Secure MYGA Non-MVA 3 review

For the right use case, yes. If someone needs a short-term guaranteed-rate vehicle, does not want MVA risk, and plans to leave the majority of the money alone for three years, this product does what it is designed to do. It is a less compelling fit for someone who wants more than three years of guaranteed growth, expects to need liquidity above the 10% annual free amount, or is primarily focused on retirement income features.

The main rational case for this product is certainty without MVA exposure. A lot of MYGAs apply a market value adjustment to withdrawals taken during the surrender period, which means your actual early-exit cost can vary depending on how interest rates moved since you bought the contract. This version removes that variable entirely. For someone who has already decided they want a 3-year fixed-rate vehicle and wants the math to be predictable regardless of what rates do, that is a genuine advantage.

I think this product is best for someone in the late-accumulation or early-distribution stage — roughly ages 55 to 75 — who wants to move a portion of savings into a short-term guaranteed vehicle without giving up all near-term access. The broad issue age range (0-90 non-qualified, 18-90 qualified) means it is technically available to a wide population, but the 3-year structure most naturally fits someone approaching or in retirement who wants predictable growth on a defined slice of their savings. It is less appropriate for someone in their 30s or 40s who has decades of runway and would be better served by longer-duration accumulation tools.

You are buying a 3-year promise. F&G locks in a fixed rate for the full guarantee period, and that rate does not change based on index performance, portfolio shifts, or market conditions. The account grows at the declared rate, full stop. What makes this version slightly different from the broader MYGA market is the no-MVA feature — meaning the surrender charge schedule is the only thing standing between you and your money if you need it early, with no additional interest-rate-driven adjustment layered on top. That simplicity is real, and for buyers who have been burned by MVA surprises on other products, it matters.

The Secure MYGA Non-MVA 3 credits a fixed declared rate for three years. As of the materials reviewed, the current rate was 3.85% (or 4.10% guaranteed), but rates are declared at issue and should be confirmed with a current rate sheet — the figures in the brochure are a snapshot and will not reflect today's market. Once the rate is locked in, it stays fixed for the entire guarantee period. You do not need to allocate to indices, choose crediting strategies, or make any annual elections. The contract earns what it earns, and the outcome is fully predictable from day one.

The minimum premium is $20,000. The account value grows by the declared rate each year, and that growth is tax-deferred until withdrawn. After the 3-year guarantee period ends, withdrawals of any amount are available without surrender charges.

The most meaningful secondary features here are the waiver provisions. During the surrender period, F&G allows penalty-free access to the full account value in three specific situations: nursing home confinement, terminal illness diagnosis, or the inability to perform two of six activities of daily living (ADLs). These waivers can be used beginning one year after issue, and the triggering condition must occur after the contract is issued. For someone buying this in their late 60s or 70s, that is a meaningful safety valve. The ADL provision in particular — essentially a chronic care trigger — adds a layer of liquidity that pure fixed-rate products often do not offer.

The contract also allows RMD withdrawals from qualified accounts without surrender charges, which is a practical necessity for anyone using this inside an IRA past age 73.

This is a 3-year commitment. Ten percent of the beginning-of-year account value is available penalty-free each year during the surrender period, beginning in year one. Withdrawals above that trigger the surrender charge schedule and a minimum account balance of $2,000 must remain after any withdrawal.

The surrender schedule is steeper than some 3-year competitors:

There is no market value adjustment on this version. That means your early-exit cost is exactly the surrender charge on the excess amount — no more, no less. After the guarantee period ends, the full account value is available without restriction.

There are no explicit ongoing fees on this contract. No income rider fee, no asset-based contract fee, no spread deducted from crediting. The only cost is the spread between the declared rate and what F&G earns on its general account — which is built into the credited rate and is not disclosed separately. That is standard for MYGAs.

The structural tradeoffs are worth naming. The surrender charges start at 9% in year one, which is meaningfully higher than many 3-year MYGAs that open at 6% or 7%. The free-withdrawal provision of 10% annually helps, but someone who runs into an unexpected liquidity need for more than 10% of their balance in years one or two will feel that 9% or 8% penalty. The product is also sold through the advisor channel, so direct purchase is not available — you will need to work with a licensed advisor to access it.

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 long track record in the fixed and indexed annuity market. An A rating from A.M. Best reflects adequate financial strength for most retail annuity buyers, though it does sit below the A+ or A++ ratings that some larger carriers carry. For a 3-year commitment at this dollar level, the carrier risk is manageable for most buyers.