Secure Term MVA Fixed Annuity II 6-Year review

Yes, for the right buyer. If you have money you are genuinely comfortable setting aside for six years and you want a guaranteed rate from one of the strongest carriers in the life insurance industry, this is a well-constructed choice. I think the key question is not about the product quality — it is about your own hold-period confidence. The MVA is a real mechanism, not a theoretical risk. Anyone who carries even a moderate probability of needing the principal before maturity should use the non-MVA version of the Secure Term line instead. For buyers who can hold the full term, the combination of a locked rate, A++ carrier strength, and a generous free-withdrawal provision makes a solid case.

The main reason to buy Secure Term MVA Fixed Annuity II 6-Year is to lock in a guaranteed credited rate on money that will not be needed for six years, with New York Life's financial strength providing the backing. The tiered rate structure delivers a meaningful advantage for larger deposits — at the brochure date, buyers bringing $100,000 or more earned 4.55%, while the top tier at $1,500,000 or more reached 4.80%. The secondary reason is the estate dimension: the full-account-value death benefit means the locked rate compounds for beneficiaries without any surrender charge or MVA hit at death, which makes this a cleaner legacy vehicle than many MYGA competitors.

I think Secure Term MVA Fixed Annuity II 6-Year is best suited for buyers in the 50-75 range who have a block of conservative savings — IRA rollover money, maturing CDs, or non-qualified savings earmarked for future income — and want a guaranteed rate for the next six years without market exposure. The minimum premium of $15,000 is accessible, but the rate tiers reward buyers who can bring $25,000 or more. It is less suited for anyone who might need access to principal before maturity, anyone uncomfortable with the MVA's interest-rate sensitivity, or anyone whose primary goal is rider-based guaranteed lifetime income, which this product does not offer.

You are buying a six-year rate lock from one of the oldest and highest-rated mutual life insurers in the United States. The mechanics are straightforward: you deposit a premium, New York Life credits a fixed annual rate for six years, and at maturity you take the accumulated value or roll into another product. What makes this version different from a standard no-frills MYGA is the market value adjustment. The MVA is an interest-rate-sensitive modifier that applies when you surrender above the free-withdrawal amount during the six-year period. If rates have risen since you purchased, the MVA reduces your effective payout beyond the stated surrender charge. If rates have fallen, the MVA can work in your favor. The carrier prices a somewhat higher guaranteed rate into the MVA version to compensate buyers for accepting this additional risk. Whether that tradeoff makes sense depends almost entirely on your confidence in holding to maturity.

The crediting engine is a single fixed account with one guaranteed rate, locked for the entire six-year term. The rate is tiered by premium band. As of the brochure date (May 2026), the tiers were: $25,000-$49,999 at 4.15%, $50,000-$99,999 at 4.35%, $100,000-$1,499,999 at 4.55%, and $1,500,000 or more at 4.80%. The minimum premium is $15,000, though the brochure does not list a separate rate for the $15,000-$24,999 band — confirm the applicable rate for your specific premium with your agent at the time of application.

All rates are annual, guaranteed for the full six-year term regardless of what happens to market interest rates. Unlike a bank CD, the credited interest is tax-deferred in a non-qualified account — you owe income tax only when you take distributions, not as interest accrues. That tax-deferral benefit compounds meaningfully over a six-year period, particularly at higher premium amounts and for buyers in higher income-tax brackets during the accumulation phase.

The MVA — market value adjustment — is the feature that most defines this product for a buyer who is evaluating it seriously. It applies to surrenders above the free-withdrawal amount during the six-year period and works by comparing the credited rate at the time of purchase to a reference interest rate at the time of surrender. If you surrender when reference rates are higher than your purchase-date credited rate, the MVA applies a downward adjustment — your effective surrender proceeds are reduced beyond what the stated surrender charge schedule alone would imply. If reference rates are lower at the time you surrender, the MVA applies an upward adjustment and can modestly improve your payout.

In plain terms: the MVA adds a second layer of interest-rate sensitivity on top of the surrender charge. It is not a hidden fee, it does not reduce your account value, and it does not apply at all if you stay within the free-withdrawal provision or hold to maturity. But it is a real risk for any buyer who exits in a higher-rate environment, and it is the main reason this product is not appropriate for money with even a moderate probability of early exit.

Free-withdrawal access is available immediately after contract issue — no waiting period. For premiums below $100,000, you can withdraw up to 10% of account value annually without charges. For premiums of $100,000 or more, the free amount is the greater of 10% of account value or 100% of interest earned, which is a more generous provision at higher premium levels where credited interest accumulates faster.

Withdrawals above the free amount are subject to both the surrender charge schedule and the MVA. The surrender charge schedule runs 7% in years one through three, 6% in year four, 5% in year five, and 4% in year six, then 0%. You must also maintain at least $2,000 in the account at all times. In a worst-case scenario — full early surrender in year one in a significantly higher-rate environment — a buyer could face the 7% surrender charge and a negative MVA simultaneously. That combination is the clearest expression of the liquidity risk this product carries.

There is no base contract fee, no rider fee, and no spread or cap to manage. The product costs nothing to hold — the rate you see at issue is the rate you earn for the full six-year term, with no ongoing charges reducing it. Charges apply only on surrenders above the free-withdrawal amount, through the surrender charge schedule plus the MVA.

The tradeoffs are structural. You are committing six years of liquidity on amounts above the free-withdrawal provision. You are accepting interest-rate sensitivity through the MVA on any early exits. And you are accepting a single-rate, single-strategy product — if market rates move substantially higher after you lock in, your premium is earning less than current market rates for the remaining term even though the dollar-value guarantee is intact. That opportunity cost is real, though it is inherent to any fixed-rate commitment and is the tradeoff you accept for certainty.

Legal Entity: New York Life Insurance and Annuity Corporation

Parent: New York Life Insurance Company

A.M. Best Rating: A++

New York Life's A++ rating from A.M. Best is the top grade in the industry, held by only a small number of carriers. New York Life is a mutual company — owned by policyholders rather than shareholders — which I think is meaningful context for a product built around a long-term guaranteed commitment. When you lock money away for six years, the carrier's financial strength is not an abstract reassurance. New York Life has maintained that top A.M. Best rating for decades, and in the MYGA market where the guarantee is the entire value proposition, that track record is a genuine differentiator.