MassMutual Stable Voyage MYGA Review (2026)
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Independently reviewed & last updated 2026-06-08
Quick take: Stable Voyage is a single-premium fixed deferred annuity (MYGA) issued by Massachusetts Mutual Life Insurance Company (MassMutual) itself, with 3-, 4- and 5-year guarantee periods and two premium bands (under $100,000 and $100,000+). On the rate sheet effective October 26, 2026 it pays 5.40% / 5.55% / 5.75% for 3 / 4 / 5 years at $100,000+. Strong choice for buyers who want the MassMutual name on the contract.
| Guarantee period | $100,000 or more | Under $100,000 | Source, as of |
|---|---|---|---|
| 3-year | 5.40% | 5.15% | MassMutual Stable Voyage rate sheet, eff. 10/26/2026 |
| 4-year | 5.55% | 5.30% | MassMutual Stable Voyage rate sheet, eff. 10/26/2026 |
| 5-year | 5.75% | 5.50% | MassMutual Stable Voyage rate sheet, eff. 10/26/2026 |
Issued by Massachusetts Mutual Life Insurance Company. 1-year renewal rate after the initial period: 2.75%. Rates can change at any time; confirm the rate for your state on the day you apply. Rates change weekly. Other rate figures further down this page are as of June 8, 2026.
Also see: MassMutual Stable Voyage MYGA Review
Rates expire like milk.
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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.
Ratings (independent third-party)
| Rating Agency | Grade |
|---|---|
| AM Best | A+ |
| S&P | A+ |
| Moody's | A1 |
| COMDEX (composite, 0-100) | 94 |
Hans is independently licensed and is NOT specifically appointed to discuss or sell Massachusetts Mutual Life Insurance Company (MassMutual) products. Reviews are based on publicly available rate sheets, prospectuses, public carrier rate sheets, and carrier filings.
Stable Voyage MYGA, guarantee periods (rate sheet effective October 26, 2026)
| Term | Rate, $100,000+ | Rate, under $100,000 |
|---|---|---|
| 3-year | 5.40% | 5.15% |
| 4-year | 5.55% | 5.30% |
| 5-year | 5.75% | 5.50% |
After the initial guarantee period the contract renews in 1-year periods; the 1-year renewal rate on the same sheet is 2.75%. Premiums over $1,500,000 need MassMutual home-office approval. Free-withdrawal terms vary by contract and state; read the contract before you sign. Source: MassMutual Stable Voyage rate sheet.
Who issues Stable Voyage
Stable Voyage is issued by Massachusetts Mutual Life Insurance Company, Springfield, MA (contract form SPFA11.1 / ICC13-SPFA11.1), not by MassMutual Ascend (the former Great American Life business MassMutual bought in 2021) and not by Sammons. That matters: the guarantee rests on MassMutual itself, the mutual parent.
Pros
- A+ AM Best (top-tier rating)
- Issued by MassMutual itself (the mutual parent)
- 3-, 4- and 5-year guarantee periods
- Mutual carrier structure (no shareholder pressure)
- Strong service infrastructure
Cons
- Rates slightly below A-/B++ peers (you pay ~50 bps premium for A+ rating)
- Best rates need $100,000+ (the under-$100,000 band pays 0.25% less)
- No terms longer than 5 years; 1-year renewal rate after the guarantee is low (2.75% on the 10/26/2026 sheet)
Best for
Buyers who specifically want A+ MYGA from a top-tier mutual carrier and are willing to give up 50 bps for the rating quality.
Comparison to other A+ MYGAs
| Carrier | Product | 5-yr Rate | Free Withdrawal |
|---|---|---|---|
| MassMutual | Stable Voyage 5 | 5.75% (sheet eff. 10/26/2026) | See contract |
| New York Life | Secure Term MVA | 5.40% | 10%/yr Y2+ |
| Pacific Life | Pacific Secure | 5.45% | 10%/yr Y2+ |
| Northwestern Mutual | (does not sell retail MYGA) | n/a | n/a |
The other rows in this table are from the original review and are not current.
How a MYGA works, in plain terms
A MYGA (Multi-Year Guaranteed Annuity) works like a CD from an insurance company. You give the carrier money for a fixed term (3, 5, 7, or 10 years). The carrier guarantees a specific interest rate for that entire term. At maturity, you get your money plus accumulated interest back, or you renew or convert to another product.
The math (MYGA rate as of October 14, 2026, CD rate as of September 24, 2026):
• Put $100,000 in a 5-year MYGA at 5.50%, the low end of what A-rated carriers paid (public carrier rate sheets)
• At year 5 maturity: ~$130,700 (compound growth, no tax until withdrawal)
• Same $100K in a 5-year CD at 4.50% APY, the top national rate (DepositAccounts), taxed each year at 24%: ~$118,300
Why MYGA beats CD:
• Higher rate (about 1.0 to 1.7 points over the best 5-year CDs on September 24, 2026)
• Tax-deferred growth (you owe tax only at withdrawal)
• Terms out to 10 years at a fixed rate
The trade-off:
• Surrender charges if you withdraw before maturity (5-10% typical)
• Free withdrawal of 10% per year (usually) for emergencies
• Locked-in rate for the term, if rates rise after you buy, you're stuck at the lower rate
• IRS 10% penalty on gain portion if withdrawn before age 59½
The only "fee" is built into the contract, no separate annual fee.
