---
title: "What Is MYGA (Multi-Year Guaranteed Annuity)? | Epic Life"
description: "A multi-year guaranteed annuity (MYGA) is a fixed deferred annuity that guarantees one interest rate for a set number of years, usually from two to ten...."
url: https://epicline.preview.multisites.ai/glossary/multi-year-guaranteed-annuity
publisher: Epic Life Group
apply: https://epicline.preview.multisites.ai/apply
quote: https://epicline.preview.multisites.ai/get-a-quote
---

Annuity terms

# Multi-Year Guaranteed Annuity (MYGA)

A multi-year guaranteed annuity (MYGA) is a fixed deferred annuity that guarantees one interest rate for a set number of years, usually from two to ten. It works like a certificate of deposit issued by an insurer.

## Why it matters

A MYGA lets a saver lock a rate for a known period. At the end of the guarantee period, the owner can renew, withdraw, or move the money, and surrender charges may apply before then. Unlike a bank CD, a MYGA is not FDIC insured, and guarantees depend on the insurer. Interest grows tax deferred, but withdrawals before age 59 and a half can bring a penalty. Rates and rules vary by carrier.

Source: [investor.gov](https://www.investor.gov/introduction-investing/investing-basics/investment-products/annuities)

[Read next, for familiesAnnuities explained: fixed, fixed-index, MYGA, income riders and surrender charges](https://epicline.preview.multisites.ai/annuities)

## Where we use this term

-   [Fixed vs fixed index annuity: how do they work and who do they fit?](https://epicline.preview.multisites.ai/guides/fixed-vs-fixed-index-annuity)

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