Secure Term Choice Fixed Annuity 6-Year review

Yes, for the right buyer. If your goal is a fully guaranteed fixed rate, principal protection, and the comfort of one of the most highly rated carriers in the country, this is a solid product that does exactly what it says. It is less appealing for someone who wants index-linked upside, built-in lifetime income, or the ability to access more than 10% of their money annually without penalty.

The clearest reason to choose Secure Term Choice 6-Year is certainty. You know the rate on day one, it doesn't fluctuate, and it holds for the full term regardless of what happens in the market. That predictability is worth something real for retirement savers who don't want to watch index performance or worry about cap rate resets. The secondary reason is carrier quality: New York Life's A++ AM Best rating is not marketing language — it is the top tier available to individual policy buyers, and for some people that standing is the deciding factor between otherwise similar products.

I think Secure Term Choice 6-Year is best for pre-retirees and retirees in their late 50s through early 70s who have a specific pot of money they don't need to touch for six years, want the certainty of a fixed yield rather than any market linkage, and value carrier financial strength as a primary criterion. It works well inside a qualified account (IRA, rollover IRA) or non-qualified, and the inherited IRA issue ages starting at zero make it useful for trust and beneficiary-driven planning too. It is not suited for someone who might need liquidity beyond the free-withdrawal amount before year seven, or for anyone whose primary goal is income generation rather than accumulation.

You are buying a deposit-style insurance contract that functions like a multi-year CD but with tax-deferred growth, no FDIC involvement, and the backing of New York Life's general account. The fixed rate is set at issue and guaranteed for the full six-year term — it will not be reduced, reset, or renegotiated mid-contract. When the term ends, you can take the money, roll it into another contract, or annuitize. There is no market exposure at any point. What you give up for that certainty is the possibility of earning more in a rising-rate environment and the liquidity to respond to one.

The Secure Term Choice credits one fixed interest rate that is set when you fund the contract and applies for all six years. The rate you receive depends on how much you deposit: as of early May 2026, the published rates ranged from 4.10% at the base ($5,000–$24,999) up to 4.75% for deposits of $1.5 million or more, with intermediate bands at the $25,000 and $100,000 thresholds. That banding structure means a $100,000 deposit earns meaningfully more than a $10,000 deposit over the same six-year term. There is no annual reset, no index measurement, no performance trigger. Interest compounds tax-deferred and is available at surrender, death, or annuitization.

The return-of-premium benefit is the most important secondary feature here, and it's one that doesn't get enough attention in plain MYGA comparisons. Starting on the second policy anniversary (or immediately for annuitants aged 86 to 90), the contract guarantees that you can receive at least the premium you paid less any withdrawals — regardless of surrender charges. More specifically, once you pass the ROP date, surrender charges on withdrawals can never exceed total interest credited. That is a genuine protection: it prevents the worst-case scenario where a large surrender charge could actually eat into your original principal if you need the money in years two through six. It doesn't eliminate the surrender charge, but it caps the damage. This benefit is available at no additional charge and does not reduce your credited rate.

Secure Term Choice 6-Year is a commitment product. The free-withdrawal provision gives you access to 10% of account value each year without charges — and for deposits of $100,000 or more, the free amount is the greater of 10% of account value or 100% of interest earned, which can provide more flexibility in the early years when interest is still modest. Amounts beyond that free window are subject to the schedule below.

The front-loading matters: years one through three carry a 7% charge, which is steeper than many competing 6-year MYGAs. If there's any realistic chance you'll need more than the free-withdrawal amount in the first three years, this product deserves a careful look against shorter-term alternatives. There is no MVA on this contract, which removes a meaningful risk present on some competing products — your surrender cost is the printed charge and nothing more.

The product is also RMD-friendly, with required minimum distributions available without triggering surrender charges.

There is no base contract fee, no income rider fee, and no death benefit charge. The only explicit additional cost is the optional Performance-triggered Interest Opportunity Rider: Option 1 reduces the initial credited rate by 0.15% annually, Option 2 by 0.25% annually. The brochure does not describe what this rider delivers in exchange for that rate reduction, so it should be evaluated carefully before adding. For most straightforward MYGA buyers, the base product without any optional riders is the cleaner choice.

The main tradeoffs are structural, not fee-based. The locked rate means you won't benefit if rates rise during your six-year term. The surrender schedule — especially the flat 7% in years one through three — means real cost if you need to exit early. And the minimum guaranteed surrender value floor of 0.05% annual return is low enough that it provides only a thin contractual backstop; the practical protection here is the carrier's financial strength, not the MGSV floor.

Legal Entity: New York Life Insurance and Annuity Corporation

Parent: New York Life Insurance Company

A.M. Best Rating: A++

New York Life Insurance Company is one of the largest mutual life insurance companies in the United States and one of a small number of carriers to hold AM Best's highest available rating. That mutual structure means the company is owned by its policyholders rather than outside shareholders, which has historically correlated with financial conservatism and long-term stability. For a product whose value proposition rests entirely on the carrier's promise to pay, that A++ rating carries real weight.