MYGA
Business & Finance abbreviation · Insurance
| Stands for | Multi-year guaranteed annuity |
|---|---|
| Categories | Business & Finance |
MYGA stands for Multi-year guaranteed annuity, an insurance abbreviation.
Fixed annuity that pays a guaranteed interest rate for a set term, typically three to ten years, similar to a certificate of deposit but issued by an insurer with tax-deferred growth.
Example: I locked a five-year MYGA at a rate above what the banks offered.
Usage notes
Guarantees depend on the issuing insurer's strength and state guaranty associations, not FDIC insurance.
Related abbreviations
More insurance abbreviations
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- LTD – Long-term disability insurance
- MEC – Modified endowment contract
- MedPay – Medical payments coverage
- MGA – Managing general agent
- MVR – Motor vehicle record
- NAIC – National Association of Insurance Commissioners
- NCD – No-claims discount
- NFIP – National Flood Insurance Program
- OCIP – Owner-controlled insurance program
- P&C – Property and casualty insurance
- P&I – Protection and indemnity insurance