Ohio State Life Nex MYGA 3 Review (2026)
Quick take: Ohio State Life Nex MYGAs market through the NexAnnuity platform, an important distinction: NexAnnuity is the marketing and product platform, not the issuing carrier. The Ohio State Life Insurance Company is the actual carrier and the entity whose B+ AM Best rating backs your guarantee. The Nex MYGA 3 base rate is 6.00% APY, effective 9/14/2026 (PlanEasy, AnnuityEducator).
| Term | APY (base, no riders) | Source, as of |
|---|---|---|
| 3-year | 6.00% | PlanEasy, effective 9/14/2026 |
| 5-year | 6.00% | PlanEasy, effective 9/14/2026 |
| 7-year | 5.00% | PlanEasy, affirmed 9/14/2026 |
| 10-year | 5.00% | PlanEasy, affirmed 9/14/2026 |
Same base ladder shown by AnnuityEducator. Optional riders lower the rate (10% free withdrawal and nursing-home waiver about -0.15% each, death benefit about -0.30%). AM Best B+ (Good) per PlanEasy and AM Best. Rates change weekly. Other rate figures further down this page are as of June 27, 2026.
TL;DR, Ohio State Life Nex MYGA 3
- 3-year rate: 6.00% APY (base, effective 9/14/2026)
- 5-year rate: 6.00% APY
- 7-year rate: 5.00% APY
- 10-year rate: 5.00% APY
- AM Best: B+ (Good), Outlook Stable; Long-Term Issuer Credit Rating "bbb-"
- Carrier vs platform: Ohio State Life is the issuing carrier; NexAnnuity is the marketing platform
- Best for: Buyers wanting a short 3-year MYGA at moderate yield with eyes-open acceptance of B+ credit
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 4.50%, the top nationally available 5-year CD (DepositAccounts, September 24, 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 | $118,826 |
|---|---|
| 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 | $7,310 |
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.
Rate Snapshot (effective 9/14/2026)
Per AnnuityEducator's Ohio State Life product reviews:
| Term | APY | Source |
|---|---|---|
| 3-year | 6.00% | PlanEasy, AnnuityEducator |
| 5-year | 6.00% | PlanEasy, AnnuityEducator |
| 7-year | 5.00% | PlanEasy, AnnuityEducator |
| 10-year | 5.00% | PlanEasy, AnnuityEducator |
Notable rate-curve oddity: 3 and 5 year rates exceed 7 and 10 year rates by 60-75 bps. This is unusual for MYGAs, typically longer terms pay higher rates. The inversion likely reflects either NexAnnuity's product-positioning choice (concentrate yield on shorter terms) or hedging-cost differences across the curve.
Carrier financial strength, the NexAnnuity vs Ohio State Life distinction
One of the most common buyer confusions on this product line is the difference between the carrier and the platform. NexAnnuity is NOT an insurance carrier. NexAnnuity is a relatively new annuity marketing and product platform (see nexannuity.com) that distributes products issued by partner insurance carriers. The Ohio State Life Insurance Company is the actual issuing carrier on the Nex MYGA 3.
What this means in practice:
- The AM Best rating that matters is Ohio State Life's: B+ (Good), Stable outlook, Long-Term ICR of "bbb-".
- Your contract is with Ohio State Life Insurance Company. Your claim, in any scenario, is against Ohio State Life and is subject to your state's guaranty-association coverage.
- NexAnnuity is the brand and the buying experience. Modern platform, simpler quote/apply process, but the underlying credit is Ohio State Life's.
- Don't conflate platform freshness with carrier rating. The platform may feel modern; the carrier rating is what determines your downside.
Per AM Best's press release (refnum 33064), the B+ rating reflects Ohio State Life's balance-sheet strength and operating performance assessed against the broader life-insurance industry. The "bbb-" Long-Term Issuer Credit Rating is the lower end of investment grade. Stable outlook means AM Best does not anticipate a rating change in the near term.
Product mechanics
Surrender schedule
3-year MYGAs typically carry a 3-year declining surrender schedule. Industry-standard pattern: approximately 9% / 8% / 7% / 0%. Confirm exact percentages on the Ohio State Life contract form for your state.
Free withdrawal terms
Industry-standard 10% of accumulation value per contract year after the first contract year. Some Nex products allow 10% in year 1; confirm on the contract form.
Market Value Adjustment (MVA)
Most Nex MYGAs include a Market Value Adjustment on early surrender above the 10% free band. Two-way MVA. MVA does not apply to penalty-free withdrawals, RMDs, or death benefit.
Minimum guaranteed rate
Not consistently disclosed in public AnnuityEducator listings. Typical industry floor for B+ MYGAs is 1.00-2.00%. Confirm on the contract form before applying.
Premium minimum & issue ages
Per Nex marketing materials, minimums are competitive ($10,000-$25,000 typical). Issue ages typically 0-85. Confirm state-by-state.
Death benefit
Full accumulation value at death of owner during the guarantee period (no surrender charges, no MVA).
