Independent review of the F&G Guarantee Platinum 7 MYGA for 2026. Covers current rates, surrender charges, pros and cons, and who should consider this 7-year fixed annuity from Fidelity & Guaranty Life.
The F&G Guarantee Platinum 7 is a Multi-Year Guaranteed Annuity (MYGA) from Fidelity & Guaranty Life that locks in a fixed interest rate for 7 years with no market risk. It is best suited for conservative retirement savers who want guaranteed growth above CD rates and are willing to leave funds untouched for the full surrender period. Here is our independent analysis.
Quick verdict: The F&G Guarantee Platinum 7 is a competitive MYGA for retirees seeking predictable, tax-deferred growth. F&G's A- AM Best rating provides solid security backing. The 7-year commitment is the primary constraint — it works best as a portion of a diversified retirement portfolio, not as a single holding.
A MYGA (Multi-Year Guaranteed Annuity) is essentially a tax-deferred CD issued by an insurance company. You deposit a lump sum, the insurer guarantees a fixed interest rate for a set term (in this case, 7 years), and your money grows without income tax until you withdraw it.
The "Platinum" designation in F&G's lineup indicates their enhanced-rate product tier — typically offering slightly higher credited rates than their standard MYGA series in exchange for less liquidity flexibility.
| Detail | Information |
|---|---|
| Full Name | Fidelity & Guaranty Life Insurance Company |
| AM Best Rating | A- (Excellent) |
| Founded | 1959 |
| Headquarters | Des Moines, Iowa |
| Specialty | Fixed and indexed annuities; retirement income products |
F&G holds an A- rating from AM Best as of 2026, reflecting strong financial stability. They are a publicly traded company (NYSE: FG) and one of the top-10 issuers of fixed annuities in the United States by premium volume.
| Feature | Details |
|---|---|
| Product Type | MYGA (Multi-Year Guaranteed Annuity) |
| Guarantee Period | 7 years |
| Minimum Premium | $10,000 (non-qualified); $10,000 (IRA/qualified) |
| Maximum Issue Age | Typically 85 |
| Death Benefit | Full accumulation value to named beneficiary |
| Free Withdrawal | 10% of account value per year after year 1 |
| Surrender Charges | Declining schedule over 7 years (typically 9%, 8%, 7%, 6%, 5%, 4%, 3%) |
| Market Value Adjustment | Applies in most states |
| Tax Treatment | Tax-deferred growth; ordinary income on withdrawal |
| State Availability | Most states (verify at time of application) |
Rate and specific terms verified with F&G product materials. Always request a current rate sheet from a licensed agent — MYGA rates change weekly.
Important: MYGA rates are reset frequently — sometimes weekly — based on prevailing interest rates. The rate advertised when you begin the application process is the rate you lock in at contract issue.
As of June 2026, F&G Guarantee Platinum 7 credited rates for qualified (IRA) and non-qualified accounts are available through licensed F&G appointed agents. Competitive 7-year MYGA rates from top-rated carriers are currently in the range of 4.25%–5.50% annually, depending on premium amount and account type.
To get the current F&G Guarantee Platinum 7 rate, request a quote from an F&G-appointed independent agent. Never purchase a MYGA without seeing the current rate sheet in writing before signing.
| Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4 | 6% |
| 5 | 5% |
| 6 | 4% |
| 7 | 3% |
| After year 7 | 0% |
A 10% free withdrawal is available each policy year after year 1 without surrender charge. The Market Value Adjustment (MVA) applies to withdrawals exceeding the free withdrawal amount during the surrender period — the MVA can increase or decrease the surrender value depending on interest rate movements at the time of withdrawal.
Guaranteed fixed rate for 7 years. No market exposure means your credited rate is locked regardless of what happens to stocks, bonds, or the Fed. Every dollar compounds at the same rate every year.
Tax-deferred growth. Unlike a bank CD, interest credited inside an annuity is not taxable until withdrawn. For high-income retirees in accumulation phase, this is a meaningful deferral benefit.
A- AM Best rating. F&G is a financially stable carrier with decades of annuity-specific experience. An A- rating indicates "Excellent" ability to meet ongoing insurance obligations.
