004: What is a Multi-Year Guarantee Annuity (MYGA)?

October 20, 2020
•
24 min
004: What is a Multi-Year Guarantee Annuity (MYGA)?
The Annuity Man®
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IN THIS EPISODE, THE ANNUITY MAN DISCUSS:
- What is a MYGA and how does it work
- The benefits and limitations of a MYGA
- Differences and similarities between a MYGA and a CD
- How to ladder MYGAs to take advantage of future interest rates

KEY TAKEAWAYS:
- MYGAs (Multi-Year Guarantee Annuities) are a fixed rate annuity and are the annuity industry’s version of a CD
- MYGAs usually offer a higher rate than CDs if the duration is 3+ years out
- MYGAs & CDs can be combined for fixed-rate laddering strategies
- Some MYGAs allow you to peel off the interest every month for additional income needs

"Multi-Year Guarantee Annuities (MYGAs) are the annuity industry’s version of a CD." — The Annuity Man

0:04
welcome to

0:05
fun with annuities with your host me

0:07
stan

0:08
the annuity man america's annuity agent

0:11
can annuities be fun

0:12
can contractual guarantees be fun

0:14
absolutely they can find out the brutal

0:17
facts about annuities

0:19
with no sales pitches or high pressure

0:21
nonsense

0:22
just the brutal and factual annuity

0:25
truth which is all you need to hear

0:27
let's have some fun with annuities and

0:29
let's have that fun start

0:31
right now

0:36
hey this is stan the annuity man and

0:38
welcome to fun

0:40
with annuities today we're going to talk

0:42
about mygas m-y-g-a

0:44
mygas is fixed-rate annuity it's the

0:46
annuity industry's version

0:48
of a cd you're probably never going to

0:51
hear about them from your agent at the

0:52
bad chicken dinner seminar because the

0:54
commissions are very very low

0:56
unfortunately they're not going to show

0:57
that to you i think these are great

0:59
products if you're a cd buyer or you

1:01
like

1:01
principal protection just getting an

1:03
interest rate migas are fantastic

1:06
i'm the number one agent in the country

1:08
licensed in all 50 states and i don't

1:09
say that

1:10
boastingly i'm just telling you a fact

1:12
and one of the reasons i'm there

1:13
is because i've embraced these

1:15
simplistic products contractual

1:16
guarantees only products

1:18
i'll guarantee you that i'm the number

1:20
one myga guy out here because

1:21
you know we have a live feed on our site

1:23
if you go to the annuityman.com

1:27
we have a feed there that shows the best

1:29
national rates and you can filter it by

1:31
your state and by the duration you know

1:33
one two three four and five year

1:35
you can look at it it's live you can see

1:37
you don't have to sign up for anything

1:38
you can see what the rates are

1:40
and i want people to understand that

1:42
these are available

1:43
and so because we've made it transparent

1:45
i think that that has

1:47
just set us apart and i love these

1:49
products because they're easy to

1:50
understand

1:51
if you bought a cd i mean this is no

1:53
different from the standpoint of

1:55
you're getting an interest rate for a

1:56
specific period of time contractually

1:58
but we'll go over the difference between

2:00
cds and migas the cd is not better than

2:02
a mig and a mic is not better than cd

2:04
they're just pretty much the same thing

2:06
so what i'm the outline for this podcast

2:09
is the book that i i've written one of

2:11
the seven books

2:12
my gut owner's manual you can get it at

2:14
my site

2:15
the annuityman.com i'll ship it to you

2:17
for free without obligation

2:20
i won't bother you or pester you i won't

2:22
have anyone call you or show up at the

2:24
door

2:25
we'll send it to you and then you can go

2:26
to the live feed and look at all the

2:28
rates

2:28
and and decide for yourself if a miga

2:31
makes sense

2:32
so my go owners man you need to get one

2:34
i'm holding one in my hand

2:36
you'll probably hear pages flip because

2:37
i'm flipping pages to make sure i'm

2:39
going over everything in this podcast

2:41
but as with all products i start with

2:42
the limitations so let's go through the

2:44
limitations and benefits

2:46
the limitations of mygas

2:49
like for instance if you buy a five year

2:51
my five year guarantee

2:53
the surrender charges are high in other

2:55
words if you get to year two or three

2:57
and say

2:58
