MYGuarantee Plus Class 7-Year review

Yes, for the right buyer. This is a good annuity for someone working with a fee-based advisor who wants a guaranteed fixed rate held for 7 years inside a product with no commission load and a clean principal-protection focus. It is less appealing for someone who wants income rider features, index-linked upside potential, or maximum flexibility to withdraw funds during the surrender period. The product does what it is designed to do without unnecessary complexity.

The main reason to buy Lincoln MYGuarantee Plus Class 7-Year is rate certainty in a fee-based context. A MYGA locks in a guaranteed credited rate for the full contract term — in this case, 7 years — which means the buyer knows exactly what they are earning from day one without annual rate resets or index variability. For someone moving money out of a CD, short-term bond position, or a prior annuity nearing its surrender-free window, that predictability is the core value. The "Class" designation signals that this is built for the RIA and fee-based advisory channel, where commission-loaded products are not the right fit.

I think Lincoln MYGuarantee Plus Class 7-Year is best for someone working with a fee-only or fee-based advisor who values principal protection, rate certainty, and a simple contract with no embedded commission costs. The higher-band rate at $100,000 or more is where the product is most competitive. Below that level, buyers should compare against other fee-based MYGAs before deciding. This is not the right product for someone who wants index-linked growth potential, a living benefit rider, or frequent access to their principal above the 10% free-withdrawal amount.

You are buying a guaranteed interest rate for a fixed 7-year term from a carrier with an A rating from A.M. Best. Nothing about this product is variable, index-linked, or subject to market conditions in how interest is credited. The rate is set at issue and does not change during the guarantee period. That simplicity is exactly the point — buyers in the fee-based channel who select this product are choosing predictability and principal protection over upside potential.

Lincoln MYGuarantee Plus Class 7-Year credits interest through a single fixed account at a rate guaranteed for the full term. Based on current materials, two rate bands apply: a standard rate of 3.75% for premiums below $100,000 and a higher rate of 4.85% for premiums of $100,000 or more. Both rates are locked at contract issue. The initial rate is guaranteed for the full 5 or 7-year term depending on the option selected — this review covers the 7-year version.

The premium banding structure is standard across MYGAs but meaningful here. The difference between 3.75% and 4.85% is 110 basis points over 7 years, which compounds into a material gap in total contract value. Buyers near the $100,000 threshold should consider whether bringing premium up to qualify for the higher band makes sense for their situation.

Note: current rates are a snapshot as of the time of this review and are subject to change. Confirm current rates with your advisor or Lincoln before applying.

The most important secondary features here are the waiver provisions. The Nursing Home and Terminal Illness Waivers allow the annuity owner to access funds without surrender charges under qualifying medical circumstances. These waivers are included without an additional fee, which is appropriate for a product in this category. The terminal illness waiver is available in most states; the Nursing Home Confinement Rider is not available in Massachusetts.

The full-account-value death benefit is also worth noting. If the owner dies before the contract is annuitized, beneficiaries receive the full account value. That keeps the legacy picture clean and avoids the uncertainty of a reduced minimum value.

Lincoln MYGuarantee Plus Class 7-Year is a 7-year commitment. The 10% annual free withdrawal provides meaningful ongoing access, and the full account value becomes available without charges after the initial guarantee period ends. However, amounts above the 10% free withdrawal are subject to both surrender charges and a market value adjustment during the surrender period. The MVA is important to understand — depending on interest rate conditions at the time of withdrawal, it can meaningfully increase or decrease the effective cost of an early exit beyond what the stated surrender charge alone suggests.

Required minimum distributions are generally available without surrender charges, which makes this contract workable inside a traditional IRA for buyers in or near RMD territory.

There is no explicit base contract fee, no rider fee, and no annual charge on this product. The fee-based Class structure means no commission is embedded, which is the primary cost advantage over the standard MYGuarantee Plus. Like all MYGAs, the economic model works through the spread between what Lincoln earns on the underlying portfolio and what it credits to the contract.

The real tradeoffs are structural. The MVA adds exit-cost uncertainty during the surrender period. The rate band gap means under-threshold buyers get a meaningfully lower guaranteed rate. State availability is narrow — approved in Florida and Massachusetts, not available in California or New York — which limits who can access this product. And the optional income rider, while available, is subject to systematic withdrawal or annuitization rather than a dedicated guaranteed living benefit design with a protected benefit base.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

A.M. Best Rating: A

Lincoln Financial Group is a large, well-established national carrier with a long track record in insurance and retirement products. The A rating from A.M. Best reflects solid financial strength, which matters when a buyer is committing funds for a 7-year term. Lincoln's name recognition and institutional depth add meaningful credibility for advisors placing fee-based business in a product like this.