NexAnnuity Life MYGA Review (2026): Aspida's Quieter Sibling
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: NexAnnuity Life is owned by Ares Management, the same parent as Aspida. Its MYGA rates run close to Aspida's and it carries an A- rating. Compare both before you sign.
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 | n/a |
| COMDEX (composite, 0-100) | 82 |
Hans is independently licensed and is not specifically appointed to discuss or sell NexAnnuity Life products. Reviews are based on publicly available rate sheets, prospectuses, public carrier rate sheets, and carrier filings.
Rates (as of June 2026)
3-year: 5.10% / 5-year: 5.55% / 7-year: 5.65%
Bonus: None
Surrender schedule: Standard declining MYGA schedule, plus an MVA
What I like
An A- rating, which is above most fraternal competitors. Yield backed by a private-credit portfolio. A clean product with no rider clutter.
What I don't
Less brand recognition than Aspida itself. A balance sheet heavy in private credit, the same concern I have with other Apollo and Ares-owned carriers. And the MVA can hurt if rates spike during the surrender period.
Who this is best for
Buyers who want Aspida-style yield with an A- rating behind it and don't already own an Aspida contract.
How this MYGA stacks up against the field
If you're shopping this product, check these pages too:
- See Best MYGA Rates 2026 for current top-of-market multi-year guarantee rates
- See Best FIA Caps 2026 for top accumulation FIA caps
- Read about the Goldstein Complexity Index to compare product complexity scores
- Check Renewal Rate Integrity to see why teaser rates often collapse at renewal
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
We’ll email you when a rate on this page changes. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
My take
NexAnnuity is Aspida's quieter sibling: same Ares parent, similar rates, same A- rating. If it's on your shortlist, price it against Aspida before you sign. Most agents sell one or two carriers and call whatever they sell "the best." I compare across carriers.
About Hans Goldstein: Independent retirement income specialist. CA Life License #4273294. NPN #20602398. Reviews 30+ carriers across MYGA, FIA, SPIA, DIA, RILA, and Hybrid Life+LTC. 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: 9/100, Grade A+ (Transparent)
Few moving parts. After one read of the contract, you could explain this product to a friend.
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 | 5/10 | 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.
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 to 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. There's 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. It's a 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.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A MYGA locks your rate for the full term, so check two things before you commit: whether this carrier's rate is competitive with the whole market, and whether the rating tradeoff is worth it. I'll review the rate, surrender schedule and carrier strength for you before you sign.
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Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
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.