Income Creator
Protective Life Insurance Company
2.0257%
7-yr guarantee
10%
Free W/D
50
Jurisdictions
Live product data
Rates as of May 29, 2026, based on the latest AdvisorWorld scan of CANNEX data.
7-year guaranteed rate
2.03% guaranteed for 7 years
A 7-year multi-year guaranteed annuity from a multi-agency-rated A+-grade carrier, with a declining surrender ladder, annual free-withdrawal access, standard surrender waivers, no minimum-premium gate at the bottom of the band, and no premium bonus or income rider — available outside New York.
Best fit
Buyers outside New York who want a single-term, fixed-rate deferred contract locked in for a full seven years from a multi-agency-rated A+-grade carrier, value the option to start with a smaller principal amount where most peer MYGAs require a meaningful five-figure minimum, and accept a rate below the market peak in exchange for the carrier's financial-strength corroboration.
AM Best
A+ Superior
Surrender period
7 years
Free withdrawal
10%/yr
Availability
50 jurisdictions (excl. New York)
Product analyst notes
How to think about this contract
Why it can stand out
- Low-floor surrender ladder: the year-one charge is in the middle of the MYGA market and steps down by a full percentage point every year to a low-single-digit charge in the final year, alongside an annual free-withdrawal allowance, so a buyer who needs partial liquidity in the back half of the contract pays a materially smaller charge than they would on a flat schedule.
- Carrier financial-strength is rated by multiple independent agencies (A.M. Best, Standard & Poor's, Moody's) — a multi-agency corroboration that is unusual at this carrier tier in the regional MYGA market.
- Standard surrender waivers cover nursing-home confinement, terminal illness, and unemployment, so the schedule of penalty-free liquidity for both planned partial withdrawals and unplanned life events is visible on this page rather than gated behind a sales brochure.
- No minimum premium gate at the bottom of the published premium band, so smaller principal amounts can access the published 7-year rate where most peer MYGAs require a meaningful five-figure entry — a real difference for buyers placing smaller blocks of principal.
What to confirm
- Single-term menu: this filing publishes only a 7-year term. Buyers who want a shorter 3- or 5-year fixed-rate horizon will not find it here and should look at the carrier's SecureSaver filing (5- and 7-year terms) instead, or at a different MYGA carrier.
- The published declared rate on the lead 7-year term sits well below the top of the current MYGA market — a buyer prioritizing the maximum published headline rate, regardless of carrier and state footprint, will find higher-rate filings elsewhere. This filing leans on the carrier's multi-agency rating strength rather than a market-leading rate.
- A market-value adjustment applies on early surrender beyond the annual free-withdrawal allowance, so the real cost of an unplanned exit during the surrender window depends on the interest-rate environment at the time and may exceed the published surrender-charge percentage.
- Death benefit is contract value rather than a guaranteed roll-up or step-up — a contract surrendered to a beneficiary during the surrender window receives the cash value as defined in the contract, not an enhanced legacy benefit. There is no premium bonus and no income rider — this is a single-purpose fixed-rate deferred contract.
Not ideal for
Buyers in New York (who must look at the carrier's NY-filed MYGA instead), buyers who want a shorter 3- or 5-year fixed-rate horizon, buyers prioritizing the maximum published headline rate over carrier-rating strength, or buyers who want a premium bonus, a guaranteed-lifetime-withdrawal rider, market-linked upside through index crediting, or a death benefit with a guaranteed roll-up or step-up — a fixed-rate deferred contract is not built for any of those things.
Guaranteed Rates by Term
| Term | Guaranteed Rate |
|---|---|
| 7-Year | 2.0257% |
Key Features
Free withdrawal
10%/yrAnnual amount that may be available without surrender charges, subject to contract terms.
Surrender waivers
3Nursing home waiver, Terminal illness waiver, Unemployment waiver
Death benefit
Standard Death BenefitBeneficiary value depends on contract terms, withdrawals, and rider elections.
Annuitization options
Single lifeContract conversion options should be confirmed before purchase.
Fund types
Non-qualified, QualifiedAvailability can vary by state and product terms.
Surrender Schedule
Yr 1
7%
Yr 2
6%
Yr 3
5%
Yr 4
4%
Yr 5
3%
Yr 6
2%
Yr 7
1%
After
0%
Nursing home waiver, Terminal illness waiver, Unemployment waiver, Surrender waivers
Carrier Ratings
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