you know what stand on and do that

2:59
anymore send me all my money the

3:00
surrender charges to get out

3:02
whole you know get out with all your

3:04
money they're they're predatory so you

3:06
have to know that going in there

3:09
they're locking these rates in and the

3:12
annuity companies don't want you

3:13
being able to pivot they're going to

3:15
guarantee that rate for that specific

3:16
period of time

3:17
but if you pivot it's going to cost you

3:19
a surrender charge to get out that's a

3:21
limitation

3:22
other limitations guarant the guarantees

3:24
are backed by the carrier

3:27
yes there are state guarantee funds but

3:29
you should not make your decision based

3:31
on that you should make your decision

3:32
based on

3:32
the claims paying ability of the

3:36
issuing carrier so that that could be a

3:38
limitation right we have to discuss that

3:40
and go over the the ratings and the

3:42
conduct scores and things like that

3:44
and currently the short the shortest

3:46
term migra right now is one year

3:48
typically there's not a lot of choices

3:50
in one year there's a lot of choices on

3:52
the three year

3:53
but as with cds you can get them you

3:55
know six months and 18 months and things

3:57
like that

3:58
like i said the cds aren't better than

4:00
mike's migrants aren't better than cds

4:01
one of the limitations is

4:03
right now from an inventory standpoint

4:04
three years is kind of the shortest even

4:06
though there's a couple companies that

4:07
deal

4:08
one year but in my opinion if you're

4:10
gonna do one year by cd

4:11
and by the way i don't sell cds i'm just

4:13
saying and the best place to shop cds is

4:16
bankrate.com

4:17
in my opinion the best place to shop

4:19
migrates is the annuityman.com

4:21
because we have the live feed and i

4:23
guess the other limitation is

4:25
not all carriers offer migas i guess

4:28
it's just part of their business plan

4:30
not all of them do some of them do some

4:32
of them specialize in if you go to the

4:33
live feed on my site

4:35
you'll see some names you you've heard

4:36
of and some names you haven't there's

4:37
hundreds and hundreds and hundreds

4:40
of annuity companies and by the way

4:41
annuities are issued by life insurance

4:43
companies okay

4:45
but with that being said i think the

4:46
last limitation is

4:48
and it's in the limitation but when you

4:50
take money out of an annuity

4:52
of miga it's taxed lasting first out of

4:55
ordinary income

4:56
so it's tax gains first interest

4:58
interest first so

5:00
those are the limitations let's go over

5:02
the benefits real quick and then we'll

5:03
dive into the product even deeper

5:05
number one with my guess there's no

5:06
annual fees similar to a cd it's just

5:08
just a you know

5:09
a specific interest rate for a specific

5:10
period of time very simplistic

5:13
very it's contractual so you you know

5:15
you can filter that on my live feed or

5:17
you can say

5:18
hey i just want a three year what's the

5:19
best three year guarantee

5:21
the interest rate annually is

5:23
contractual they can't change it during

5:25
that duration time period

5:27
they can after it if you don't transfer

5:30
to get the money out but during that

5:31
time period they can't

5:33
it's contractual and rates are typically

5:35
migra rates are typically higher than

5:37
cds

5:39
three years in out i always tell people

5:41
if your time horizon is three years and

5:43
in

5:43
you probably want to buy cds if your

5:45
time horizons three years and out

5:47
my gas will probably beat cds so in a

5:51
laddering standpoint if you said stan i

5:53
want to do a one two three four and five

5:54
year ladder of fixed rates

5:56
the one in the two year would be cds the

5:58
three four and five year would be mygas

6:00
because why will do not might do you buy

6:03
an annuity for what it will do not what

6:04
it might you're buying for the highest

6:06
contractual guarantees

6:07
only and under that standpoint typically

6:10
migas three years in out

6:12
offer higher interest rates than

6:15
cds and i say typically there's there's

6:17
anomalies here and there but but

6:19
you know majority of the time that's the

6:21
case

6:22
here's one of the main differences

6:24
between a cd and a myga

6:26
multi-year guarantee annuity fixed rate

6:28
