10/14/2024
If you're looking into Multi-Year Guaranteed Annuities, or MYGAs, you’ve probably heard about their guaranteed growth—but the big question is, who guarantees your money?
And how does that compare to something like FDIC insurance? Let’s clear that up right now.
MYGA annuities are guaranteed by insurance companies, not banks or the federal government.
These insurance carriers guarantee your principal and the interest they promise, so you know exactly how much your money will grow.
But how do you know these companies are reliable?
That’s where state insurance departments come in.
They regulate and oversee these companies to make sure they meet strict financial standards.
These companies are required to hold enough reserves to back up their guarantees—giving you peace of mind that your money is safe.
Plus, many of the top companies we work with have strong ratings from agencies like AM Best, meaning they have a proven track record of financial strength.
Now, you might be wondering how MYGAs compare to something like FDIC insurance that covers your bank deposits.
The FDIC insures deposits at banks up to $250,000, but MYGA annuities are protected by state guaranty funds.
These funds vary by state and cover annuity contracts up to a certain limit, at least $250,000, and in some states even more than $250,000.
This gives you similar protection, but with the added benefit of often higher interest rates than what you’d find with CDs or savings accounts.
So, you’re still getting strong protection, but with the potential for better growth.
That’s why so many smart savers are turning to MYGAs as a safe, secure alternative for their money.
If you want to learn more about MYGAs, how they’re guaranteed, and how they stack up against other options like CDs, give me a call today at 682-554-8421 or visit coltincome.com to schedule your free consultation.
I’ll personally guide you through all your options—no pressure, no games, just straightforward answers.
C**t Income—guarantees without the guesswork.
www.coltincome.com
682-554-8421
