Why it earned this rating
Our assessment
Apollo MVA sits in the middle of its peer group: a financially rock-solid A++ carrier, a fee-free base contract, and free-withdrawal terms that beat many fixed annuities. What holds it back from a stronger rating is the rate structure itself -- the 6.55% headline number is a first-year-only rate enhancement, not a multi-year guarantee, and the product carries market value adjustment exposure that a true locked-rate MYGA in the same surrender band would not.
The short version
This is a 7-year fixed annuity from an A++-rated carrier that pays an elevated rate in year one, then reverts to whatever rate Reliance Standard declares annually thereafter, bounded by a 2.50% floor. It isn't a locked-rate MYGA — the 6.55% you see quoted applies only to the first contract year, after which the effective rate drops by the same 2.00% that inflated it, and future renewal rates are entirely up to the carrier within that floor. Add a market value adjustment on withdrawals beyond the free amount, and this product asks buyers to trust an annually-declared rate and a strong balance sheet more than it hands them a fixed number to plan around. For buyers who prioritize carrier strength and a decent floor over rate certainty, it's a reasonable fit; for buyers who want to know exactly what they'll earn for seven years, it isn't.
The full review
Is Reliance Standard Life Apollo MVA a Good Annuity?
Depends. As a balance-sheet play, yes — A++ from A.M. Best is about as strong as this market gets, and the base contract carries no ongoing fees. As a rate play, it's less compelling than it first appears: the 6.55% is a teaser that reduces by 2.00% after year one, and what you actually earn from year two forward depends on renewal rates the carrier sets annually, bounded only by a 2.50% floor. I'd treat the quoted rate as a one-year number, not a seven-year one.
Why Someone Would Buy This Annuity
A buyer might choose Apollo MVA for the carrier rating alone — Reliance Standard's A++ is genuinely top-tier, and for money someone doesn't want to worry about, that matters. The free-withdrawal terms (10% annually, with unused amounts carrying over up to a 30% cumulative cap) are more generous than many peers, and the nursing home waiver adds a real safety valve if long-term care becomes a factor. Someone comfortable trading rate certainty for carrier strength, and who doesn't expect to need more than the free-withdrawal amount early on, has a rational reason to buy this.
Who This Annuity Is Best For
This fits retirees and pre-retirees who have a lump sum they want parked with a financially strong carrier for seven years, don't need an income rider, and can tolerate not knowing their exact renewal rate past year one. It works for qualified or non-qualified premium. It's a weaker fit for anyone who wants a true locked-rate guarantee for the full term, or who lives in one of the twelve states where it isn't approved.
What You're Really Buying Here
Strip away the bonus language and this is a traditional single-premium fixed annuity: your money goes into one declared-rate account, Reliance Standard sets the interest rate every year (never below 2.50%), and you're locked in for seven years unless you use the free-withdrawal allowance or pay a surrender charge plus a market value adjustment. The "2.00% bonus" isn't extra money added to your account — it's a temporary lift to the interest rate that applies for exactly one contract year, then goes away. You're buying a floor and a carrier's promise, not a fixed number.
How the Core Feature Works
The current declared rate is 6.55%, but that figure bakes in a 2.00% first-year interest rate bonus. Starting in contract year two, the rate steps down by that same 2.00% — so the ongoing rate this cohort is being credited, absent the bonus, is closer to 4.55% as of this filing, and Reliance Standard can adjust it up or down annually from there, subject to a 2.50% guaranteed floor for the life of the contract. This is a first-year rate enhancement, not an account-value premium bonus — no extra principal is added at issue, only a temporarily higher crediting rate. Buyers should evaluate this as a one-year teaser sitting on top of an annually-renewable base rate, not as a seven-year lock.
Why the Secondary Feature Matters
The market value adjustment (MVA) is the feature that most distinguishes this from a plain fixed annuity: if you withdraw more than the free-withdrawal amount during the seven-year surrender period, the surrender charge is adjusted up or down based on how interest rates have moved since you bought the contract. If rates have risen, the MVA can increase your penalty beyond the stated surrender charge; if rates have fallen, it can reduce it. It's a two-way street, but most buyers only think about the downside. Reliance Standard also sells a non-MVA sibling, Apollo SP, with the same surrender schedule and a slightly lower current rate (6.40% vs. 6.55%) — the roughly 15-basis-point gap is close to what the MVA risk is priced at.