annuity you can call it what you want

6:30
with a cd and a non-ira account you have

6:32
to pay taxes on that interest

6:34
every year with a multi-year guarantee

6:36
annuity in a non-ira account

6:39
the interest compounds tax deferred

6:42
now yes when you bring it out you have

6:44
to pay taxes but

6:45
if you say i just want to rate but i

6:47
don't want to pay taxes on every year i

6:48
just want to defer it

6:49
then a migo works because it just

6:51
compounds tax deferred

6:53
that's the primary difference between

6:55
the two products from a structure

6:57
standpoint

6:57
now from a safety standpoint cds are

7:00
backed by fdic which i think is the

7:02
strongest backing on the planet

7:05
you know i know there's arguments about

7:06
the federal government and the debt i'm

7:08
just saying

7:08
realistically f stands for federal

7:12
that's the best backing you can get so

7:14
you know

7:16
their state guarantee funds back

7:17
annuities but at the end of the day it's

7:18
the claims paying ability of the carrier

7:20
but the difference the the main

7:22
structural difference is that

7:24
the interest rate in a non-ira account

7:27
compounds tax deferred now in an ira

7:29
account whether it's a cd

7:30
or a miga and you can use these in both

7:33
it's an ira

7:34
you know it's deferred anyway so you

7:35
don't you'll have double deferral right

7:37
i guess a benefit i think is low

7:38
commissions to the agent i'm the number

7:40
one mega guy out here i think

7:42
i can't imagine anyone focusing on them

7:44
more than i do

7:45
because i love them i think they're

7:47
they're simplistic and they're

7:48
good for the the consumer because the

7:50
consumer just is looking for a place for

7:52
safe money most people most

7:54
most people out there are just looking

7:55
for some safe money alternatives

7:58
but the commissions are very low and

7:59
they're easy to understand with no

8:01
moving parts

8:02
which i think you know i keep saying

8:04
this in all my podcasts if you can't

8:06
explain it to a nine-year-old or a

8:07
seven-year-old no offense to those

8:09
people

8:09
those kids then you shouldn't buy it

8:11
it's the warren buffett rule if you

8:12
don't understand it don't buy it

8:14
these are very simplistic you understand

8:16
cds

8:18
you know you you lock it in for a

8:19
specific term and every

8:21
every year you get paid a specific

8:23
interest rate

8:24
with with multi-year guarantee annuities

8:26
you're going to get an annual statement

8:28
because there's no moving parts it is

8:31
what it is

8:32
so with that being said let's kind of

8:34
jump in

8:35
and i'll go through i'm flipping the

8:37
book you know i've got some notes but

8:38
i'm also flipping through the book

8:39
because the mica owner's manual is

8:41
pretty

8:42
all-inclusive when it comes to all this

8:44
stuff so that's the limitations

8:46
and benefits when you look at the fixed

8:48
rate world

8:49
you know there's the fixed index which

8:51
is a fixed product and we'll talk about

8:53
that in another podcast

8:55
but that returns based on an indexed

8:57
option

8:58
it's pretty complicated but with the

9:00
myga fixed rate annuity

9:02
the returns is a contractual number it's

9:05
something that when you see the policy

9:07
it'll tell you exactly what that number

9:09
is going to be

9:11
i like micah's because you don't

9:14
have to take the money out you can roll

9:17
like for instance if you bought a

9:18
five-year my ga and you said

9:19
i really don't need the money year five

9:22
and i don't really need the money stand

9:23
we can just roll it to another mygo

9:26
meaning transfer it

9:27
the irs has a code the section is 1035

9:30
and 1035

9:31
says irs code 1035 says that you can

9:35
transfer one annuity to another annuity

9:37
without tax consequences now you can

9:40
if you have your your myga inside of an

9:42
ira you can transfer it from ira to ira

9:45
without tax consequences but in a

9:47
non-qualified setting

9:49
setting you can transfer from one

9:52
annuity to another and just keep

9:54
hockey analogy pushing the tax puck down

9:56
the ice

9:58
and i like that so you can just roll it

10:00
and roll it and roll it

10:01
i am also a big proponent with my guess

10:04
of

10:04
laddering micas first of all if you ask

10:07
me hey what do you think about interest