Quick MYGA FAQ
Q: Is a MYGA safer than a CD?
A: Both are safe at the retail level. CDs are FDIC-insured (federal); MYGAs are state guaranty fund covered (state). Coverage limits are similar (~$250K).
Q: What happens at maturity?
A: You typically have 30 days to elect: renew at the carrier's then-current rate, withdraw cash, transfer (§1035) to a different annuity, or annuitize for lifetime income. Don't miss the window, many carriers auto-renew if you don't elect.
Q: Can I §1035 exchange to a different MYGA at maturity?
A: Yes, tax-free direct transfer to a new annuity, including a different carrier offering better rates.
Q: What about MVA (Market Value Adjustment)?
A: Some MYGAs have MVA. If you surrender early when rates have RISEN, MVA reduces your surrender value further. If rates have FALLEN, MVA can increase it.
Q: Should I ladder MYGAs?
A: For larger purchases, yes. Splitting across 3-year, 5-year, 7-year locks in rates at multiple maturity dates and gives flexibility to capture future rate moves.
Q: How is MYGA interest taxed?
A: Inside the contract: tax-deferred. At withdrawal (non-qualified): only the gain is taxable as ordinary income. Inside an IRA: standard IRA rules apply.
Q: Can I lose money on a MYGA?
A: Not from market loss (no market exposure). You CAN lose money from early surrender charges + MVA. Stay to maturity = guaranteed return.
Q: Is the rate locked for the full term?
A: Yes. Some MYGAs have a "1-year rate" then "renewal rate" structure, be sure you understand whether the full term is at one rate or steps down.
Look elsewhere if
- You want max yield → Wichita Security 5 at 6.25% (B+)
- You want A- with better rate → Aspida WealthLock 5 at 5.75%
- You want A with very competitive rate → Oxford Multi-Select 5 at 5.55%
My take
Stable Voyage is a single-premium fixed deferred annuity (MYGA) issued by Massachusetts Mutual Life Insurance Company (MassMutual) itself, with 3-, 4- and 5-year guarantee periods and two premium bands (under $100,000 and $100,000+). On the rate sheet effective October 26, 2026 it pays 5.40% / 5.55% / 5.75% for 3 / 4 / 5 years at $100,000+. Strong choice for buyers who want the MassMutual name on the contract. Get a second opinion before signing, most agents only sell one or two carriers and will frame whatever they sell as "the best." We don't.
About Hans Goldstein: Independent retirement income specialist. CA Life License #4273294. NPN #20602398. Reviews 30+ carriers. Phone: 213-414-2808. Email: [email protected].
Goldstein Complexity Index
Every annuity I review gets a complexity score from 0 to 100. Higher means harder to understand. Complexity is where buyers get hurt: riders they didn't know they were paying for, surrender charges that surprise them, and income "benefit bases" they took for cash. SPIAs and MYGAs score low. Products that stack a bonus, an income rider, an MVA and several crediting options score high.
This product's score: 8/100, Grade A+ (Transparent)
Easy to understand. Few moving parts. The buyer can fully explain the product to a friend after one read of the contract.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 1/10 | How many riders, optional or built in (income, death benefit, LTC). Each one adds cost and one more thing to understand. |
| Crediting strategies | 1/10 | How many index options (cap, spread, participation rate, step rate, volatility-controlled indices). More choices are harder to follow. |
| Surrender complexity | 4/10 | Length of the surrender period, plus any MVA and bonus recapture. The longer and more layered it is, the harder it is to know what leaving early costs. |
| Benefit-base separation | 1/10 | Whether there is a separate income base ("PIV") that is not cash but looks like it. This causes more buyer confusion than anything else. |
| Bonus structure | 1/10 | A premium bonus with a recapture schedule. The bonus is real, but you can lose part of it if you leave early. |
How to read this
- A+/A (0-40): Easy to understand. A pure accumulation FIA, a MYGA or a SPIA. Little room for mis-selling.
- B (41-60): Read the contract carefully and get a second opinion before signing. Income riders cause most of the confusion.
- C (61-80): Many owners don't fully understand what they bought. Common mis-sells: a bonus presented as cash, a benefit base presented as account value, surrender charges glossed over.
- D (81-100): Get an independent second opinion before signing. The product may still fit you, but the odds you later say "I didn't know it worked that way" are high.
Why it matters: nobody gets sued for selling a complicated product, but buyers regret them all the time. An annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler one you understood from the start. Simple products are easier to check.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
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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.