Why it earned this rating
Our assessment
F&G Secure MYGA Non-MVA 5 is a clean five-year MYGA with a meaningful structural advantage — no market value adjustment — that makes early surrender costs predictable. F&G's A (A.M. Best) rating is solid for this segment and the 10% annual free-withdrawal provision is competitive. It falls just short of a higher tier because the early surrender charges are heavier than peer-median and the contracted rate is a snapshot that shifts with the market.
The short version
This is a five-year guaranteed fixed-rate annuity for people who want CD-like certainty, a slightly better tax-deferred wrapper, and no exposure to interest-rate-driven adjustments at surrender. The absence of an MVA is the single most important thing to understand about this product — it means that if you do have to surrender early and pay the penalty, the number on paper is the number you actually pay. That clarity is real value in a product category where MVA provisions can make early exit costs feel unpredictable.
Key facts
The full review
Is F&G Secure MYGA Non-MVA 5 a Good Annuity?
Yes, for a specific kind of buyer. If you want a guaranteed fixed rate, want to avoid the complexity of index-linked crediting, and want to know exactly what the surrender penalty is without worrying about an interest-rate adjustment piling on top, this is a clean product from a financially sound carrier. It is not a good fit if you need flexibility during the five years beyond the 10% free-withdrawal amount, if you are primarily shopping for income, or if you want any upside participation beyond the locked rate.
Why Someone Would Buy This Annuity
The rational case for this product is straightforward: you have a block of money you do not need to touch for five years, you want a guaranteed return that is generally competitive with similarly rated fixed alternatives, and you prefer tax deferral over a taxable account. The absence of an MVA is a secondary but meaningful reason — it means your worst-case early exit cost is known and predictable. The broad issue ages (including qualified accounts up to age 90) also make this accessible to retirees managing RMD-affected accounts who want guaranteed interest without reinvestment risk.
Who This Annuity Is Best For
I think this product is best for conservative savers — likely 50s to 80s — who are moving money out of CDs or savings accounts, want tax-deferred growth, and have no real expectation of needing the principal during the five-year period beyond the 10% annual allowance. It also works for qualified account holders (IRA, rollover IRA) with RMD exposure, since systematic withdrawal options and RMD-friendly design are explicitly included. It is less well suited for someone who wants any equity-linked upside, needs liquidity flexibility, or is primarily shopping for lifetime income.
What You're Really Buying Here
You are buying a five-year interest rate lock from an insurance company. The rate is guaranteed for the full surrender period, there are no caps or participation rates involved, and your principal is protected. In exchange, you commit to leaving the money in place for five years — or pay a declining surrender charge if you need more than the 10% annual free-withdrawal allowance. The insurance wrapper provides tax deferral rather than current taxation, which can matter depending on your tax bracket and whether the account is qualified or non-qualified. That is the whole product. It is not complicated, and that simplicity is part of the appeal.
How the Core Feature Works
The core feature is a fixed interest rate guaranteed for the five-year surrender period. Based on the brochure rate sheet (as of March 2026), F&G was offering rates in the 4.50% to 4.70% range depending on premium tier and distribution channel. Those figures are rate snapshots and will change — always confirm the current rate at time of application.
The rate is locked from contract issue and does not fluctuate with market conditions during the guarantee period. At the end of year five, the contract moves into a renewal phase where new rates can be offered, and you typically have a window to surrender without charges or move to a new product. There are no crediting elections, no index strategies to monitor, and no annual resets to manage. You set it and it earns at the guaranteed rate.
Why the Secondary Feature Matters
The most important secondary feature is the absence of an MVA. A market value adjustment is a provision that many MYGAs include — it adjusts your surrender value up or down based on changes in interest rates since you issued the contract. When rates rise, an MVA typically reduces what you get back if you surrender early. Without that provision, your early surrender cost is simply the surrender charge percentage, nothing more. That is a meaningful structural clarity advantage, particularly in environments where rates are moving.
The access waivers — covering terminal illness, nursing home confinement, and inability to perform activities of daily living — are also worth noting. These are common provisions in the fixed annuity space, but having all three is better than having none.
Liquidity and Surrender Schedule
This is a five-year commitment. During the surrender period, you can take 10% of the beginning-of-year account value annually without charges. Minimums apply: each withdrawal must be at least $500, and the remaining account balance must stay above $2,000. Systematic withdrawal options are available on a monthly, quarterly, semi-annual, or annual basis. Annuitization can begin as early as the first contract anniversary.
Withdrawals beyond the 10% free amount are subject to the schedule in the table below. Starting at 9% in year one, the charge steps down to 8%, 7%, 6%, and 5% by year five. There is no market value adjustment on top of this — what you see is what you pay. RMDs from qualified accounts are a medium-confidence item in the source materials; the product is marked as RMD-friendly, and systematic withdrawal options are available, but confirm the exact RMD treatment with F&G or your advisor before placing qualified money.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4 | 6% |
| 5 | 5% |
| 6 | 0% |
Fees and Tradeoffs
There is no annual contract fee, no rider fee, and no spread — this is a clean fixed-rate product. The only explicit cost is the surrender charge schedule, which exists only if you withdraw more than the free-withdrawal allowance during the five-year period.
The structural tradeoffs are worth naming plainly. The locked rate means no upside beyond the contracted yield, regardless of where rates go. If rates rise significantly after you issue, you are earning yesterday's rate with no ability to benefit. The five-year commitment is also a real constraint — the surrender schedule starting at 9% in year one is heavier than some shorter-term alternatives, so the commitment should be taken seriously.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 5 years |
| Issue Ages | Non-qualified: 0-90, Qualified: 18-90 |
| Minimum Premium | $20,000 |
| Crediting Methods | Fixed |
| Free Withdrawal | 10% of beginning of year account value annually during initial fixed interest rate guarantee period; any amount after guarantee period ends |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Greater of account value or minimum guaranteed surrender value, paid as lump sum |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | Not available in NY |
Carrier snapshot
Legal Entity: Fidelity & Guaranty Life Insurance Company
Parent: FGL Holdings
A.M. Best Rating: A
Final take
F&G Secure MYGA Non-MVA 5 is a solid choice in the five-year MYGA category for buyers who want rate certainty, no MVA complexity, and access waivers as a backstop for hardship. It is issued by a carrier with a genuine A rating from A.M. Best, and the product design is transparent.
The case against it is equally clear. If you want any upside beyond the fixed rate, this is not the product. If you need flexible access to more than 10% annually, the surrender charges are steep enough that this becomes expensive. And if you are primarily shopping for lifetime income, you are looking at the wrong product category entirely. For the right buyer — someone with true five-year money who values certainty and dislikes MVA mechanics — this is a competitive, clean MYGA.