10:08
rates i'm gonna say i've been at

10:09
three decades and i have no clue the

10:12
longer you're in the financial services

10:14
business

10:14
the more that you understand that you

10:16
cannot predict any of this stuff

10:18
especially interest rates so with that

10:20
being said i'll tell someone that says

10:22
hey

10:22
if you have three hundred thousand

10:23
dollars why not consider buying a three

10:26
year a four year and a five year my ga

10:29
and splitting it hundred and hundred and

10:30
hundred why because you'll have money

10:32
coming due starting in year three

10:34
and then every year after that and then

10:37
hopefully

10:38
we can attach and transfer to a higher

10:41
interest rate at that point in time

10:43
so i love laddering migas for my clients

10:47
because

10:48
it's a simplistic way to to lock in safe

10:51
money to get a guaranteed interest rate

10:53
and to not

10:54
time rates because nobody can time

10:57
interest rates now my guests have

10:59
nothing to do with lifetime income

11:01
okay it's an interest rate product just

11:03
like a cd

11:04
some migas allow you to take out the

11:07
interest

11:08
on a monthly basis some i guess do not

11:10
on my feed at the annuityman.com that

11:12
live feed i told you about

11:15
we'll show you there whether it allows

11:16
you to take money out or not some do

11:18
some don't

11:19
yeah the ones that don't obviously pay a

11:22
higher percentage annually

11:24
but not all the time that's not the the

11:26
determining factor but they're not all

11:28
they're not all the same even though

11:30
they're somewhat of a commodity product

11:32
so you have to look and and you have to

11:34
say you have to answer the two questions

11:36
what do you want the money to

11:37
contractually do

11:38
and when you want those contractual

11:39
guarantees to start from that if you say

11:42
hey stan i want this my god but i want

11:44
to be able to peel off the interest

11:45
every month

11:46
then we have to go shop for that one

11:48
right we have to go shop the best

11:50
mic is out there that allow you to do

11:51
that or if you say you know i don't

11:52
really care in five years

11:53
i'm not i don't plan on touching it

11:55
let's just go get the best interest rate

11:56
then let's

11:57
we'll shop for that but once again

12:00
i don't know these things change that's

12:02
the reason there's a live feed on my

12:03
site that you can look at

12:05
at your leisure without having to sign

12:06
up or give your name you just

12:08
click it and then filter it and it'll

12:10
it'll show

12:11
it's very easy to understand and very

12:13
simplistic to use

12:14
we get a lot of compliments about that

12:16
and it was designed for that because

12:18
i'm not some techie person and i want

12:21
people to be able to access the

12:22
information on their own own terms

12:24
without having any hindrance to do that

12:26
currently i'm telling people to you know

12:29
look at a five

12:30
year as kind of the limit of you know

12:32
where we should be locking in the long

12:34
term i don't think you should go past

12:35
five that might change if interest rates

12:37
change

12:38
but currently i think five years is max

12:41
and you could go farther out but if you

12:42
look at the feed and you pull up the

12:44
five year in the seven year and the

12:45
tenure

12:46
there's not a lot of benefit proposition

12:48
for you to go longer they're not

12:49
rewarding you for going longer

12:52
in the term so that's that's the thing

12:54
10-year treasury is the bogey that's

12:56
what you need to be looking at at all

12:57
times

12:58
that's somewhat of the driving factor

13:00
it's not 100

13:01
of the driving factor because companies

13:03
price these

13:04
migas based on their overall portfolio

13:07
bonds from way back in the day etc

13:10
but the 10-year treasury is the buggy if

13:12
the 10-year treasury moves

13:14
either north or south then you might see

13:16
the miga things move always kid people

13:18
they say well do they move quickly when

13:20
it moves up no it's kind of interesting

13:22
i don't know

13:22
if there's a study on this but just me

13:24
observing to stand the annuity man and

13:26
the miga dude out here when rates lower

13:29
it seems like the annuity companies move

13:30