All Term Variants, Nex MYGA by Ohio State Life (rates effective 9/14/2026)
NexAnnuity, powered by The Ohio State Life Insurance Company (AM Best B+), offers the Nex MYGA in four guarantee periods. Full lineup with current rates:
| Term | APY (effective 9/14/2026) | Premium minimum | Best for |
|---|---|---|---|
| 3-year (this review) | 6.00% | $10,000 | CD-replacement rung; reladder optionality in 2029 |
| 5-year | 6.00% | $10,000 | Flat-curve sweet spot, same APY as the 3-year for 2 extra years of lock; only worth it if you genuinely don't need liquidity |
| 7-year | 5.00% | $10,000 | Pre-retiree planning where 7-year fits a known income start date; lower APY than 3/5-year flags an inverted curve |
| 10-year | 5.00% | $10,000 | Long-dated lock at B+ credit; for 10-year horizons, A-rated options are usually cleaner |
Term selection guide: The Nex MYGA rate curve is inverted past 5 years: you're penalized 100 bps for taking the 7 or 10 year over the 3 or 5 year (6.00% vs 5.00%, effective 9/14/2026). That's an unusual and important signal: the carrier is effectively telling you not to lock duration here. For most buyers the 3-year at 6.00% is the obvious play (same APY as the 5, less surrender exposure). The 5-year only makes sense if you're certain you won't touch the money. Avoid the 7 and 10 year Nex.
Sources: PlanEasy Nex MYGA 3 (effective 9/14/2026), AnnuityEducator. Checked 9/25/2026; subject to change.
What we like
- Short 3-year term keeps optionality high. For buyers who want to lock yield short and reassess at maturity, the 3-year point is the sweet spot.
- Modern buying platform. NexAnnuity's distribution platform is genuinely cleaner than legacy carrier portals.
- Stable AM Best outlook. No anticipated rating downgrade in the near term.
- State guaranty association coverage applies. Same framework as any licensed carrier.
- Strong 3-year rate. 6.00% APY for 3 years (effective 9/14/2026) is near the top of the 3-year MYGA market.
What we don't
- B+ is the lowest of the "B" bands we cover. Below B++ (Gulf Coast Life, Nassau) and well below A-. The lowest investment-grade tier most independent advisors will quote.
- Inverted rate curve. 3 and 5 year rates exceed 7 and 10 year rates, unusual and worth understanding before signing.
- Carrier/platform confusion risk. Buyers must understand that Ohio State Life is the carrier, not NexAnnuity.
- Limited in-force renewal history. Platform is too new for meaningful renewal-integrity grading.
- Credit step-down for the yield. The Nex 3 pays 6.00%, but at B+ credit. Price the gap against a same-day A-rated 3-year quote before deciding whether the premium is worth it.
Who this is best for
Persona: A buyer placing $25K-$150K of short-duration fixed-income money who wants a clean 3-year MYGA at a competitive rate, understands the NexAnnuity/Ohio State Life carrier distinction, accepts B+ credit risk within state guaranty limits, and likes the short 3-year reassessment window.
Not a fit: Buyers who want only A-rated paper. Buyers placing more than the state guaranty limit in a single carrier. Buyers who don't understand the carrier vs platform distinction. Buyers who want longer-term lock (7-10 year rates on this product are 60-75 bps below the 3-year, which doesn't reward duration).
vs. competitor table (3-year MYGAs)
| Product | AM Best | 3-yr APY | Notes |
|---|---|---|---|
| Ohio State Life Nex MYGA 3 | B+ | 6.00% (9/14/2026) | Inverted curve; platform-distributed |
| Aspida Synergy Choice 3 | A- | ~5.40% | Mainstream A- option |
| Oceanview Harbourview 3 | A- | ~5.30% | Established A- option |
| Atlantic Coast Life Safe Harbor 3 | C+ (cut 9/22/2026) | ~5.85% | AM Best downgrade, under review |
| Nassau Simple Annuity 3 | B++ | ~5.55% | Comparable B-tier |
Comparison rates approximate, per AnnuityEducator, AnnuityAdvantage, and Annuity.org 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: 44/100, Grade B (Moderate)
Product mechanics are standard MYGA, but the carrier-vs-platform distinction adds an explanatory burden buyers frequently get wrong. The inverted rate curve (3yr > 10yr) is also unusual enough to warrant understanding before signing.
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 guarantee term. |
| Surrender complexity | 4/10/10 | Standard 3-year declining + MVA. |
| Benefit-base separation | 1/10/10 | Single accumulation value. |
| Carrier/platform clarity | 8/10/10 | NexAnnuity vs Ohio State Life confusion is real and common. Buyers must understand who the carrier actually is. |
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
- AnnuityEducator, Ohio State Life carrier reviews
- AM Best press release, Ohio State Life rating (refnum 33064)
- NexAnnuity, 2022 year in review (platform context)
- NOLHGA, state guaranty association coverage
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
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
My take
Ohio State Life Nex MYGA 3 at 6.00% APY (effective 9/14/2026) pays near the top of the 3-year market, but on B+ credit. The product makes the most sense for buyers who understand the carrier-vs-platform distinction and are placing $25K-$150K within state guaranty limits. Price it against a same-day A-rated 3-year quote before deciding the credit step-down is worth it.
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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 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 often, sometimes monthly or when a contract is refiled. 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 (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 carrier paid for 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.