Product guide
Secure Term Choice Fixed Annuity II
A MYGA from New York Life · reviewed from official materials, July 2026
New York Life's MYGA with a return-of-premium benefit: the one product family whose quoted number is exactly what it looks like — an interest rate.
The decoder
Reading the quote
An honest interest rate — effective annual yield, compounded daily
New York Life defines this number plainly: "an effective annual yield based upon a nominal rate which is compounded daily." It is the one quote on their rates page directly comparable to a CD or bond yield. The fine print sits elsewhere: rates are banded by premium size, the guarantee lasts only for the chosen 3–7 year period (renewal rates then float, floored at the contract minimum), and the return-of-premium benefit that softens surrender risk is part of what the rate pays for.
This is the CD-shaped corner of New York Life's shelf: one premium, one guaranteed rate for a term you pick, tax-deferred. A sibling product (Secure Term MVA II) trades a market value adjustment for slightly different pricing; this version's return-of-premium benefit means surrender charges can never eat into your original premium after the benefit takes effect.
When comparing against a secondary-market payment stream, this is the cleanest matchup on the shelf — both quote a true rate on a fixed obligation. The stream typically quotes meaningfully higher, in exchange for committed capital and no guaranty-association cover; the MYGA keeps an account value and the state safety net. That trade should be made deliberately, with both numbers meaning the same thing.
Key structural terms
- Guarantee periods
- 3, 4, 5, 6, or 7 years
- Premium bands
- From $5,000; better rates at $25k, $50k, and $100k+
- Surrender charges
- During the chosen guarantee period
- Return of premium
- Guarantees at least your premium back (less prior withdrawals) from the benefit's effective date
- Renewal
- Annual renewal rate after the period, never below the contract GMIR
Structural terms summarized from New York Life's official product materials as reviewed in July 2026. Terms vary by state and change over time — confirm every detail with the carrier or its representative before acting. Current rates are deliberately not printed here.
The comparison
Against a payment stream
The cleanest comparison in the family: both quote a real rate on a fixed obligation. The MYGA keeps principal accessible (with penalties) and guaranty-association cover; the payment stream typically quotes a meaningfully higher effective yield, locked for the life of the schedule, without the account value or the guaranty net. It is a genuine risk-for-yield trade, and it should be made knowingly.
The family mechanics are covered in our MYGA decoder; what the secondary market pays right now is on the current estimated yields page. And because New York Life also stands behind payment streams we list, its role as an issuer is profiled on our New York Life carrier page.
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Pacific Structured Assets does not sell, distribute, or advise on Secure Term Choice Fixed Annuity II or any newly issued insurance product. This page is independent education for investors comparing income options.
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