pretty quickly or quicker

13:32
and when rates go up they drag their

13:35
feet just a tad

13:36
and maybe that's just me looking at it

13:39
through a jaded lens but

13:41
it seems that way but they do they do

13:43
it's a commoditized world so if somebody

13:45
moves

13:46
the others are going to move with it or

13:48
choose not to and lose the business so i

13:49
mean you're the winner

13:51
either way but there's just no timing in

13:52
other words if rates move up

13:54
you know i can't tell you that within 10

13:56
or 15 or 30 days things are going to

13:58
change i can't tell you that

13:59
it's kind of like the kids you know

14:01
turning the jump rope and the kid

14:03
for people out there to remember that i

14:04
mean young kids don't even know what

14:05
that is but for us

14:06
old people we remember turning the jump

14:09
rope and then trying to time it to get

14:10
in

14:11
it's kind of like that with pricing and

14:13
interest rate movements yeah the annuity

14:15
carriers are watching each other and

14:16
they're just seeing what other people do

14:17
and then they all

14:18
you know they all react based upon their

14:21
goals and what kind of money they're

14:22
going to raise with the interest rates

14:24
etc

14:24
but i like the compounding interest of

14:26
omega in a non-ira account i think that

14:28
is

14:29
that is a positive because you got to

14:31
remember

14:33
in the world that we live in there's

14:34
really five safe money places in the

14:36
world

14:37
and and of course the tinfoil hat people

14:39
can argue against this all day long and

14:41
say

14:42
you're wrong stan here are the five okay

14:45
cds money markets

14:48
aaa aaa municipal bonds treasuries

14:52
and fixed rate annuities those are the

14:54
five i'll do them again cds mygas wcds

14:57
money markets

14:58
aaa aaa municipal bonds treasuries

15:02
and fixed rate annuities those are the

15:03
five safe money places

15:05
in my opinion and people always are

15:07
looking to maximize yield

15:10
once you start chasing those extra

15:13
percentage points or in the industry we

15:14
call them basis points

15:16
once you start chasing that is when you

15:19
start putting your money at risk

15:21
now the tinfoil hat people are going to

15:23
say well the treasury i've got arguments

15:25
against that and there's there's

15:27
there's arguments against everything

15:28
right but in the real world

15:30
in the rational world that we live in

15:32
where nothing's perfect

15:34
those are the five places for safe money

15:37
and migas fit there

15:38
so for people that just do not want to

15:40
lose anything

15:42
and they just want an interest rate

15:43
those are the places to go

15:45
and in a low interest rate environment

15:47
nothing's perfect and nothing seems high

15:49
enough

15:50
especially for the people that have

15:52
lived through the jimmy carter years

15:53
where interest rates were so

15:55
so high we're probably never going we

15:58
in our age group and and will probably

16:00
never see that again

16:01
in our lifetime maybe we will but i

16:04
don't think so i think we're in a new

16:06
norm

16:06
where rates are going to be low for for

16:08
a while

16:10
but you know who knows don't try to time

16:12
it keep the maturity

16:13
short and maximize the yield by shopping

16:17
all carriers whether you're shopping for

16:19
cds or

16:19
shopping for migas so

16:23
myga to me is just owning the

16:24
contractual stake there's a lot of

16:26
sizzle out there there's a lot of

16:28
presentations and people if if you if

16:30
you went to an agency i'm considering a

16:32
mygo they're going to

16:33
immediately tell you they can get you a

16:35
better return

16:36
with an index annuity or variable

16:38
annuity they can hypothetically

16:40
theoretically back tested hopeful

16:42
unicorn chasing the butterfly maybe get

16:45
you that

16:46
but they can't contractually get you

16:48
that and if you're wanting it to

16:50
if you're going by the will do not might

16:52
do the only duty for what it will do not

16:54
what it might do

16:55
mantra stantra that i go by then

16:58
you're going to buy a myga you're not

17:00
going to buy the hopes and dreams

17:02
and if you're buying hopes and dreams

17:03
and market returns then go

17:05
buy market stuff don't in my opinion