Death benefit. The full accumulation value passes to named beneficiaries outside of probate — a significant estate planning advantage over bank CDs.
10% annual free withdrawal. Unlike true CDs, you can access up to 10% per year penalty-free after year 1 — useful for required minimum distributions (RMDs) inside an IRA.
7-year surrender period. Accessing funds beyond the 10% free withdrawal before year 7 incurs surrender charges plus potential MVA. This product is not appropriate for funds you may need in under 7 years.
Market Value Adjustment. The MVA adds complexity — if interest rates rise significantly after purchase, withdrawing early could result in a negative adjustment that compounds on top of surrender charges.
Ordinary income tax on gains. MYGA growth is taxed as ordinary income when withdrawn, not at the preferential capital gains rate. This is standard for all annuities but worth understanding.
No inflation protection. A fixed rate does not adjust for inflation. If inflation runs above your credited rate during the 7-year term, purchasing power erodes.
Good fit:
Not a good fit:
| Carrier | Product | AM Best | 7-Yr Rate (approx.) | Free Withdrawal |
|---|---|---|---|---|
| F&G | Guarantee Platinum 7 | A- | Competitive | 10%/yr after yr 1 |
| Athene | MYGA | A | Competitive | 10%/yr after yr 1 |
| American Equity | AssetShield 7 | A- | Competitive | 10%/yr after yr 1 |
| Global Atlantic | ForeAccumulation II | A- | Competitive | 10%/yr after yr 1 |
Rate comparisons are approximate. Always compare current rate sheets side-by-side before purchasing. See our American Equity AssetShield review for a competing product analysis.
MYGAs held outside an IRA (non-qualified): Interest grows tax-deferred. Gains are taxed as ordinary income when withdrawn. Withdrawals before age 59½ may trigger a 10% federal early withdrawal penalty in addition to income tax.
MYGAs held inside an IRA (qualified): The tax-deferral benefit is redundant (IRAs are already tax-deferred), but a MYGA inside an IRA provides rate lock and principal protection for that portion of retirement assets. RMDs can typically be satisfied from the 10% free withdrawal provision.
What is the F&G Guarantee Platinum 7 current rate?
MYGA rates change frequently. Contact an F&G-appointed independent agent for the current credited rate. As of June 2026, competitive 7-year MYGAs from A-rated carriers are offering approximately 4.25%–5.50%.
Is F&G Guarantee Platinum 7 safe?
F&G holds an A- (Excellent) rating from AM Best, indicating strong financial stability. State guaranty associations provide additional protection (typically $100,000–$300,000 per person, per insurer, varying by state). For context, FDIC covers up to $250,000 per bank account.
What happens at the end of the 7-year guarantee period?
At maturity, you typically have a window (often 30 days) to: (1) withdraw all funds without surrender charge, (2) roll to a new MYGA term, or (3) annuitize. Review your contract for the specific renewal terms.
Can I put IRA money into the F&G Guarantee Platinum 7?
Yes. F&G accepts both qualified (IRA, Roth IRA rollover) and non-qualified funds. A direct IRA rollover avoids any tax withholding.
What is a Market Value Adjustment?
An MVA adjusts your surrender value if you withdraw more than the free amount before maturity. If interest rates have risen since your contract was issued, the MVA is typically negative (reduces your payout). If rates have fallen, the MVA is positive. It reflects the market value of your locked rate relative to current rates.
How does this compare to a CD?
MYGAs typically offer higher credited rates than CDs for equivalent terms, plus tax-deferred growth and a death benefit. The trade-off: annuity funds are not FDIC-insured and have surrender charges vs. CD early withdrawal penalties.
Is there a free look period?
Yes. Most states require a 10–30 day free look period during which you can cancel the contract and receive a full refund. Confirm the free look period for your state before signing.
Last updated: June 2026. MYGA rates and contract terms change frequently — verify all details with a licensed F&G-appointed agent before purchasing. This review is independent and for informational purposes only. It does not constitute financial or tax advice. Consult a licensed financial advisor or tax professional regarding your specific situation. RetirementRescue does not receive compensation from F&G or affiliated agents for this review.
For a broader overview of annuity options, see our complete guide to annuities for retirement income.
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