MYGA Rates are Going Up Effective 10/13/23
Great News! Lincoln’s MYGuarantee Plus Annuity (MYGA) 5- and 7-Year Rates are going up on 10/13!
($100K Premium Tier example)
5.75%
5 Year Rate
5.50%
7 Year Rate
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- No 30-Day Renewal Window
- 10% Free Withdrawal in 1st Year
*Please note the MYGA rate lock procedures:
Buying a fixed annuity, simplified
We are dedicated to offering clients the guaranteed growth they want for their retirement savings with Lincoln MYGuarantee Plus fixed annuities.
Beginning August 21, 2023, electronic applications will be required to submit business and we are updating our rate lock procedures.
Electronic applications make it simple, streamlined, and secure.
- Electronic applications will be required to submit business; paper applications will no longer be accepted.
- This will help contracts get issued faster and reduce not in good order (NIGO) issues, making it easier to do business with Lincoln.
Please note the “updated rate lock procedures”
- In order to lock in rates before a rate change, the electronic application must be received in Lincoln Annuity New Business by 4:00 pm ET on the business day prior to the effective date of the rate change.
- If the electronic application is received after the cutoff, the contract will receive the new rate.
- Cash with application: Cash must be received, and the contract must be issued within 7 calendar days from the date the application is received.
- NOTE: Transfer of funds from noninsurance accounts to nonqualified annuities are treated as cash with application, such as mutual fund shares, CDs, brokerage accounts, or any other financial institution funds selected in section 2B of the ACORD transfer form (ACORD951).
- 1035 Exchange/Transfer: A 45-day rate hold will apply to Lincoln initiated 1035 exchanges or trustee-to-trustee transfers beginning on the date the application is received, and the contract must be issued within 45 calendar days from the date the application is received.
- If the rate hold period expires, the contract will receive the current interest rate in effect.