Annuities

 Multi-Year Guarantee Annuity

A Multi-Year Guarantee Annuity (MYGA) is a type of fixed annuity that guarantees a set, fixed interest rate for a specific period of time—usually ranging from 3 to 10 years. It works much like a certificate of deposit (CD) but often offers higher rates and tax-deferred growth, making it a secure option for predictable retirement income.

Fixed Index Annuity

A Fixed Index Annuity (FIA) is a retirement product that protects your principal, offers a guaranteed minimum interest rate, and allows you to earn additional interest based on the performance of a stock market index (like the S&P 500), without directly investing in the market. It combines the safety of a traditional fixed annuity with the growth potential linked to an index, making it a balance between security and opportunity.

 Single Premium Immediate Annuity

A Single Premium Immediate Annuity (SPIA) is a contract where you make a one-time lump-sum payment to an insurance company in exchange for guaranteed income that starts almost immediately, usually within 30 days to a year. It’s often used in retirement to create a steady, predictable stream of income that can last for a set period or even for life.