Green Mountain Freedom review

It depends, and mostly on where you live and whether you understand the rate mechanics. For a New York resident who wants a no-frills, no-fee fixed annuity from a well-rated carrier and doesn't mind that the rate resets annually, this is a reasonable, low-complexity option. For anyone outside New York, it's currently not a live option per the available approval data. And for anyone who assumes the 8.60% headline rate is locked in for 10 years, it isn't — that's a first-year number only.

The appeal is simplicity: a single fixed account, no indexed strategies to evaluate, no rider fees, no MVA risk on the surrender value, and a full-accumulation-value death benefit. Someone who wants a CD-like, principal-protected contract from an A+ rated insurer, and who doesn't want to manage index crediting mechanics, would find this straightforward. The first-year rate is genuinely attractive on paper, which is likely the initial draw for a shopper comparing rate sheets.

I think this product is best for a conservative, New York-based saver with long-term money who wants a guaranteed-principal contract, is comfortable with an annually-resetting rate after year one, and values the absence of fees and MVA over a locked-in multi-year yield. It is not a fit for someone who wants a true rate guarantee for the full surrender term — that buyer should look at a genuine MYGA instead, including National Life Group's own Green Mountain Freedom 5, which locks its rate for the full 5-year term rather than resetting annually.

You are not buying a multi-year guaranteed rate. You're buying a declared-rate fixed annuity: National Life Group sets the crediting rate once a year, and it's only contractually guaranteed to stay above a 1%-3% floor (the minimum guaranteed surrender value rate, which varies by state). The 8.60% figure quoted in current materials includes a 5.00% first-year interest rate bonus; the underlying base rate is roughly 5 percentage points lower starting in policy year two, and from there it can be redeclared up or down each year for the rest of the 10-year surrender period. That's a meaningfully different product than a MYGA, where the rate you sign up for is the rate you get for the whole term.

The entire contract runs on one fixed account — there are no indexed or structured crediting options. National Life Group declares a rate annually, credits interest daily based on that declared rate, and the rate is guaranteed only through the current declaration period. Right now that's 8.60%, but that figure is inflated by a 5.00% first-year bonus that does not repeat; the ongoing base rate drops in year two and can move from there. Importantly, the surrender schedule differs by issue age: ages 0-58 get the 10-year schedule shown below, while ages 59 and older use a shorter 9-year schedule (8.25%, 8.25%, 7.25%, 6.25%, 5.00%, 4.00%, 3.00%, 2.00%, 1.00%) with presumably different rate terms — worth confirming directly if you're shopping this near or past age 59.

The secondary feature that matters most here is the combination of no fees, no MVA, and a full-accumulation-value death benefit. Because there's no market value adjustment, the surrender value doesn't swing with interest-rate movements the way an MVA contract's would — what you see in the account is what you'd get (net of surrender charge) if you needed to exit early. And because there's no base contract fee or rider fee disclosed anywhere in the materials, 100% of the declared rate flows through to the account rather than being eroded by charges. That's a real advantage of the plain design, even though it comes at the cost of not having any income or growth-enhancement rider available.

This is a full 10-year commitment (9 years for issue ages 59+, on a different, shorter schedule). Free withdrawals of up to 10% of Accumulation Value are available each policy year starting in year two — that 10% doesn't carry over if unused, and any single withdrawal must be at least $500. One notable liquidity feature: if you elect a formal payment option (Installment Income or Life Income) after year five, the remaining withdrawal charge is waived on the amount annuitized. Sources in the underlying materials conflict on how much you must leave in the account after a partial withdrawal — the Wink data says $2,000, the consumer brochure says $5,000 — so confirm the current figure before relying on it. There is no market value adjustment on withdrawals at any point.

There's nothing to name here in the way of explicit charges — no administration fee, no product fee, no rider fee, because there's no rider to attach one to. The real tradeoff isn't a fee, it's structural: you're locking into a 10-year surrender schedule in exchange for a rate that's only guaranteed one year at a time, with a floor of just 1%-3% if rates fall. That's a materially different risk profile than a MYGA with the same surrender length, where the rate you start with is the rate you keep. The unusually narrow approved-state footprint is also a practical tradeoff worth flagging — per the sourced data, this product currently isn't available to buy outside New York, even though National Life Group markets nationally.

Legal Entity: National Life Insurance Company

A.M. Best Rating: A+