Why it earned this rating
Our assessment
RateProtector 3-Year (NY) is a straightforward MYGA with competitive rate banding and a clean, no-rider structure. The 3-year commitment is genuine appeal for buyers who do not want long-term lock-in, but the starting surrender charge of 7% is steep relative to the duration, and the MVA adds meaningful early-exit risk. The product holds its own in the New York short-duration MYGA market but does not stand out enough to push above Solid.
The short version
This is a 3-year guaranteed-rate annuity issued by Jackson National Life of New York for buyers who want CD-like certainty with tax-deferred growth and a short commitment. The appeal is simple: you lock in a fixed rate for three years, your principal is protected from market losses, and you know exactly when the surrender period ends. The drawback is that the opening surrender charge of 7% and the market value adjustment mean this is still a commitment, not a liquid account. If you can hold for three years, the math is clean. If you might need the money early, the exit costs matter.
Key facts
The full review
Is Jackson RateProtector 3-Year (NY) a Good Annuity?
Yes, for the right buyer. This is a solid annuity for a New York resident who wants a short-term, guaranteed-rate vehicle with no market exposure and no ongoing fees. It is less compelling for someone who wants flexibility during the surrender period, needs income now, or can access a broader national market.
Why Someone Would Buy This Annuity
The main reason to buy RateProtector 3-Year (NY) is simplicity and certainty. You get a fixed rate locked in for three years, know exactly what you will earn, and have a clear endpoint. The rate banding — 3.80% for contracts below $100,000, 4.10% for $100,000 and above as of the brochure date — offers a modest premium for larger deposits. For a buyer who has been parking money in a bank savings account and wants tax deferral without stock market risk, this product fills that role cleanly.
Who This Annuity Is Best For
I think this product is best for a New York resident in or near retirement who has a defined short-term savings goal, does not need income now, and values the certainty of a locked rate over the complexity of an indexed or variable product. The wide issue age range of 0–85 makes it accessible across life stages, but in practice it fits a buyer who wants to put money away for three years without watching interest rates or market moves. It is less attractive for someone who wants the ability to withdraw principal freely, expects to need funds before the three-year window closes, or is primarily shopping for lifetime income.
What You're Really Buying Here
You are buying a tax-deferred, principal-protected insurance contract that credits interest at a fixed guaranteed rate for three years. There is no index component, no subaccount, and no investment risk. The insurance company holds the premium, credits interest at the contractual rate, and returns your full account value — original premium plus earned interest — at maturity or upon surrender (subject to charges if before maturity). The death benefit passes the full account value to your beneficiaries. That is the entire structure. It is intentionally simple, and that simplicity is both the appeal and the limitation.
How the Core Feature Works
RateProtector 3-Year (NY) uses a single fixed crediting rate guaranteed for the full three-year contract term. There is no reset, no floor-and-cap mechanism, and no participation rate to track. The rate is applied to your account value each year, and growth compounds on a tax-deferred basis. Jackson applies rate banding at the $100,000 threshold: contracts below that threshold earned 3.80% as of the April 2026 brochure date; contracts at or above $100,000 earned 4.10%. Both rates are locked at issue and do not change during the surrender period. The rate snapshot is current as of the brochure — rates on new contracts change periodically, so confirm the current rate before you apply.
Why the Secondary Feature Matters
The nursing home waiver is the most meaningful secondary feature here. If you are confined to a nursing home for a qualifying period, the surrender charge is waived, giving you access to your full account value without the normal early-exit cost. For a buyer using this product as part of a retirement income plan, that provision reduces the downside risk of an unforeseen medical event. The full-account-value death benefit is equally clean: if you die during the surrender period, your beneficiaries receive the entire account balance, not a reduced surrender value. Neither feature changes the core math of the product, but both matter for the buyer who is weighing flexibility risk.
Liquidity and Surrender Schedule
RateProtector 3-Year (NY) allows free withdrawals of 10% of account value immediately from the date of issue — there is no waiting period for the first year. Amounts above that threshold during the surrender period are subject to charges of 7% in year one, 6% in year two, and 5% in year three. A market value adjustment — MVA — also applies to amounts above the free-withdrawal allowance during the surrender period. An MVA means the actual surrender cost fluctuates based on prevailing interest rates at the time of withdrawal; if rates have risen since you bought the contract, the MVA will reduce your proceeds further. The combination of a 7% opening charge and an MVA makes this a real three-year commitment for the portion above the free-withdrawal allowance, not a soft lock with a modest exit fee.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 7% |
| 2 | 6% |
| 3 | 5% |
Fees and Tradeoffs
There are no ongoing contract fees or rider fees on this product. The cost structure is embedded in the locked rate — Jackson earns the spread between what it credits to your contract and what it earns on its investment portfolio. The explicit tradeoff is not a fee line item; it is the surrender schedule and MVA. You give up liquidity in exchange for the guaranteed rate. The 10% free-withdrawal provision provides a meaningful annual safety valve, but anything beyond that carries real cost during the three-year window. There are no added fees for the nursing home waiver or the death benefit.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 3 years |
| Issue Ages | 0-85 |
| Minimum Premium | $10,000 |
| Crediting Methods | Fixed Rate |
| Free Withdrawal | 10% of account value immediately |
| MGSV | Varies; 1-3% guaranteed annual return |
| Death Benefit | Full account value |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | Marketed exclusively in New York State. Not approved in any other state. |
Carrier snapshot
Legal Entity: Jackson National Life of New York
Parent: Jackson National Group
A.M. Best Rating: A
Final take
RateProtector 3-Year (NY) is a clean, no-frills MYGA for New York buyers who want a short guaranteed commitment without market exposure. The locked rate, simple structure, nursing home waiver, and full death benefit are all genuine positives. The opening surrender charge of 7% combined with an MVA means this is only appropriate for money you can genuinely leave alone for three years.
This is not the right product for someone who wants growth potential beyond a fixed rate, needs income from the contract, or expects their liquidity needs to change before the surrender period ends. But for a buyer who has a specific three-year window, wants certainty, and values the tax deferral of an insurance wrapper over a bank CD, this product does what it says. Hold to maturity and it is a straightforward win. Exit early and the math gets painful quickly.