Wichita National Life Security 5 MYGA, Honest 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
Last updated: June 8, 2026 · Rate check: Security 5 at 6.25% confirmed on public carrier rate sheets and PlanEasy on 9/25/2026 (unchanged since 10/28/2025)
| Product | Base APY | With 10% free withdrawal rider |
|---|---|---|
| Security 3 | 5.85% | 5.70% |
| Security 5 | 6.25% | 6.10% |
| Security 7 | 6.10% | 5.95% |
| Security 10 | 6.05% | 5.90% |
$10,000 to $1,000,000. public carrier rate sheets via MyAnnuityStore and PlanEasy: rates unchanged since 10/28/2025, still listed 9/25/2026. Enhanced death benefit rider also -15 bps; both riders -30 bps. AM Best B+. Rates change weekly. Other rate figures further down this page are as of June 8, 2026.
If you're looking for one of the highest 5-year MYGA rates available, the Wichita National Life Security 5 at 6.25% guaranteed (checked 9/25/2026) sits above the 5.50%-6.05% range public carrier rate sheets showed for A-rated 5-year MYGAs on 10/14/2026. The carrier is rated B+ by AM Best. Honest review by an independent licensed insurance producer (NPN 20602398).
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.
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 | 3/10 | 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.
Quick verdict
6.25% guaranteed for 5 years is the rate to beat. Most 5-year MYGAs in 2026 are between 4.5% and 5.5%. Wichita National Security 5's 6.25% beats MassMutual Stable Voyage (2.45%), Delaware Life Pinnacle Plus 5-year (5.05-5.35%), Nassau MYAnnuity 5-year (5.30-5.50%), and Symetra Select 5-year (4.95-5.25%). The trade-off: Wichita National is a smaller carrier than the household names, verify the rating tier matches your risk tolerance.
Goldstein Scorecard
As of 6/7/2026 · vs. other 5-year MYGAs
| Dimension | Grade | One-line take |
|---|---|---|
| Rate (as of June 2026) | A+ | 6.25% guaranteed for 5 years (checked 9/25/2026), near the top of the 5-year MYGA market |
| Rate guarantee | A | Locked for the full 5-year term, no annual reset risk |
| Carrier financial strength (AM Best) | B | Wichita National is a smaller carrier rated B+ (Good) by AM Best |
| Surrender flexibility | B | Standard MYGA surrender; no free withdrawal in the base contract (optional 10% free withdrawal rider lowers the rate to 6.10%) |
| Total annual fees | A | No annual contract fee (typical MYGA structure) |
| Liquidity in emergencies | B+ | Standard waivers (nursing home, terminal illness) |
| Brand strength | C+ | Lower brand recognition than top-tier carriers, the trade-off for the highest rate |
| OVERALL | A, | One of the highest 5-year MYGA rates available (6.25%, checked 9/25/2026) at B+ credit. Right pick for buyers who want a high 5-year fixed return and place under state guaranty limits. |
Best for: the buyer placing under state guaranty limits ($250K typical, varies) who wants the maximum fixed rate locked for 5 years and isn't fixated on top-tier brand names.
Look elsewhere if: you specifically need an A+ or A++ rated carrier (MassMutual A++ Stable Voyage at 2.45%, Symetra A at 4.95-5.25%), you want index-linked upside (look at FIAs), or you're placing $500K+ in a single contract (carrier rating matters more above state guaranty limits).
Product structure at a glance
| Feature | Detail (verified via carrier rate sheets 6/7/2026) |
|---|---|
| Product type | Single-premium fixed deferred annuity (MYGA): NOT an FIA |
| Carrier | Wichita National Life Insurance Company |
| AM Best rating | B+ |
| Rate (as of June 2026) | 6.25% guaranteed for 5 years |
| Surrender period | 5 years |
| Free withdrawal | None in the base contract; optional 10% free withdrawal rider at 6.10% |
| Annual fee | None |
| Death benefit | Account value passes to beneficiaries |
| Min premium | Verify state-specific filing |
How the 6.25% compares to other MYGAs in 2026
| Carrier | Product | Term | Rate | AM Best |
|---|---|---|---|---|
| Wichita National Life | Security 5 | 5-Year | 6.25% | B+ |
| Wichita National Life | Security 3 | 3-Year | 5.85% | B+ |
| Wichita National Life | (other terms) | various | 6.10% / 6.05% (7 / 10-year) | B+ |
| Farmers Life | Safeguard Plus 10 | 10-Year | 6.05% | (verify) |
| American Gulf | Anchor MYGA 6 | 6-Year | 6.00% | (verify) |
| Nassau Life | MYAnnuity | 5-Year | 5.30-5.50% | (verify) |
| Delaware Life | Pinnacle Plus | 5-Year | 5.05-5.35% | (verify) |
| Symetra | Select Max/Pro | 5-Year | 4.95-5.25% | A |
| MassMutual | Stable Voyage | (as of June 2026) | 2.45% | A++ |
On $200,000 over 5 years:
• Wichita National Security 5 (6.25%): ≈ $271,000 end value (+$71,000)
• Symetra Select 5-year (5.00%): ≈ $255,000 end value (+$55,000)
• MassMutual Stable Voyage (2.45%): ≈ $226,000 end value (+$26,000)
• Wichita National earns ~$45,000 more than MassMutual over 5 years on the same premium.
