SecureOption Choice 7-Year review

It depends on the deposit size and the time horizon. For someone depositing $100,000 or more and genuinely planning to leave the money alone for seven years, this is a solid, low-friction way to lock in a guaranteed rate with no fees eating into it. For someone depositing closer to the $25,000 minimum, the 4.90% low-band rate is decent but not standout, and I'd want to compare it against shorter-duration options before committing to seven years at that rate.

The core appeal is certainty: a guaranteed rate for seven full years, no market risk, no cap or participation rate to worry about, and no annual fees chipping away at the balance. Someone rolling over a maturing CD or another MYGA, or repositioning a chunk of a fixed-income allocation, would buy this because it removes reinvestment risk for seven years at a known rate. The tiered structure also rewards consolidating savings into a single larger deposit rather than splitting it across smaller contracts.

I think this fits retirement-age or near-retirement savers — likely in a non-qualified account or an IRA — who have at least $100,000 to deposit (to clear the better rate bands) and don't expect to touch the money before the seven-year mark. It's less suited to someone who might need flexible access to principal, since the free-withdrawal allowance doesn't kick in until the second contract year, or to someone depositing right at the $25,000 minimum who could likely find a comparably rated shorter-term MYGA without giving up as much liquidity.

Strip away the branding and this is a deferred fixed annuity: you hand Minnesota Life a lump sum, they credit it a fixed rate of interest every year for seven years, and the account grows tax-deferred until you withdraw or annuitize. There's no indexed crediting, no participation rate, no cap — the rate you lock in at issue (based on your deposit band) is the rate you get, full stop, for the entire guarantee period. The tradeoff for that certainty is limited liquidity: access beyond the free-withdrawal allowance triggers a surrender charge and, potentially, an MVA that moves against you if interest rates have risen since you bought the contract.

The headline feature is the three-tier fixed rate. As of the May 1, 2026 rate sheet: deposits under $100,000 earn 4.90%, deposits from $100,000 to $499,999 earn 5.05%, and deposits of $500,000 or more earn 5.10%. Whichever band your deposit falls into, that rate is locked and guaranteed for the full seven-year initial guarantee period — it doesn't fluctuate with market conditions during that window. After year seven, Securian resets the rate annually, but the renewal rate can never fall below the contract's guaranteed minimum interest rate, which is set at issue somewhere between 1% and 3%. Rates are a snapshot as of the brochure date and will move over time, so don't assume the 4.90%/5.05%/5.10% bands will still be current by the time you're shopping.

The waiver package is worth noting because it softens the seven-year commitment in specific hardship scenarios. Surrender charges and the MVA are waived if you're confined to a hospital or nursing facility for 90+ days after the first contract anniversary, or diagnosed with a terminal illness giving you 12 months or less to live. The surrender charge (but generally not the MVA, with a Florida-specific exception) is also waived if you annuitize the contract or upon death. None of this changes the day-to-day liquidity picture, but it means the worst-case lock-in scenarios — a health crisis or death — don't compound the penalty on top of an already difficult situation.

You're trading seven years of full liquidity for a locked rate, and the terms here are stricter in the first year than some competing MYGAs: there's no free withdrawal at all in contract year 1. Starting in year 2, you can take out 10% of the prior anniversary value each year (or your RMD amount if larger, which is available in every year including the first) without triggering the surrender charge — though full surrender is never covered by the free-withdrawal allowance. Withdrawals above that free amount hit the schedule below, and an MVA applies on top of the surrender charge, which can either help or hurt you depending on where interest rates have moved since issue.

There's no base contract fee here — no M&E charge, no product fee, no annual administration charge. That's a genuine plus: the rate you're quoted is the rate you get, with nothing subtracted for contract maintenance. The real cost isn't a fee, it's the illiquidity: a seven-year hold with no first-year free withdrawal and an MVA that adds interest-rate risk on top of the surrender charge if you need to break the contract early. The Guaranteed Minimum Surrender Value (87.5% of premium at 1%-3%) sets a floor on how bad an early full surrender can get, but that floor is well below principal, so it's a backstop, not a comfort.

Legal Entity: Minnesota Life Insurance Company

Parent: Securian Financial Group

A.M. Best Rating: A+