SecureOption Choice 9-Year review

It depends on the premium size and the buyer's time horizon. For someone depositing $500,000 or more, a 5.20% guaranteed rate for nine years from an A+ carrier is a reasonably competitive, low-drama way to park long-term money. For someone depositing less than $100,000, the 4.90% rate is a lot less compelling for a nine-year hold, since it isn't far off what shorter Securian MYGAs pay. I think this product is a good annuity for large, patient deposits and a mediocre fit for smaller ones.

The rational buyer wants a guaranteed, contractually locked interest rate for a long stretch — often someone building a bond-like ladder rung, funding a known future need (like income starting in the mid-2030s), or simply wanting to get money out of market risk without touching a variable or indexed product. The RMD-friendly free withdrawal provision also matters for IRA money that will start requiring distributions during the term. Someone choosing the 9-year over Securian's 3-, 5-, or 7-year siblings is typically doing it because they want the rate locked for as long as possible and are willing to trade liquidity for that certainty.

This product is best for buyers in their 50s to 70s with non-emergency, long-horizon money — qualified (IRA) or non-qualified — who have at least $25,000 to commit and, ideally, $100,000 or more to actually earn a competitive band rate. It's a poor fit for anyone who might need a large lump sum in the next several years, anyone shopping primarily for income (there's no income rider here), and anyone whose premium will land in the sub-$100,000 band, where the rate advantage over a shorter contract is thin.

Strip away the "Choice" branding and this is a nine-year certificate of guaranteed interest, issued by an insurance company instead of a bank, with the tax deferral that comes with an annuity wrapper. You're not buying market participation, an index strategy, or a lifetime income guarantee — you're buying a locked interest rate, a floor on what you'll get back if you surrender early (the Guaranteed Minimum Surrender Value), and a death benefit that passes to a beneficiary without probate. The premium band you land in is fixed at issue and doesn't change with additional deposits, because Securian doesn't allow additional purchase payments after the contract opens.

The rate is banded by premium size and, once set, is guaranteed for the full nine years — it does not reset annually and does not float with an index. As of 4/1/2026, per Securian's published rate table and quick-reference form (3561182), the bands are:

| Premium Band | Guaranteed Rate (9 Years) |

|---|---|

| Less than $100,000 | 4.90% |

| $100,000 – $499,999 | 5.05% |

| $500,000 or more | 5.20% |

All three bands are published — there's no hidden "call for the real rate" tier here, which is more transparent than some MYGA shelves. That said, these are a snapshot as of the brochure date, not a permanent offer; rates on MYGAs move with the interest rate environment, and Securian resets them periodically. I'd treat the specific percentages here as a reference point, not a live quote.

One thing worth flagging: this 9-year spec is dated 4/1/2026, while Securian's 3-year and 7-year siblings in this lineup are dated 5/1/2026 and the 5-year is dated 4/15/2026. Because these aren't same-day quotes, you can't cleanly compare the 9-year's rate against its siblings to judge whether the longer duration is actually being rewarded with a meaningfully higher rate. Before committing to nine years, pull current quotes for the 3-, 5-, 7-, and 9-year versions on the same day and compare the bands directly — sometimes a shorter Securian contract pays nearly the same rate with far less lock-up.

The second most important feature here isn't a rider — it's the hardship waiver package layered onto the surrender charge and MVA. Securian waives the surrender charge and MVA if the owner is confined to a hospital or medical facility for 90 or more consecutive days, or is diagnosed with a terminal condition giving a life expectancy of 12 months or less. The same waiver applies at annuitization after the first contract anniversary (though the MVA waiver at annuitization doesn't apply everywhere — Florida is the disclosed exception) and at death.

That matters because a nine-year MYGA with no living benefit rider would otherwise leave a buyer fully exposed to surrender costs in a genuine health crisis. These waivers don't replace an income or long-term-care rider, but they give a real release valve for the scenarios most likely to force an early, expensive exit.

Nine years is a long time to lock up money, and this contract prices that commitment accordingly: a 9% surrender charge in year one, stepping down by one point per year to 1% in year nine. Layered on top of that is a market value adjustment, which can cut either way depending on where interest rates sit when you withdraw — if rates have risen since you bought the contract, the MVA can make an early exit noticeably more expensive than the surrender charge alone suggests.

Free withdrawals of 10% of the prior contract anniversary value are available starting in contract year 2 (not year 1), or the RMD amount if that's larger, with a $250 minimum withdrawal and no free-withdrawal allowance on a full surrender. The RMD provision is a genuine convenience for IRA owners who will be forced to take distributions during the surrender period. Outside of those carve-outs and the hardship/terminal-illness/annuitization/death waivers, this is money that should be treated as unavailable for close to a decade.

There's no explicit annual fee, rider charge, or mortality-and-expense fee to track — a MYGA without an income rider typically doesn't have one, and this one doesn't either. The real cost is structural rather than a line-item charge: the premium banding effectively penalizes smaller deposits with a lower locked rate, the MVA adds interest-rate risk to any withdrawal beyond the free amount, and the Guaranteed Minimum Surrender Value floor (87.5% of premium, accumulated at 1%–3% set at issue) means a very early surrender can return less than what was paid in. None of that is unusual for a MYGA of this duration, but buyers should go in understanding that "guaranteed rate" describes the crediting, not a guarantee of getting full principal back if the contract is broken early.

Legal Entity: Minnesota Life Insurance Company

Parent: Securian Financial Group, Inc.

A.M. Best Rating: A+