RetireMax Secure 5 (MVA) review

Yes, for the right buyer. It is a good MYGA for someone who wants a fully guaranteed rate, is comfortable with a five-year commitment, and specifically wants the higher rate this MVA version pays over its non-MVA sibling. It is less compelling for someone who might need a large withdrawal before year five — the MVA adds a variable, and possibly unfavorable, layer on top of the ordinary surrender charge that the plain version simply doesn't have.

The main reason to buy RetireMax Secure 5 (MVA) is the rate. At 4.70% for smaller deposits and 5.00% for deposits of $100,000 or more, it credits roughly 30-40 basis points more per year than the non-MVA version, guaranteed for the full five-year term. Someone who has already decided a 5-year MYGA fits their plan, doesn't expect to need more than the free-withdrawal amount, and wants the strongest rate National Life Group offers on this chassis has a straightforward case for the MVA version over the plain one.

I think this version is best for a conservative saver who is confident they won't need access to more than 10% of the account value in any given year during the surrender period — because that's the population for whom the MVA is essentially irrelevant and the rate premium is pure upside. It's a reasonable fit for a CD-to-annuity rollover where the buyer has already carved out a separate emergency fund. It's a poor fit for someone who might need a large lump-sum withdrawal in years two through five, since that's exactly the scenario where the MVA can bite.

You are buying a contract where Life Insurance Company of the Southwest promises a fixed, banded interest rate — 4.70% or 5.00% depending on deposit size — credited every year for five years, with the balance guaranteed never to lose value from market performance. In exchange for that higher rate relative to the non-MVA product, you accept that any withdrawal above the free 10% during the surrender period is subject to a market value adjustment on top of the stated surrender charge. There's no index crediting, no participation rate, and no rider fee — just a rate, a schedule, and an MVA that only matters if you take money out early.

The core feature is the fixed declared rate, banded by premium size: 4.70% for deposits under $100,000 and 5.00% for deposits of $100,000 or more, locked for the full five-year term. After the guarantee period ends, the rate renews annually and is contractually guaranteed never to fall below 1% — a floor that's meaningfully higher than the 0.25% floor on the non-MVA version. Layered on top of the standard surrender schedule is the market value adjustment: if you withdraw more than the free amount while interest rates are higher than when you bought the contract, the MVA can reduce what you receive; if rates have fallen, it can work in your favor. Either way, it's a variable that the non-MVA version simply doesn't carry.

The secondary feature worth noting is the Nursing Care Benefit Rider and Terminal Illness Rider, which waive both the surrender charge and the MVA starting in policy year two if you qualify, subject to state availability. That matters because it's the one scenario where the MVA's downside is neutralized by contract design — a health-driven need for funds doesn't get penalized the way a discretionary large withdrawal would. It's not a substitute for the free-withdrawal allowance, but it's a real safety valve for the kind of unplanned event a five-year lockup is most exposed to.

This is a five-year commitment with a 7%/7%/7%/6%/5% surrender schedule — firm for the first three years, easing modestly after that. On top of the surrender charge, withdrawals above the free 10% (available starting in policy year two, not immediately) are also subject to the market value adjustment, and first-year withdrawals face both the full surrender charge and the MVA with no free-withdrawal cushion at all. You must leave at least $5,000 in the contract to keep it in force, and partial withdrawals have a $500 minimum (systematic withdrawals can be as low as $100 and can run monthly, quarterly, semi-annually, or annually). Withdrawn amounts cannot be repaid into the contract. The death benefit sidesteps all of this — beneficiaries receive the full accumulation value with no surrender charge and no MVA applied, regardless of where the contract sits in its term.

There are no base contract fees and no rider fees on RetireMax Secure 5 (MVA) — the carrier's margin comes from the spread between the credited rate and what it earns on its own portfolio, not from a line-item charge to you. The real tradeoff isn't a fee at all; it's the MVA itself. It's the price of admission for the higher rate, and it's genuinely a two-sided risk rather than a one-way cost — but buyers should understand that a large early withdrawal in a rising-rate environment could return meaningfully less than the account value on paper. The brochure materials don't specify how required minimum distributions are treated relative to the surrender charge and MVA, so if RMDs matter to your situation, confirm that detail directly before applying.

Legal Entity: Life Insurance Company of the Southwest

A.M. Best Rating: A+