Liquidity and Surrender Schedule
The free-withdrawal allowance is 10% of premium in year one and 10% of account value in years two-plus, and unused amounts carry over — up to a cumulative 30% of the original premium. That's genuinely useful for someone who might need occasional access. The catch: taking any penalty-free withdrawal resets the cumulative carryover to zero, and only one withdrawal request per contract year qualifies (minimum $500). Anything beyond the free amount in a given year triggers surrender charges and MVA on the entire withdrawal that year, not just the excess — a meaningfully punitive design worth understanding before taking a larger-than-planned distribution. The surrender schedule itself (9%, 8%, 7%, 6%, 5%, 4%, 2% over seven years) is fairly standard for this surrender-duration band.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4 | 6% |
| 5 | 5% |
| 6 | 4% |
| 7 | 2% |
Fees and Tradeoffs
There's no base contract fee — no M&E charge, no annual administration fee, no product fee — which is standard for a traditional fixed annuity and a genuine point in its favor; nothing erodes the credited rate directly. The real tradeoff isn't a line-item fee, it's rate uncertainty: the carrier declares renewal rates annually rather than locking a number for the full term, so the effective yield over seven years depends on decisions Reliance Standard hasn't made yet, bounded only by the 2.50% floor. Commission and marketing-allowance structures referenced in the agent-facing materials are producer compensation, not a cost paid separately by the buyer.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 7 years |
| Issue Ages | 0-85 |
| Minimum Premium | $5,000 |
| Crediting Methods | Fixed (traditional declared rate) |
| MGSV | 100% of premiums accumulated at a 2.50% minimum guaranteed interest rate, less withdrawals and surrender charges |
| Death Benefit | Full account value paid to beneficiary if the annuitant dies (surrender charges waived); cash surrender value paid if a non-annuitant owner dies. Contract's death benefit is otherwise equal to the annuity's value. |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | Not approved in: IN, MD, MN, MT, NJ, NY, OR, PA, TX, UT, VT, WA. An alternate, lower surrender schedule (8%, 7%, 6.5%, 5.5%, 4.5%, 3.5%, 2.0%) applies for issue ages 60+ in IA, IL, and KY. |
Carrier snapshot
Legal Entity: Reliance Standard Life Insurance Company
Parent: Delphi Financial Group / Tokio Marine
A.M. Best Rating: A++
Final take
Apollo MVA is a reasonable choice for someone who wants a financially airtight carrier and can live with an annually-renewed rate rather than a locked one — the A++ rating, fee-free base contract, and generous free-withdrawal terms are real strengths. But the 6.55% headline rate shouldn't be the reason to buy it: that number is a one-year bonus, the ongoing rate resets lower in year two, and the MVA adds real risk on any withdrawal beyond the free allowance. If a locked multi-year rate matters more to you than carrier strength, look at a true MYGA instead; if you specifically want to avoid MVA exposure while staying with this carrier, its sibling Apollo SP trades about 15 basis points of current rate for that protection.
- Death Benefit
- Full account value paid to beneficiary if the annuitant dies (surrender charges waived); cash surrender value paid if a non-annuitant owner dies. Contract's death benefit is otherwise equal to the annuity's value.
- Minimum Guaranteed Surrender Value
- 100% of premiums accumulated at a 2.50% minimum guaranteed interest rate, less withdrawals and surrender charges
- Withdrawal Provisions
- No more than one penalty-free withdrawal request per contract year; each request must be at least $500. Withdrawals exceeding the penalty-free amount in a contract year trigger MVA and surrender charges on the entire amount withdrawn that year, not just the excess. A 4% annuitization bonus is credited if the contract is annuitized for a minimum 10-year payout period after the fifth contract anniversary. Nursing home waiver: annuitant issued at age 74 or younger who is confined to a qualified nursing facility for 90+ consecutive days (after contract year 1) may withdraw up to 25% of annuity value penalty-free each year of confinement.
- Waiver Riders
- Nursing Home / Confinement Waiver