Select 10-Year (Edward Jones) review

Yes, for the right buyer. This is a reasonable annuity for an Edward Jones client who wants principal protection, a guaranteed fixed rate held for ten years, and no complexity in a product backed by an A-rated carrier. It is less attractive for buyers outside the Edward Jones channel, anyone who needs frequent access to more than 10% of their money annually, or buyers whose main goal is index-linked upside or lifetime income guarantees.

The main reason to buy Lincoln Select 10-Year is rate certainty over a long horizon. Locking in a fixed rate for ten years — rather than one that resets annually — removes a decade of reinvestment risk and provides a predictable accumulation outcome from day one. For someone rolling over a maturing CD, moving out of a shorter-term bond position, or looking for a stable anchor in a broader retirement plan, that certainty has real planning value. The Lincoln name and A-rated financial strength are secondary reasons. They add confidence that the carrier will still be there when the contract matures.

I think Lincoln Select 10-Year is best for an Edward Jones client who has long-term money — at least 7 years they are confident they will not need — and wants a guaranteed rate for a full decade without paying for riders or features they do not plan to use. The higher-band rate is the competitive version of this product. Buyers who fall below that band should compare carefully against other 10-year MYGAs before committing, since a decade-long guarantee at the lower rate is harder to justify if peers offer more. This is not a good fit for someone who wants income rider features, index participation, or the ability to move a significant portion of the money before year 8.

You are buying a guaranteed interest rate for a fixed 10-year term, with the exit costs and MVA protection concentrated in the first 7 years. Nothing about this contract is variable or index-linked. The credited rate is set at issue and holds for the entire 10-year period. After the 7-year surrender schedule clears, the money can be moved or accessed freely while the rate guarantee continues running through year 10. That structural feature — rate certainty beyond the surrender window — is actually one of the more useful things about the design.

Lincoln Select 10-Year credits interest through a single fixed account at a rate guaranteed for the full 10-year contract term. Based on rates as of December 15, 2025, the guarantee is 3.95% for the lower premium band and 4.90% for the higher premium band. Both rates are locked at contract issue and do not change for 10 years. After the 10-year period ends, subsequent interest rates are declared annually by Lincoln, with a guaranteed minimum interest rate of 0.10%.

The rate band structure is standard in MYGAs, but the gap here is meaningful enough to influence purchase decisions. The difference between the two tiers is nearly a full percentage point over a decade-long commitment. Buyers near the threshold may want to consider whether adding additional premium qualifies them for the higher band — the compounded difference over 10 years can be substantial.

The most meaningful secondary feature is the Nursing Home and Terminal Illness Waiver. If the annuity owner is confined to a nursing home or diagnosed with a terminal illness, this waiver eliminates surrender charges and MVA on withdrawals, providing access to the full account value without penalty during a difficult period. It is included without an additional fee, which is the right design for this type of provision. Note that the nursing home waiver is not available in Massachusetts; only the terminal illness component applies there.

The full account value death benefit is also worth noting. If the owner dies during the accumulation period, beneficiaries receive the full account value rather than a reduced minimum. That keeps the legacy outcome clean and predictable, which matters for buyers who are also thinking about estate planning alongside rate certainty.

Lincoln Select 10-Year is a long-term commitment, and buyers should treat it that way. The 10% annual free withdrawal provides reasonable ongoing access, but the free amount must leave at least $5,000 in the contract. Amounts above the free withdrawal are subject to surrender charges and a market value adjustment during the 7-year charge period.

The MVA is particularly important to understand. Depending on interest rate conditions at the time of a surrender or excess withdrawal, the effective exit cost can be higher or lower than the stated surrender charge alone. In a rising rate environment, the MVA can meaningfully increase the cost of an early exit.

One structural advantage worth noting: the surrender schedule clears in year 8, but the rate guarantee runs through year 10. That means buyers get two years of full access to their money while the 10-year rate is still running — a feature that provides genuine flexibility without sacrificing the long-term rate certainty.

RMDs attributable to the contract are not subject to surrender charges or the MVA, and nursing home and terminal illness withdrawals are also waived for both charges — which makes this contract more workable for buyers who anticipate qualified distributions during the surrender period.

There is no base contract fee, no rider fee, and no explicit annual charge. The cost of ownership is embedded in the spread between the credited rate and what Lincoln earns on the underlying portfolio — the standard MYGA model. There is no income rider, no index exposure, and no premium bonus, which keeps the design clean but also narrows its appeal to buyers whose main goal is rate certainty.

The real tradeoffs are the MVA exposure during the first 7 years, the rate band differential for smaller buyers, and the simple reality that a 10-year fixed commitment carries reinvestment risk if rates move materially higher after issue. State availability is also limited — not approved in California or New York, with approved variations in Florida and Massachusetts, and the product is only available through the Edward Jones channel.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

A.M. Best Rating: A

Lincoln Financial Group is a major national carrier with broad distribution across the retirement and insurance markets. The A rating from A.M. Best reflects solid financial strength and claims-paying capacity. For a product where buyers are locking in money for 10 years, carrier durability is a real part of the value equation, and Lincoln is a credible name in that context.