Annuity Review Carrier: AmFirst Insurance Company (asset management by Axonic Capital) AM Best: A- Last updated: 2026-06-27

AmFirst / Axonic Waypoint MYGA 5 Review (2026)

Quick take: AmFirst Axonic Waypoint is the rare MYGA where you can name the asset manager backing the general account — Axonic Capital, a roughly $5B institutional alternatives shop. AnnuityAdvantage shows 5.70% APY for the 5-year term as of June 2026 with a $100K floor. The institutional pedigree is the real story here.

TL;DR — AmFirst Axonic Waypoint MYGA 5

Current rate: 5.70% APY for 5 years (per AnnuityAdvantage, June 2026)
AM Best: A- (Excellent)
Premium minimum: $100,000 (this is a high-band product)
Free withdrawal: 10% annually after year 1
Asset manager: Axonic Capital (~$5B institutional alternatives manager) partnered with AmFirst Insurance Company
Best for: Buyers placing $100K–$500K who want a competitive A- rated 5-year MYGA with named institutional asset management

Carrier Financial Strength Ratings · AmFirst Insurance Company (Axonic Capital partnership)

AM Best

A-

S&P

—

Moody's

—

Fitch

—

AmFirst Insurance Company carries an AM Best A- (Excellent) rating. The Axonic partnership applies to general-account asset management; the issuing carrier remains AmFirst.

Renewal Rate Integrity: Tier B — Above Average

Newer product line. AnnuityRateHQ and PlanEasy both note competitive renewal posture relative to peers, but in-force renewal history is limited because the product family is young.

Customer Service: Good

Mid-size carrier with institutional asset-management partner. Advisor channel is the typical service path.

Ratings reflect publicly-reported AM Best assessments as of 2026. MYGAs are backed by carrier general account assets plus state guaranty association coverage (limits vary by state, typically $250K–$500K). Always confirm current ratings against carrier filings and AM Best (ambest.com) before purchasing.

Live Rate Snapshot — June 2026

Per AnnuityAdvantage and AnnuityRateHQ public leaderboards as of June 2026:

Term	APY	Premium band	Source
5-year (Waypoint MYGA 5)	5.70%	$100,000+	AnnuityAdvantage
3-year	~5.30%	$100,000+	AnnuityRateHQ
7-year	~5.85%	$100,000+	AnnuityRateHQ

The 5.70% rate at the A- tier is genuinely competitive — it sits within 15–30 bps of the best A-rated 5-year MYGAs at the $100K+ band. The price of admission is the $100K minimum.

Carrier financial strength — the Axonic partnership explained

The Waypoint MYGA is interesting because the marketing front-and-center names two parties: AmFirst Insurance Company (the licensed insurance carrier that actually issues the contract and stands behind the guarantee) and Axonic Capital (a New York–based institutional alternatives asset manager with roughly $5B AUM). Per AnnuityRateHQ and PlanEasy's product reviews, Axonic provides asset-management services to the general account that backs Waypoint products.

What this means in practice:

Your guarantee is from AmFirst Insurance Company. Axonic is not the carrier; they are a sub-advisor on the general account. Your claim, in a stress scenario, is against AmFirst (A- AM Best) and is subject to your state's guaranty-association coverage.
Axonic's institutional pedigree is a credit positive. Naming a $5B alternatives manager as the asset advisor is more transparency than most MYGA carriers provide. Most carriers don't disclose who actually manages the bond portfolio backing your MYGA.
It's a PE-adjacent structure, but with disclosure. Many of the new-entrant MYGA carriers (Aspida, Athene, F&G to some extent) operate similar asset-manager partnership structures. The Axonic version is unusual in how openly the partnership is marketed.

The honest framing: A- is a solid rating. The Axonic disclosure is a plus, not a minus. The $100K minimum filters out smaller buyers and likely lets AmFirst run the product profitably at a tighter spread, which is part of why the rate is competitive.

Product mechanics

Surrender schedule (5-year)

Per AnnuityAdvantage's product disclosure, the Waypoint MYGA 5 carries a 5-year declining surrender charge schedule. Typical pattern for this product class: approximately 9% / 8% / 7% / 6% / 5% / 0%. Confirm exact percentages on the specific contract form for your state.

Free withdrawal terms

10% of accumulation value per contract year, penalty-free, beginning in year 2 (year 1 typically locked or limited to RMDs). RMDs above the 10% band are typically permitted without penalty for qualified contracts.

Market Value Adjustment (MVA)

The Waypoint MYGA includes an MVA on early withdrawals above the 10% free-withdrawal band. Two-way MVA: if rates rise after issue, surrender value drops; if rates fall, surrender value increases. MVA does not apply to penalty-free withdrawals, RMDs, or death benefit.

Minimum guaranteed rate

Per AnnuityAdvantage's product brochure, the minimum guaranteed rate on Waypoint MYGAs is typically in the 1.00–2.00% band — confirm the exact floor on your state-specific contract form. The floor is only relevant after the initial guarantee period ends.

Death benefit

Full accumulation value (no surrender charges, no MVA) at death of owner during the guarantee period.