17:08
buy annuities annuities or contracts

17:12
and we'll talk about other types you

17:14
know indexed and variable annuities and

17:16
those things

17:17
in other podcasts so with

17:21
most mygas i'd say 99 currently 98

17:24
currently they do not have any attached

17:26
writers or anything they're just

17:28
straightforward

17:29
hey here's the percentage we're going to

17:30
pay for the specific period of time

17:33
it's a contractual reality it's not a

17:34
dream i always tell people

17:36
you're either going to buy agent dreams

17:38
or you're going to buy contractual

17:39
realities and even if you buy the agent

17:41
dream

17:41
you're owning the contractual reality so

17:43
let's just own the contractual reality

17:45
from the start

17:47
once again my guests don't have any fees

17:49
annual fees that the commissions that

17:51
are built in and hidden from you are low

17:53
which is the reason you don't see it you

17:54
can own it in anything ira 9ra you can

17:56
own it in a roth

17:58
always look at the you know the

17:59
surrender charges on it as well

18:01
and also understand that there's a free

18:02
look period i mean if with all annuities

18:05
once they're issued

18:06
depending on your state because

18:07
annuities are issued and regulated

18:10
fixed annuities at the state level

18:11
there's a free look time period you can

18:13
get your money back if things have

18:14
changed or you just decided you didn't

18:15
want to do

18:16
i tell you what to me that's the

18:18
annuities

18:19
best value proposition as an industry

18:22
we're the only industry in the world

18:24
that can let you test drive a product

18:26
and then get your money back if you

18:27
don't want

18:28
it i think that's good and i'm okay and

18:31
there you don't have to give a reason

18:32
that's the other thing i just want my

18:34
money back the carriers don't come back

18:35
and say

18:36
why no they just send you your money

18:37
back because it's the law

18:39
so i i really like that so to end the

18:42
podcast let's go through some

18:44
frequently asked questions and and i'm

18:46
gonna you know flip through the

18:48
owner's manual in the back of the my

18:49
owner's manual frequently ask questions

18:51
and i might

18:52
they might be repetitive i might have

18:53
already covered them but we'll go

18:54
through them quickly and also remember

18:55
you can go to

18:57
the annuityman.blog and i have

19:00
i have answered i've gone through a

19:01
litany i'm building a huge inventory of

19:04
frequently asked questions of which

19:05
you'll see the question and then

19:06
underneath it

19:08
you'll be able to hit a play button and

19:09
listen to me answer it

19:11
and i'm very proud of that and working

19:13
hard of that every day to just keep

19:15
building and building and building that

19:16
inventory

19:17
so that you know you'll understand

19:21
what's out there and the truth about it

19:22
so let's go through the frequently asked

19:24
questions

19:25
and go from there difference between a

19:27
mic and a cd

19:28
that's that's always the question

19:29
remember the primary difference is the

19:32
fact in a non-ira account the interest

19:34
on a cd you have to pay taxes on in the

19:36
interest in a miga

19:38
differs that doesn't mean you don't ever

19:40
pay tax on you just can defer it until

19:42
you pull it out which i think is is a

19:44
good

19:44
deal how safe is a myga i get that

19:47
question a lot

19:47
it depends on the claims paying ability

19:49
of the carrier

19:51
each state has what's called a state

19:53
guarantee fund

19:55
that agents can't use in a sales pitch

19:57
they can't say buy this because of the

19:58
state guarantee fund

20:00
but they're they back up annuities to a

20:04
specific amount every state's different

20:06
and i think i'm going to give you the

20:08
correct website address it's www

20:11
n is in nancy o'zen oscar ellis and

20:13
larry h is in harry g is in gary

20:16
a n-o-l-h-g-a com

20:22
that's the state guarantee association

20:23
you can look up what that limitation is

20:26
for your specific state people always

20:28
ask me

20:29
hey stan how long should i lock these

20:31
things in

20:33
right now you know you'd have to kind of

20:34
push me a little bit to go past five

20:36
