Why it earned this rating
Our assessment
F&G Secure MYGA Non-MVA 7 earns a solid rating in the 6-7 year MYGA peer group because it pairs a competitive locked rate with the meaningful consumer-friendly feature of no market value adjustment. The 10% annual free-withdrawal allowance, RMD compatibility, and waiver provisions are all in line with what a well-structured MYGA should offer. It falls just short of a top-tier rating because the 7-year commitment is on the longer side for this category and the minimum premium of $20,000 limits smaller account access.
The short version
This is a 7-year guaranteed-rate annuity for someone who wants CD-like certainty with slightly better tax treatment and no exposure to interest-rate-driven penalties if they need to access funds beyond the free-withdrawal amount. The absence of a market value adjustment — which is explicitly part of the product name — is the main reason to choose this over a comparable 7-year MYGA that includes one. The tradeoff is straightforward: seven years of patient holding in exchange for a locked yield.
Key facts
The full review
Is F&G Secure MYGA Non-MVA 7 a Good Annuity?
Yes, for the right buyer. If you want a 7-year guaranteed rate with no market value adjustment risk and a straightforward contract structure, this is a solid option. It is less appealing for someone who wants shorter-term flexibility, any kind of income feature, or a contract they can exit cleanly at a 3- or 5-year mark.
Why Someone Would Buy This Annuity
The main reason to buy this annuity is rate certainty with no MVA exposure. Most 7-year MYGAs impose a market value adjustment that can increase the effective penalty when interest rates have risen since purchase. Here, the surrender charge schedule is the full picture — no additional penalty based on market conditions. That predictability matters to someone who wants to understand exactly what an early exit costs without interest-rate guesswork.
Who This Annuity Is Best For
I think this product is best for someone in their mid-50s to early 70s who wants to park a meaningful lump sum — at least $20,000, but more typically $50,000 or more — and has no expectation of needing those funds for seven years. It is also a reasonable option for qualified money like a rollover IRA where RMD access is important, since those distributions are handled without penalty. It is not a fit for someone with near-term liquidity needs above the 10% free-withdrawal amount.
What You're Really Buying Here
You are buying a seven-year contract that locks a fixed interest rate on your premium from day one. There is no index, no crediting strategy to choose, and no annual reallocation decision to make. The insurer guarantees a rate for the full contract term, you agree not to access more than 10% per year without penalty, and at the end of seven years you receive your accumulated value with no surrender charge. The non-MVA feature means the surrender charge percentage on the schedule is the only additional cost if you exit early — market conditions do not make it worse.
How the Core Feature Works
F&G Secure MYGA Non-MVA 7 credits fixed interest at a guaranteed rate for the entire 7-year surrender period. The spec notes two rate bands as of March 2026 — 4.60% for standard deposits and 4.85% for larger premium amounts — though exact current rates should be confirmed at application since rates change. The interest compounds annually inside the contract. At the end of the 7-year period, the full accumulated account value can be withdrawn without surrender charge or MVA. During the period, up to 10% of the beginning-of-year account value can be taken each year free of charges.
Why the Secondary Feature Matters
The most important secondary feature is the combination of impairment, nursing home, and terminal illness waivers. For a 7-year contract, the practical risk that a buyer's circumstances change materially is real. These waivers provide a structured exit if the contract owner is confined to a nursing home, diagnosed with a terminal illness, or meets certain other impairment criteria — without incurring the normal surrender charge. That protection makes a 7-year commitment meaningfully more defensible than a contract that provides no such relief.
Liquidity and Surrender Schedule
This is a 7-year commitment. You should not put money here that you might need in the next year or two, even with the free-withdrawal provision. The 10% annual free-withdrawal applies to the beginning-of-year account value each year during the guarantee period, which is standard and usable for RMDs or planned income needs. Any withdrawal above that amount in years 1-7 triggers the surrender charge schedule below — and importantly, no market value adjustment applies, so the charge you see in the table is the full cost.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4 | 6% |
| 5 | 5% |
| 6 | 4% |
| 7 | 3% |
| 8 | 0% |
After the 7-year period ends, the full account value can be withdrawn penalty-free. The MGSV floor is 87.5% of premiums credited at 1-3%, which is a standard minimum guarantee structure for this product type.
Fees and Tradeoffs
There are no explicit base contract fees and no rider fees — this is a straightforward fixed annuity with no add-ons. The economic cost is the surrender charge and the opportunity cost of the 7-year lock. There is no spread or participation-rate drag on the fixed rate; what is quoted is what credits. The only non-obvious tradeoff is the rate-banding structure: the higher 4.85% rate requires a larger initial premium, so buyers near the minimum of $20,000 would likely access the lower 4.60% tier.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 7 years |
| Issue Ages | Non-qualified: 0-90; Qualified: 18-90 |
| Minimum Premium | $20,000 |
| Crediting Methods | Fixed Interest |
| Free Withdrawal | 10% of account value annually during the initial fixed interest rate guarantee period |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Full account value paid as lump sum; greater of account value or minimum guaranteed surrender value |
| 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 7 is a clean 7-year fixed annuity for buyers who want guaranteed interest, no market value adjustment exposure, and a straightforward exit structure. The carrier's A rating from A.M. Best provides a reasonable baseline of financial strength. The waiver provisions make the 7-year lock more defensible than contracts without them.
This is not the right product for someone who wants flexibility, income guarantees, or a shorter commitment horizon. If you are comparing this to a 5-year MYGA, the longer hold should be clearly worth the rate differential you receive. If you are comfortable with 7 years and want the certainty of knowing exactly what an early exit costs without any interest-rate-based surprise, this contract delivers on that specific promise.