Are you worried that the insurance company is going to pull a "bait and switch" and drop your fixed interest rate next year? Does a "fixed" rate actually mean it is guaranteed forever?

In this video, Shawn Plummer from The Annuity Expert answers the critical question: Are declared fixed rates locked in? The truth is, it depends entirely on the type of annuity you purchase! Shawn breaks down exactly how the interest rate lock periods work for both Multi-Year Guaranteed Annuities (MYGAs) and Fixed Index Annuities (FIAs).

If you buy a MYGA, your fixed rate is locked in for the entirety of your term (e.g., locking in 5.5% for exactly 5 years). However, if you use the fixed account inside of a Fixed Index Annuity, that rate typically changes every single year! Shawn explains the brilliant strategy of using an FIA to capture stock market gr ...