Why Wichita National's rate is the highest
Wichita National is a smaller, regional carrier. To compete with brand-name A-tier carriers, they offer:
• Higher rates than peer A-rated competitors
• Acceptable carrier strength (verify current AM Best)
• Standard MYGA contract structure
This is the same dynamic as SILAC in the FIA space, smaller carrier, more competitive contract terms, lower brand recognition. For buyers placing under state guaranty limits, the trade-off is mostly academic.
Strengths
- 6.25% guaranteed for 5 years: above the A-rated 5-year range (5.50%-6.05%, public carrier rate sheets, 10/14/2026)
- Locked rate: no annual reset risk
- No annual fee: typical MYGA cost structure
- Optional 10% free withdrawal rider (costs 15 bps; base contract has none)
- Standard waivers for nursing home, terminal illness
Weaknesses
- Lower brand recognition than household-name carriers
- AM Best rating is B+ (Good), below the A- line most advisors use
- State guaranty fund matters more at large placements
- No index upside (it's a MYGA, not an FIA)
Real-world case study
Numbers below illustrate product mechanics. I'll pull contract-exact figures from Wichita National's rate sheet for your specific quote when you book the call.
Case Study, Bob, age 65, places $150K, 5-year hold
- Premium: $150,000
- Rate: 6.25% guaranteed for 5 years
- End-of-year-5 value: ≈ $203,000 (+$53,000 of guaranteed growth)
- Vs. MassMutual Stable Voyage (2.45%): ≈ $170K, Wichita National earns ~$33K more
- Vs. typical Symetra Select 5-year (5.00%): ≈ $192K, Wichita National earns ~$11K more
- Risk consideration: $150K is under most states' $250K guaranty limit, state backstop covers the contract if Wichita National encounters issues
Why annuity reviews look bad online
NAIC restrictions on review solicitation. Smaller carriers like Wichita National get even less consumer review volume than top-tier brands. (See hub asymmetric-review meta.)
Real complaints about Wichita National Security 5, and what's actually true
Complaint 1, "Wichita National, who is that?"
What's actually true: Wichita National Life is a smaller regional carrier with limited retail brand visibility. Properly regulated, AM Best rated (verify current), state guaranty fund applies. Verdict: brand-recognition concern, not necessarily a financial-strength concern at moderate placements.
Complaint 2, "Rate is much higher than top-tier carriers, is there a catch?"
What's actually true: The tradeoff is lower brand recognition and a lower rating tier. Smaller carriers compete on contract terms. Verdict: legitimate trade-off, make sure the carrier rating matches your risk tolerance and that your placement is under state guaranty limits.
Complaint 3, "MYGA renewal, what happens after 5 years?"
What's actually true: Standard MYGA structure, at the end of the 5-year term, you can typically: (a) withdraw the full value, (b) roll into a new MYGA, (c) annuitize. Verdict: standard feature; plan your post-5-year strategy in advance.
What the brochure doesn't tell you
- 6.25% is locked for 5 years: not subject to annual reset like FIA caps
- Carrier rating matters more at large premiums above state guaranty limits
- State guaranty fund applies: typical $250K per carrier per state (check NOLHGA for your state)
- MYGA = fixed rate, not index-linked: no upside from market participation
- At end of 5 years, you can withdraw, roll, or annuitize, plan in advance
- Gains taxed as ordinary income when withdrawn, not capital gains
- Heirs face IRD on inherited gains, no step-up
Get a second opinion before you sign
Talk to a licensed annuity expert. Hans.
Wichita National Security 5 has the highest 5-year MYGA rate in the market, but make sure the carrier rating matches your risk tolerance and your placement is under state guaranty limits. Make sure the right MYGA fits your situation.
Send your details. Within one business day, side-by-side rate comparison of Wichita National vs. the top 3 alternatives at YOUR premium amount and state.
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Quick FAQ
Q: Is this annuity right for me?
A: It depends on when you need the money. A MYGA fits money you can leave alone for the full guarantee term, usually 3 to 10 years, when you want a fixed rate with no market exposure. It is the wrong place for an emergency fund or for money you may need before the term ends.
Q: How does an annuity actually pay out?
A: Three ways: (1) Surrender: withdraw cash, with a surrender charge if you leave before the term ends. (2) Annuitization: convert the value to a lifetime or fixed-period income stream. (3) 1035 exchange: move the money to another annuity at the end of the term without triggering tax.