All Term Variants — Axonic Waypoint MYGA (Updated June 28, 2026)

Contrary to some carrier shelves that only show the 5-year, the Axonic Waypoint MYGA (issued by AmFirst Insurance Company, A- rated) is sold in five guarantee periods. Rates by term and premium band:

Term	Low band ($20K–$99,999)	High band ($100K+)	Best for
2-year	~4.70%	~5.00%	Ultra-short tax-deferral, bridge to a known liquidity event
3-year	~5.15%	~5.45%	CD-replacement rung, optionality to reladder in 2029
5-year (this review)	~5.25%	~5.70%	Traditional retirement-parking window at A- credit
7-year	~5.25%	~5.50%	Pre-retiree income runway; minimal pickup over 5-year
10-year	~5.10%	~5.50%	Long-dated A-rated lock; modest yield premium does not compensate for double the surrender exposure

Term selection guide: The Waypoint rate curve is flat to inverted beyond the 5-year — you're not paid for the extra duration. For most buyers the 5-year high-band ($100K+) at ~5.70% is the cleanest expression of the product. The 3-year high-band at ~5.45% is the second-best rung if you value reladder optionality over yield pickup. Premium-band matters more than term here: dropping from $100K to $99K costs you 25–45 bps across the curve, so consolidate if you can. For 10-year horizons there are better A-rated options (Mass Mutual Ascend, Athene MaxRate, F&G Guarantee Platinum) paying 5.85–6.25%.

Sources: AnnuityRatesHQ (annuityrateshq.com/reviews/amfirst-axonic-waypoint-multi-year-guarantee-annuity-myga), AnnuityAdvantage rate sheet, Alpha Solutions Mgt Axonic rate sheet (alphasolutionsmgt.com). Rates verified June 28, 2026; subject to change.

Compare across Waypoint terms or A-rated peers: Call 213-414-2808 for a side-by-side at your state and premium band — including F&G Guarantee Platinum and Athene MaxRate for the 7/10-year buckets where Waypoint's curve flattens.

What we like

A- rating with a competitive yield. 5.70% at A- is roughly best-in-class for the 5-year term at the $100K band; most A-rated peers cluster in the 5.40–5.85% range.
Named institutional asset manager. Axonic Capital disclosed as sub-advisor on the general account — unusual transparency in the MYGA space.
Clean 10% free-withdrawal band. Standard liquidity feature works as advertised; no carve-outs or gotchas in the product literature.
RMD-friendly. RMDs above the 10% band typically permitted without penalty for qualified money.
Short 5-year term keeps optionality high. Lets buyers reassess at maturity in a different rate environment.

What we don't

$100K minimum locks out smaller buyers. This is a high-band product. If you have $50K to place, you'll be looking elsewhere.
Young product family. Limited in-force renewal history; renewal-rate integrity is hard to grade without 3+ years of post-guarantee data.
Two-way MVA in both directions. Standard but adds complexity for buyers who may need partial liquidity above the 10% band.
AmFirst is a smaller carrier than Athene/F&G/MassMutual. The A- rating is solid, but counter-party scale matters in a tail scenario.
Axonic relationship adds explanatory burden. Buyers who don't understand the carrier-vs-sub-advisor distinction may misread who their guarantee is actually from.

Who this is best for

Persona: A retiree or accredited investor placing $100K–$500K of 5-year fixed-income money who wants an A- carrier, values transparency on asset management, and is comfortable with a young product line backed by an institutional alternatives partnership. Likely already familiar with private-credit and alternatives concepts (otherwise the Axonic angle is just noise).

Not a fit: Buyers with less than $100K. Buyers who only want the largest, most established A+ carriers. Buyers who can't articulate the difference between an issuing carrier and an asset sub-advisor.

vs. competitor table (5-year MYGAs at $100K+ band, A-/A rated)

Product	AM Best	5-yr APY	Min premium
AmFirst Axonic Waypoint 5	A-	5.70%	$100,000
Aspida Synergy Choice 5	A-	~5.65%	$10,000
Oceanview Harbourview MYGA 5	A-	~5.55%	$20,000
Americo Platinum Assure 5	A	~5.50%	$10,000
Nassau Simple Annuity 5	B++	~5.80%	$15,000

Comparison rates approximate, per AnnuityAdvantage and AnnuityRateHQ public leaderboards June 2026.

Goldstein Complexity Index

A core part of every Goldstein review. The more complex an annuity, the worse the rating in this dimension — because complexity is where buyers get burned (confusing riders, hidden fee structures, surrender penalties that surprise people, benefit bases mistaken for cash). Simple products (SPIAs, MYGAs) score low; products with stacked bonuses + income riders + MVA + multiple crediting strategies score high.

This product's score: 35/100 — Grade A (Simple)

Standard 5-year MYGA: single fixed rate, declining surrender, two-way MVA, 10% free band. The only added explanatory burden is understanding that AmFirst is the carrier and Axonic is the sub-advisor — once that's clear, the contract is conventional.

