Frequently Asked Questions

A MYGA is a fixed annuity that provides a guaranteed interest rate for a set number of years. You deposit a single premium, interest compounds at the guaranteed rate for the full term, and your principal is not subject to market risk. At the end of the guaranteed term, you can renew or withdraw your money penalty-free.

We currently offer Multi-Year Guaranteed Annuities in four guarantee periods: 3, 5, 7, and 10 years. Each is a single-premium deferred fixed annuity with a guaranteed interest rate for the full selected term.

Wichita National Life Insurance Company (NAIC #70548) is a fixed annuity carrier with over six decades of service to advisors, agents, and policyholders. Founded in 1957, and operating in Cincinnati, Ohio, the company has been rebuilt from the ground up as a modern annuity platform, with proprietary technology, zero outsourced dependencies, and an operational infrastructure designed to deliver speed at every stage of the policy lifecycle.

Wichita National holds a B+ (Good) financial strength rating from AM Best. The B+ rating represents the sixth highest of fifteen possible rating levels and reflects an insurer's ability to meet policyholder obligations.

Once an application is approved and funded, policies are issued same day.

Yes. We accept 1035 exchanges.

Yes. Policyholders have 10 days after receiving their contract to return it for a full refund. If the contract replaces a life insurance policy or another annuity, the free-look period extends to 30 days.

Interest on Wichita National MYGAs is compounded annually and credited daily at the guaranteed rate for the full guarantee period.

You always have access to your contract value. However, withdrawals during the guarantee period are subject to surrender charges and a Market Value Adjustment (MVA). You may elect to add the 10% Free Withdrawal Rider at the time of application. This rider allows you to access 10% of your contract value annually starting on the first contract anniversary without surrender charges or a Market Value Adjustment (MVA). The charge for this rider is 0.15% annually. The rider charge is assessed by reducing your guaranteed interest rate. Review your contract or consult your financial professional for specific terms.

At the end of the guaranteed period, you can renew at the available rate or take a full or partial withdrawal. If no election is made, your contract automatically renews into the same term at the then-current rate.

Yes, Wichita National MYGAs are fixed annuities - your principal and guaranteed interest are protected from market losses. Guarantees are backed by the financial strength and claims-paying ability of Wichita National Life Insurance Company and the state guaranty association in each state (subject to state-specific limits).

No. CDs are insured by the FDIC up to applicable limits. Annuities are backed by the financial strength and claims paying ability of the issuing insurance company and, subject to state law, protections provided by state guaranty associations.

An MVA may be applied if you make a full surrender or a partial withdrawal beyond the penalty-free amount during the guarantee period. The MVA can increase or decrease the surrender value depending on changes in interest rates since purchase.

A 1035 exchange is a tax-free replacement of one insurance policy for another covering the same person. It allows policyholders to move existing annuity or life insurance values without triggering a taxable event.

An annuitant is an individual who is entitled to receive payments from an annuity contract. This individual can be either the holder of the annuity contract or a beneficiary, such as a surviving spouse.

Annuitization is the process of converting your annuity's accumulated value into a stream of income payments. Payments can be structured for a set period or for life.

A unit used to describe interest rates; 100 basis points equal 1%.

The designated person to receive the death benefit of an annuity.

Interest earned on both the principal amount and previously accumulated interest.

This benefit is equivalent to the annuity's Surrender Value, which is the total of your initial premium plus accrued interest, reduced by any amounts deducted for partial surrenders, Market Value Adjustment (MVA), and surrender charges. Beneficiaries have the choice of receiving this death benefit either as a lump sum or through one of the available annuitization options.

A fixed annuity is a type of annuity that guarantees a consistent interest rate and offers stable returns. A MYGA is a fixed annuity.

A premium is the payment made to purchase an annuity contract. Wichita National MYGAs require a single premium between $10,000 and $1,000,000.

An addition to the base policy that adds further benefits. Wichita National MYGAs offer two optional riders: the 10% Free Withdrawal Rider and the Enhanced Death Benefit Rider.

The cash surrender value in an annuity is the amount you receive if you terminate the annuity contract early. It is determined as:

1. The Current Account Value, less
2. Any other tax not previously deducted in the Account Value, including state and federal tax withholding (if any), less
3. The Surrender Charges, adjusted by
4. The MVA.
5. The Cash Surrender Value will never be less than the Minimum Guaranteed Value.

This indicates that the interest earnings on your annuity are not taxed until you withdraw them. This allows your annuity to grow in value without the immediate impact of taxes.

Your guaranteed rate is an annual compounded interest rate. Interest is credited daily.

A Required Minimum Distribution (RMD) is the minimum amount the IRS requires you to withdraw annually from your traditional IRA, 401(k), or other qualified retirement plans once you reach a certain age. RMDs currently begin at age 73 or 75, depending on your birth year, and the withdrawals are taxed as ordinary income.