Goldstein Scorecard: C+ (dated October 4, 2026). See how it is graded.
Clear Spring Life Preserve MYGA Review: Surrender Schedule, Rating Watch and the Former Guggenheim Life Name
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Clear Spring Life’s Preserve brochure, product center and September 21, 2026 update, and SEC filings, on October 4, 2026 · Updated
The Preserve Multi-Year Guaranteed Annuity is issued by Clear Spring Life and Annuity Company, formerly Guggenheim Life and Annuity (part of Group 1001 since November 12, 2021). Per its brochure, guarantee periods run 3 to 10 years, surrender charges start at 7% and fall to 0.75% in year 10, an MVA applies, and 10% a year is free from year 2. AM Best rates Clear Spring Life A- with a negative outlook (July 2026). Current rates are not publicly disclosed.
Rating watch (checked October 4, 2026): AM Best rates Clear Spring Life and Annuity Company A- (Excellent), outlook negative: in July 2026 AM Best affirmed the rating and revised the outlook from Positive to Negative, as reported in Clear Spring Life’s update dated September 21, 2026 (source; AM Best release).
The same company update says Clear Spring Life disclosed on June 26, 2026 the reclassification of a material portion of its private credit investments from unaffiliated to affiliated, after a grand jury subpoena from the U.S. Attorney’s Office for the Southern District of New York in early February 2026, and that the SEC is conducting a parallel investigation. It reports affiliated assets of 59%, 52% and 49% of general account invested assets at December 31, 2025, March 31, 2026 and June 30, 2026, and a target of about 10% by June 30, 2027 under an asset purchase agreement with its parent, TWG Global, that still needs regulatory approval. Its sister company Delaware Life (also Group 1001) carries the same AM Best grade and outlook.
What it means: an annuity’s values and any contractual guarantees are backed by the claims-paying ability of Clear Spring Life and Annuity Company. If an insurer fails, state guaranty associations cover annuity values up to set limits (in California, 80% of value up to $250,000 per owner per insurer; see California guaranty coverage and guaranty limits by state). A rating action is not a default. It is a reason to keep the amount per insurer within your state’s limit and to read the latest rating before you buy.
Correction (October 4, 2026): an earlier version of this page showed a June 8, 2026 rate of 5.15% for a 4-year Preserve contract, a $100,000 minimum, a maximum issue age of 90, an S&P A- rating, a June comparison table of other carriers and a star score. None of these could be matched to a current public Clear Spring Life document or a dated primary source, so they were removed. The earlier statement that Group 1001 is “known for private-credit-heavy investment portfolios” was unsourced and has been replaced by the company’s own dated disclosure above.
Formerly Guggenheim Life: what changed
- November 12, 2021: after regulatory approval, Clear Spring Life and its subsidiaries were acquired by CSLIC Holdings, a subsidiary of Group 1001 Insurance Holdings, LLC. “Prior to November 12, 2021, Clear Spring Life was a wholly owned indirect subsidiary of Guggenheim Capital, LLC” (SEC filing).
- Same contract form: Preserve is issued on form GLA-MYGA-01 (2011) or a state variation, the Guggenheim-era form. Contracts bought under the Guggenheim name continue under Clear Spring Life.
- If you searched “Guggenheim Life MYGA”: this is that product today. Match the form number on your contract to the issuer before you compare renewal offers.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Preserve MYGA: surrender schedule and contract basics
Per the brochure, premium payments, less any surrender charges, premium taxes and MVA, are backed by the claims-paying ability of Clear Spring Life and Annuity Company. Clear Spring Life’s product center lists Preserve alongside its fixed index annuities (checked October 4, 2026).
