Midwest Holding subsidiary American Life has launched their first-ever Multi-Year Guaranteed Annuity (MYGA) for the RIA market. American Life consulted with financial advisors about the kinds of annuity products they want access to, and they identified a “fast-growing demand for MYGA products tailored to Registered Investment Advisors and their clients.”
This new fee-based MYGA is available for both qualified and non-qualified plan types and includes the option of a three- or five-year guarantee with the rate guaranteed for the entire term period. Liquidity is offered after the first year at either the Required Minimum Distribution (RMD) or 10 percent of the account value, whichever is greater.
The American Life fee-based MYGA expands the RetireOne fiduciary marketplace to include our first commission-free advisory MYGA. By reducing internal annuity contract expenses Midwest Holding Director of Corporate Finance Noh-Joon Choo says they are able to offer “a higher, more competitive interest crediting rate for the RIA market.”
In the current low-rate environment, RIAs seeking out fixed income alternatives and alternatives to certificates of deposit will find today’s modern advisory MYGAs a valuable option.