Score breakdown

Dimension	Score (1–10)	What this measures
Riders	1/10/10	No optional riders.
Crediting strategies	1/10/10	Single fixed rate for the 5-year term.
Surrender complexity	4/10/10	5-year declining schedule plus MVA. Standard.
Benefit-base separation	1/10/10	Single accumulation value.
Bonus structure	1/10/10	No premium bonus on this product.

How to read this

A+/A (0–40): You can understand what you bought. Pure MYGA, SPIA, or accumulation FIA. Low risk of mis-selling.
B (41–60): Read the contract carefully and get a second-opinion review before signing.
C (61–80): Many buyers don't fully understand what they own. Common mis-selling vectors.
D (81–100): Demands an independent producer second opinion before signing.

Sources cited in this review

All rate data sourced from third-party aggregators and carrier-direct disclosures as of June 2026. Rates change monthly; reconfirm before purchasing.

Frequently Asked Questions

Is AmFirst or Axonic the actual carrier on my contract?

AmFirst Insurance Company is the issuing carrier and the entity whose A- AM Best rating applies to your guarantee. Axonic Capital is a named asset-management sub-advisor on AmFirst's general account that backs Waypoint products. Your claim, in any scenario, is against AmFirst.

Why is the minimum $100,000?

Waypoint is positioned as a high-band product. The higher minimum lets AmFirst manage the book at a tighter spread, which supports the competitive yield. If you have less than $100K, look at Aspida Synergy Choice or Oceanview Harbourview at lower minimums.

How does the Axonic partnership compare to PE-owned carriers like Athene?

Conceptually similar: an institutional asset manager runs the general-account assets. Athene is owned by Apollo; Aspida is partnered with Ares-affiliated managers. Waypoint discloses the Axonic role more openly than most. The rating-agency assessment (A- for AmFirst) already incorporates the asset-management structure.

Can I withdraw money before year 5?

10% of accumulation value per contract year, penalty-free, after year 1. Withdrawals above the 10% band incur the surrender charge (~9% in year 2 declining to 5% in year 5) plus MVA.

What if AmFirst becomes insolvent?

Your state guaranty association covers MYGA principal and accrued interest up to your state-specific limit (typically $250K in present value per carrier per state). Sizing within that limit substantially mitigates credit risk. Confirm your state limit at nolhga.com.

Is this product available in my state?

Availability varies. AmFirst is licensed in most but not all U.S. states. Confirm state availability with your independent broker before applying.

Can I use this for an IRA or 1035 exchange?

Yes — Waypoint is offered on both qualified (IRA, Roth IRA) and non-qualified bases. 1035 exchanges from existing non-qualified annuities are accepted.

How does the renewal rate work after year 5?

At end of the 5-year guarantee, you can take the money penalty-free (full accumulation value, no surrender, no MVA), 1035-exchange to a new annuity, or accept the carrier's renewal rate for a new guarantee period. Renewal rates are set at the carrier's discretion subject to the contract minimum.

Related Goldstein research

Best MYGA Rates 2026 — current top-of-market rates across all carriers
Why a MYGA Is Best for Most Retirees — the case for boring
Renewal Rate Integrity — Grading Carriers — who keeps in-force rates competitive
1-Year MYGA vs CD — 1035 Exchange Flexibility
CD vs MYGA Comparison
AM Best Ratings Explained for Annuity Buyers

Bottom line

AmFirst Axonic Waypoint MYGA 5 is a competitive A- rated 5-year MYGA at the $100K+ band, distinguished by the unusual transparency around Axonic Capital as the named asset sub-advisor. At 5.70% APY in June 2026, it's within a hair of the best A-rated 5-year rates — and the institutional asset-management disclosure is a credit-positive worth noting. For buyers placing $100K–$500K who want A- rated paper with named asset management, this belongs on the shortlist alongside Aspida, Oceanview, and Americo.

Get an independent quote on this product

Hans is licensed in CA and writes through multiple A-rated carriers.

MYGAs are short-listable in 10 minutes if you give an independent broker the carrier name, term, and premium amount. Hans will pull side-by-side quotes from comparable A- and A-rated alternatives, walk you through the surrender schedule and MVA in plain English, and answer the renewal-rate-integrity question for the carrier you're considering.

Drop your info — within 24 hours, you'll get a written independent comparison, two competing quotes at the same term, and a 15-minute no-pressure call if you want one.

Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers

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Disclosure

This review reflects publicly available product materials, third-party rate aggregators (Annuity.org, AnnuityAdvantage, AnnuityEducator, PlanEasy, ImmediateAnnuities.com), and carrier filings as of the date stated above. Annuity rates, surrender schedules, free-withdrawal terms, MVA factors, and minimum guaranteed rates change frequently — typically monthly or upon contract refile. Always confirm current values against the most recent carrier disclosure document and the actual contract before purchasing. This article is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers; the producer's specific appointment status with the carrier discussed in this review may vary, and this review is not an endorsement of carrier appointment. No compensation has been received from any carrier in connection with the publication of this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity. AM Best, S&P, Moody's, Fitch, and KBRA ratings are subject to change; lower-rated carriers (B/B+/B++) carry higher counter-party risk and may be supported in part by state guaranty associations, but coverage limits vary by state and are not a substitute for carrier financial strength.