| Guarantee period | Yr 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3-year | 7% | 6% | 5% | |||||||
| 4-year | 7% | 6% | 5% | 4% | ||||||
| 5-year | 7% | 6% | 5% | 4% | 3% | |||||
| 7-year | 7% | 6% | 5% | 4% | 3% | 2% | 1% | |||
| 10-year | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 1% | 1% | 0.75% |
| Feature | Preserve MYGA (Clear Spring Life) |
|---|---|
| Issuer | Clear Spring Life and Annuity Company (formerly Guggenheim Life and Annuity Company); part of Group 1001 since November 12, 2021; not licensed in New York |
| Contract form | GLA-MYGA-01 (2011) or a state variation |
| Current declared rates | Not publicly disclosed; ask for the current rate sheet and its effective date |
| Minimum rate after the term | Not publicly disclosed in the brochure; ask for the contract minimum in writing |
| MVA | Yes: “applied any time a surrender charge is applied”; based on the change in the company’s base rates on new sales of the same form; does not apply to penalty-free withdrawals, the death benefit or the end of a guarantee period |
| Free withdrawal | One a year from contract year 2, up to 10% of the prior-anniversary account value; surrender charges on RMDs above that are waived |
| Renewal | 30-day window at term end with no charge or MVA; if no election, renews for the same period with a new rate, new surrender schedule and MVA |
| Riders (no charge) | Nursing home care (bought before 76, in force 1 year, 90 days confinement; not in MA); terminal or critical illness (owner not older than 70) |
| Premium and issue ages | Not publicly disclosed in the brochure |
| Death benefit | Account value |
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength (AM Best) | C+ | A- (Excellent) affirmed July 2026 with the outlook revised to Negative; SDNY grand jury subpoena and parallel SEC investigation disclosed; affiliated assets 49% of invested assets at 6/30/2026 (company update, 9/21/2026). |
| Rate competitiveness | Incomplete | No public rate sheet to compare with the dated benchmark. |
| Guaranteed floor | Incomplete | Minimum rate after the term is not in public documents. |
| Liquidity | B | Surrender starts at 7% and steps down 1 point a year; MVA applies; 10% free from year 2; charges reset on renewal. |
| Costs | A- | No charge for the nursing home or terminal illness riders; the brochure lists no annual fee. |
| Transparency | D | No public rates; the only public brochure carries a 2024 copyright and an “EXP 01/25” code. |
| Overall | C+ | Weighted toward financial strength, guaranteed floor and liquidity for a buyer who wants a known result. |
Get the current numbers for your amountor call 213-414-2808
Pros and cons
- Pro: a wide menu of guarantee periods (3 to 10 years in the brochure) and a surrender schedule that starts at 7% and drops 1 point a year.
- Pro: no-charge nursing home and terminal or critical illness riders, and surrender charges on RMDs above 10% are waived.
- Con: rates and the minimum rate after the term are not public, so you cannot compare it without a dated rate sheet from an agent.
- Con: AM Best A- with a negative outlook, and federal investigations disclosed by the company.
- Con: if you miss the 30-day window, it renews for the same period with a new surrender schedule and MVA.
Who it’s for, and when to look elsewhere
Fits: an existing owner of a Guggenheim-era MYGA who needs to know who now services it, or a buyer who has a current, dated Preserve rate sheet in hand and is comfortable with the rating outlook.
Look elsewhere if: you want a carrier that publishes its rates, a stable outlook, or New York availability. A MYGA locks a declared rate for the term, so compare dated rates from several A-rated carriers. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: MYGA growth calculator · MYGA vs CD after-tax calculator. Related: Delaware Life Pinnacle Plus MYGA (also Group 1001) · Is a MYGA from a PE-owned carrier still safe? · 5-year MYGA rates compared · Annuity second opinion
Questions to ask your agent
- What is today’s Preserve rate for my term and premium, and what is the effective date on the rate sheet?
- What is the guaranteed minimum rate after the initial term, in writing?
- Show me the surrender schedule by year for my state, how the MVA is calculated, and the 10% free withdrawal rules.
- What are the minimum and maximum premium and the issue ages for Preserve today?