Q: What happens if the carrier goes out of business?
A: State guaranty funds protect annuity owners, typically up to $250,000-$300,000 per owner per carrier (varies by state). Check your state's guaranty association limit. The carrier's AM Best rating signals failure probability; A-rated carriers have very low historical default rates.
Q: Can I lose money in this annuity?
A: Not from the market: the rate is fixed for the term. You can lose money by surrendering early, through the surrender charge and a market value adjustment if the contract has one. Hold to the end of the term and neither applies.
Q: How much commission does the agent make?
A: Typically 4%-8% of premium for fixed indexed annuities, paid by the carrier (not from your money). Higher commission products often have longer surrender periods or smaller caps. The product cost to you is the same whether commission is high or low, but commission size is a useful proxy for product complexity.
Q: Should I roll over my 401(k) into an annuity?
A: Sometimes yes, often no. Yes if: you want guaranteed income, you're risk-averse, you have other liquid assets for emergencies, and you're 55+. No if: you're under 50, you need liquidity, you have plenty of pension/SS income, or you'd be putting all your retirement assets into one product. Get an independent second opinion before rolling over six figures.
Q: Why are caps so different across products?
A: Trade-offs. Higher cap = lower bonus, longer surrender, lower-rated carrier, or different index strategy. There's no free lunch. A 10%+ cap typically means B-rated carrier + 14-year surrender. A 6% cap typically means A+ carrier + shorter surrender.
Q: How are annuity earnings taxed?
A: Inside the contract, growth is tax-deferred (no tax until you withdraw). Withdrawals are taxed as ordinary income (not capital gains). For non-qualified annuities, only the gain portion is taxable. For qualified (IRA) annuities, the entire withdrawal is taxable. There's a 10% IRS penalty on withdrawals before age 59½.
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.
Plain English glossary
| Term | Meaning |
|---|---|
| MYGA | "Multi-Year Guaranteed Annuity", a fixed-rate annuity (like a CD from an insurance company). Locked rate, no index. |
| Fixed declared rate | The guaranteed interest rate for the term (here 6.25% for 5 years). |
| State guaranty fund | State backstop for annuity contracts up to typical $250K per carrier per state. |
| AM Best rating | Carrier financial strength grade. A+/A = top tier, B = below A but stable. |
| Surrender charge | Penalty for withdrawing beyond the 10% free amount during the surrender period. |
| IRD | Heirs face ordinary-income tax on inherited gains, no step-up. |
(See full FIA glossary.)
Illustrative examples: who fits, who got burned
Illustrative examples: these are composite scenarios, not actual clients. Names and details are changed.
Good fit, Sherman, 68, San Diego CA
Sherman wanted a higher MYGA rate and was comfortable with a B+-rated carrier given state guaranty fund coverage. Wichita Security 5 at 6.25% paid more than the 5.50%-6.05% A-rated 5-year range (public carrier rate sheets, 10/14/2026). He put in $120K (under his state's guaranty limit) so he's fully covered. Five-year horizon matches his planning.
Burned, Margaret, 71, Tucson AZ
Margaret bought Wichita National MYGA at $300K, well over the AZ guaranty fund limit of $250K. She started worrying about carrier solvency after the fact. The product is fine; her risk concentration was the issue. Should have split across two carriers to stay within guaranty fund limits per-carrier. Buyer error, not product error.
The pattern: Wichita National Security 5 MYGA is a good product for the right buyer (typically a buyer whose horizon and liquidity needs match the product's actual structure) and a disaster for the wrong buyer (typically a buyer whose horizon, liquidity needs, or product-type expectations didn't match what the contract actually does). The product isn't the problem, buyer/product mismatch is.
Who Wichita National Security 5 actually fits
- Buyer placing $25K-$250K (under most state guaranty limits)
- Wants the highest 5-year MYGA rate
- Comfortable with smaller-carrier brand
- 5-year hold horizon
- Doesn't need index-linked upside
Who should look elsewhere
- Need A++ specifically → MassMutual Stable Voyage (2.45%, A++) (pay for the brand premium in foregone rate)
- Want index upside → any FIA in this review series, NA Charter Plus 14 (19% bonus), SILAC Denali 14 (10.25% cap), Prudential SurePath (9.25%+ cap, A+)
- Longer term → Farmers Life Safeguard Plus 10-year (6.05%) for 10-year horizon
- Shorter term → Wichita National Security 3 (5.85%) for 3-year horizon
- Want lifetime income → an FIA with GLWB rider (Allianz, Nationwide Peak 10)
How to pressure-test what your agent told you
- "What's Wichita National's current AM Best rating?"
- "What's my state's guaranty fund limit, and is my premium under it?"
- "What's the rate locked at and for exactly how many years?"
- "What happens at the end of the 5-year guarantee period?"
- "Is there an MVA on early surrender?"
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.