Why it earned this rating
Our assessment
Smart Saver 6-Year fills the gap between the 5- and 7-year versions in Protective's bank-channel MYGA line. The 3.40% rate at $100K is modest, and the 5 basis point uplift over the 5-year version is small. The automatic Return of Premium rider and bank-only distribution remain.
The short version
For bank clients who want a clean MYGA with a duration matched specifically to a 6-year planning window, this product works. The 5 basis point uplift over the 5-year version is small, so the 6-year mainly earns its place when the buyer specifically wants the duration.
Key facts
**Product Type** Multi-Year Guaranteed Annuity (flexible premium first year)
**Issue Ages** 0–85
**Minimum Premium** $25,000
**Surrender Period** 6 years (9, 8, 7, 6, 5, 4, 0%)
**Free Withdrawal** 10% of account value, available immediately
**Crediting** Single fixed rate guaranteed for 6 years
**Income Rider** Not available
**Return of Premium** Automatically included at no charge
**Channel** Bank only
The full review
Is Protective Smart Saver 6-Year a Good Annuity?
Yes, for bank clients with a 6-year planning horizon. It fits buyers who want structural protection plus 10% annual liquidity for a defined 6-year window. The 6-year duration is uncommon, so the product mainly fits buyers who specifically want that timeline.
Why Someone Would Buy This Annuity
The main reason is medium-long-term principal protection paired with automatic Return of Premium rider. The 6-year duration is unusual for MYGAs and useful for buyers matching the contract to a defined 6-year planning event.
Who This Annuity Is Best For
I think Smart Saver 6-Year fits best for bank clients with a defined 6-year planning horizon (often a planned retirement or savings goal milestone) and a desire for structural protection through the Return of Premium rider.
What You're Really Buying Here
You are buying a tax-deferred fixed-rate annuity with a 6-year guarantee, automatic Return of Premium protection, and 10% annual liquidity. You are not buying market exposure.
How the Core Feature Works
Smart Saver 6-Year credits a fixed rate guaranteed for the full 6-year surrender period. Rates are 3.00% / 3.10% / 3.40% across the three rate bands. The Return of Premium rider is automatically included at no additional charge.
Why the Secondary Feature Matters
The 6-year duration itself is the meaningful secondary feature. Most MYGAs run 5 or 7 years; the 6-year version fills a niche planning window. The 5 basis point rate uplift over the 5-year version is modest.
Liquidity and Surrender Schedule
Free withdrawals of up to 10% of account value are available immediately. Surrender charges run 9, 8, 7, 6, 5, 4, then 0 percent over six years. Nursing home and unemployment waivers are available.
Fees and Tradeoffs
There are no rider fees, M&E charges, or annual contract fees. The trade is the modest rate.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity |
| Issue ages | 0-85 |
| Minimum premium | $25,000 |
| Surrender schedule | 9, 8, 7, 6, 5, 4, 0% |
| Free withdrawal | 10% of account value immediately |
| Current fixed rate | 3.00% / 3.10% / 3.40% (low / $50K / $100K) |
| Rate guarantee period | 6 years |
| Return of Premium | Automatically included at no charge |
| Income rider | Not available |
| Death benefit | Full account value |
| Surrender waivers | Nursing home, unemployment |
| MGSV | 1.00% to 3.00% guaranteed annual return |
| State availability | Not available in NY |
| Channel | Bank only |
Carrier snapshot
Protective Life Insurance Company is part of Protective Life Insurance Corporation. A.M. Best A-plus, S&P AA-minus. Distributed through bank channels.
Final take
Smart Saver 6-Year fills the 6-year duration niche in Protective's bank-channel MYGA line. The modest rate uplift over the 5-year version means the 6-year is mainly useful for buyers with a specific 6-year planning horizon.