AssuranceSelect 5 Plus with MVA (Truist) review

It depends. If you're a Truist client already working with an advisor contracted to sell this product, and your goal is a 5-year accumulation vehicle with principal protection and no need for income features, this is a reasonable choice. The carrier quality is strong, the index menu is varied, and the fee structure is clean. If you're shopping openly or if you might need early access to funds during a rising-rate environment, the channel restriction and the MVA exposure make this less appealing.

The main reason to buy this annuity is accumulation with principal protection and a shorter surrender window. Someone who wants more growth potential than a traditional fixed annuity, but doesn't want a 7- or 10-year commitment, and doesn't need a guaranteed income rider, fits the profile. The wide issue-age range — up to 89 for qualified money — also makes it accessible for older buyers who still want a short-term defensive position. The low $10,000 minimum premium means it's not limited to large ticket buyers.

I think this product is best for a Truist client in their late 50s to early 80s who wants a 5-year principal-protected annuity with some index upside, has no expectation of needing to take large early withdrawals, and understands that the MVA means interest-rate conditions at the time of surrender can affect what they actually walk away with. It is not a fit for someone who values open-market shopping, wants a guaranteed income stream, or needs a product with more liquidity than a standard FIA provides.

You are not buying stock market exposure. You are buying an insurance contract that uses the performance of selected indices — the S&P 500, the S&P 500 Risk Control 10%, the S&P U.S. Retiree Spending Index, the iShares U.S. Real Estate ETF, SPDR Gold Shares, and the First Trust Barclays Edge Index — to determine how much interest gets credited to your account each year. Your principal is protected from index losses, but your gains are capped or shaped by participation rates depending on the strategy you choose. The market value adjustment is an additional layer that adjusts your surrender value based on current interest rates relative to when you purchased — it can work in your favor or against you.

AssuranceSelect 5 Plus offers four crediting approaches across six indices. The most straightforward is an annual point-to-point with cap strategy, where interest credited equals the index gain up to a stated cap. The S&P 500 annual cap runs 7.75% for premiums under $100,000 and 8.00% for $100,000 or more, as of the rate date in the source materials (March 2026 — rates change and are not guaranteed). A participation-rate option is also available, with 100% participation on the S&P 500 Risk Control 10%, which is a lower-volatility version of the index that tends to produce more muted but more consistent results.

The standout option here is the 5-year cap lock strategy on the S&P 500, which locks in the cap rate for the entire 5-year surrender period — the cap is guaranteed not to change during the contract's surrender charge duration. The locked cap is slightly lower (7.25% for under $100K, 7.90% for $100K or more), but it eliminates the risk that MassMutual Ascend reduces the annual cap in future contract years. For buyers who are sensitive to rate-reset risk, this is worth understanding.

Rate banding applies across all strategies: contracts of $100,000 or more receive modestly better terms. The declared fixed rate option runs 4.00% (under $100K) and 4.20% ($100K or more), which functions like a traditional fixed account for buyers who prefer certainty.

The most meaningful secondary feature is the pair of no-cost waiver riders: the Extended Care Waiver Rider and the Terminal Illness Waiver Rider. Both are included at no additional charge. The Extended Care Waiver allows surrender-charge-free withdrawals if the annuitant qualifies as chronically ill (typically unable to perform two or more activities of daily living or requiring supervision due to cognitive impairment). The Terminal Illness Waiver provides a similar benefit for terminal diagnoses. These riders add real value by giving holders an exit ramp in the scenarios most likely to generate an urgent liquidity need. Note: both riders are unavailable in Massachusetts, and the Terminal Illness rider adds no out-of-pocket cost elsewhere.

This annuity is a 5-year commitment and should be treated as such. The 10% annual free withdrawal provision provides routine access — year one is based on purchase payments; subsequent years are based on account value at the most recent anniversary. The $500 minimum withdrawal and the requirement to keep at least $5,000 in the contract are standard guardrails.

What separates this product from simpler FIAs is the market value adjustment. The MVA — Market Value Adjustment — means that withdrawals above the free amount during the surrender period are adjusted based on changes in an interest-rate index between when you purchased and when you withdraw. If rates have risen since you bought, the MVA will reduce your surrender value further, on top of the surrender charge. If rates have fallen, it can actually work in your favor. The MVA does not apply to penalty-free withdrawal amounts. The spec notes that a positive MVA is capped at the surrender charge amount, and the combined negative MVA plus surrender charge cannot exceed twice the stated surrender charge — that's a meaningful consumer protection, but the asymmetry still favors the carrier in rising-rate conditions.

There is no base contract fee and no income rider fee — because no income rider is offered. The Extended Care and Terminal Illness Waiver Riders are included at no charge. The product's structural cost shows up in the cap and participation rate structure, where the insurer retains the spread between the option budget and what's passed through to the policyholder. That's standard for FIAs and is not unique to this product.

The main tradeoffs are three: the channel restriction (Truist only), the MVA exposure on early surrenders, and the absence of any income rider option. If you need a product that can pivot to guaranteed income, you'll need a different contract. If rates rise significantly over your 5-year term, an early exit will cost you more than the stated surrender charge implies.

Legal Entity: MassMutual Ascend Life Insurance Company

Parent: Massachusetts Mutual Life Insurance Company

AM Best Rating: A++

MassMutual Ascend is the annuity subsidiary of Massachusetts Mutual Life Insurance Company, one of the oldest and highest-rated life insurance carriers in the U.S. The A++ AM Best rating reflects the parent's financial strength. For buyers who prioritize carrier quality above all, this is hard to beat.