best reflects financial strength appropriate for the product type, and F&G has a track record in this space. It is not the largest carrier, but it is not an obscure one either.