years but i'm okay with like a three

20:37
five and a seven year my

20:39
ladder as long as you have some shorter

20:40
durations in there

20:42
but i really don't want you to go longer

20:43
than that just because when you go to

20:45
the miga feed at my site the

20:46
annuityman.com you'll see

20:48
that there's not a lot of benefit

20:50
proposition for locking in longer

20:53
okay so you know should you buy cd or

20:55
miga

20:56
it depends on you know your time horizon

20:59
if your time arises three years in in or

21:01
one to two and a half years it's cds if

21:03
it's three years now

21:04
it's my guess just because you're gonna

21:06
find the best rates

21:08
there so short term cds love cds don't

21:11
sell cds but i love them they're great

21:13
because they're contractual they're easy

21:14
to understand their transfer of risk

21:16
right

21:17
same thing with mygus it's just that

21:18
three years now my guests typically win

21:21
and and this is what i always get

21:23
because people are always getting

21:24
pitched indexing news which are very

21:26
very complex

21:27
and then you know i tell them about a

21:29
myga multi-year guarantee annuity fixed

21:31
rate annuity and they're like

21:33
you know is that as simple as it seems

21:34
yeah it is it's a cd it's very

21:37
it's very simplistic very easy to

21:39
understand

21:40
one thing's people always say well they

21:42
buy these mangas at maybe high rates and

21:44
they want to add too

21:45
bad money to the mica i guess this is

21:48
the limitation as well you cannot add

21:50
money to a miga

21:51
after it's issued for 99 of the carriers

21:54
okay

21:55
you'd have to just go shop for another

21:57
myga if you want to add money

21:59
so once you lock it in it's locked in

22:01
some allow you to add money

22:03
before it's issued in other words you

22:05
send the money oh my goodness i want to

22:06
do

22:07
more you can send it before it's issued

22:08
but i think i would say

22:10
carte blanche across the board most of

22:13
them don't allow

22:14
you to add after that not all carriers

22:18
you know offer migas which is you know

22:21
good and bad just some of them don't

22:22
have that in there

22:23
and their business model and a lot of

22:25
people always ask me

22:26
you know stan why don't why doesn't my

22:28
favorite carrier whatever the name that

22:30
is

22:30
all for my guess it's just not what they

22:33
do

22:34
you know there's some companies that

22:35
specialize in

22:37
in migas and there's some companies that

22:38
specialize in immediate annuities and

22:40
there's some companies that specialize

22:42
in

22:42
in other products but that's the reason

22:44
you have to shop all carriers and

22:46
typically you know migrates change

22:49
pretty frequently and on the site

22:52
the live live mica feed you know we show

22:54
you when the rates change et cetera so

22:56
that's mine is that's fixed rate annuity

22:58
something that you really need to look

22:59
at for your safe money

23:00
i'm glad you joined us i hope you keep

23:02
joining us for

23:03
these podcasts because i'm going to keep

23:05
digging into these products and going

23:07
deeper into strategies as well so with

23:09
that my name is stan

23:11
the annuity man and you have been

23:12
listening to fun with annuity see you

23:14
next time

23:16
thanks for listening to fun with

23:18
annuities please hit the subscribe

23:20
button and make sure to go to my

23:22
site at the annuityman.com where you can

23:25
run your own spea dia

23:26
and culat quotes and see a live feed of

23:29
the best

23:30
maga fix rates in the country and even

23:32
get

23:33
indexed and income writer quotes as well

23:35
you can also

23:36
sign up for my six annuity owner's

23:38
manual books and i'll ship them for free

23:41
and under no

23:42
obligation i also encourage you to

23:44
schedule a one-on-one call with me

23:46
stan the annuity man so we can have a

23:49
full discussion

23:50
of your specific situation it will be

23:52
the best

23:53
brutally factual and truthful advice you

23:56
will ever get and that's one guarantee

23:58
you should definitely take advantage of

24:00
so join me next time for the number one

24:02
annuity podcast

24:04
on the planet fun with annuities

24:18
you

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