- How are you paid on this product? The commission comes from the insurer, is built into pricing and is not deducted from my premium (the brochure says commissions are paid from the company’s general assets). What percentage is it, and does a longer term pay you more? (Background: how annuity commissions work.)
From my desk
When someone brings me a contract with an older carrier name on it, I first match the form number to the current issuer. Here that is GLA-MYGA-01, now Clear Spring Life. Then I read the carrier’s own disclosures, and Clear Spring Life’s September 21, 2026 update is required reading before any new money goes in.
The number owners most often misread on a MYGA like this is the renewal. Preserve renews automatically for the same period if you miss the 30-day window, and that restarts the surrender charges and MVA. I put the window on the calendar and compare published rates from other carriers before it opens, the same way I would compare any MYGA: dated rate, term, surrender schedule and insurer rating side by side.
Hypothetical, not a quote: on a $100,000 10-year Preserve contract, a $30,000 withdrawal in year 4 would free $10,000 (if the account value on the prior anniversary is still about $100,000) and charge 4% on the other $20,000, or $800, plus or minus the MVA.
Frequently asked questions
Is Clear Spring Life the same company as Guggenheim Life?
Yes. Guggenheim Life and Annuity Company was acquired by CSLIC Holdings, a subsidiary of Group 1001 Insurance Holdings, effective November 12, 2021, and now operates as Clear Spring Life and Annuity Company. SEC filings describe it as formerly Guggenheim Life and Annuity Company. Contracts bought under the Guggenheim name continue with Clear Spring Life.
What are the Clear Spring Preserve MYGA rates?
Not publicly disclosed. Clear Spring Life does not post a Preserve rate sheet on its public site (checked October 4, 2026). Ask for the current rate sheet with its effective date and the minimum rate after the term in writing.
What is the Preserve MYGA surrender schedule?
Per the Preserve brochure: 7%, 6%, 5%, 4%, 3%, 2%, 1%, 1%, 1%, 0.75% for the 10-year period, with the 3 to 9-year periods stopping at their own length. State variations apply, including California, and the charges reset if you renew into a new guarantee period.
Can I take money out of Preserve without a charge?
One penalty-free withdrawal a year starting in contract year 2, up to 10% of the account value on the prior contract anniversary. Larger withdrawals carry the surrender charge and the MVA. Surrender charges on required minimum distributions above the 10% are waived, and the 30-day window at the end of each guarantee period has no charge or MVA.
What is Clear Spring Life’s AM Best rating?
A- (Excellent). In July 2026 AM Best affirmed the rating and revised the outlook to Negative from Positive, after Clear Spring Life reclassified a material portion of its private credit investments as affiliated (Clear Spring Life update dated September 21, 2026).
What happens when a Preserve guarantee period ends?
Clear Spring Life gives a 30-day window to withdraw or surrender with no surrender charge or MVA. If you make no election, the contract renews for the same guarantee period at a new rate, with a new surrender charge period and MVA.
Sources (checked October 4, 2026)
- Clear Spring Life, Preserve Multi-Year Guaranteed Annuity brochure (BROC-MYGA): ©2024, linked October 4, 2026
- Clear Spring Life, Product Center: checked October 4, 2026
- Clear Spring Life, Information About Affiliated Investments Reduction Plan & Control Remediation Plan: September 21, 2026
- AM Best, press release on Group 1001 subsidiaries’ outlooks: July 2026 (linked from the Clear Spring Life update)
- Gainbridge Life Insurance Company, SEC POS AM filing (Clear Spring Life history): filed April 2025
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026); see MYGA rates
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Clear Spring Life, Group 1001 or Guggenheim. Figures are copied from the documents named, with their dates. Examples labelled hypothetical are illustrations, not quotes.
Get a second opinion before you sign
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MYGAs lock in your rate for the full term. Before you commit, is this carrier's rate actually competitive vs. the full market? Is the rating tradeoff worth it? Before signing, get an independent review of the rate, surrender schedule, and carrier strength.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.