When searching for a safe place to grow your retirement savings in 2026, Multi-Year Guaranteed Annuities (MYGAs) have become a powerhouse alternative to traditional CDs. One product gaining significant attention for its high-yield potential is the Security MYGA from Wichita National Life Insurance Company.

This review breaks down the Wichita National Security products, features, and financial strength to help you decide if it’s the right fit for your portfolio.

Product Overview: What is the Security MYGA?

The Security MYGA is a single-premium deferred annuity designed for tax-deferred accumulation. Unlike variable annuities, this product shields you from all market risk. You deposit a lump sum, and Wichita National guarantees a fixed interest rate for a specific "guarantee period".

Key Specs at a Glance:

  • Minimum Premium: $10,000.

  • Maximum Premium: $1,000,000.

  • Issue Ages: 18 to 89 (some restrictions may apply by state).

  • Guarantee Terms: 3, 5, 7, or 10 years.

  • Tax Status: Tax-deferred growth; only pay taxes when you withdraw.

Liquidity & Optional Riders

The Security MYGA is built for flexibility, offering two primary riders that allow you to customize your contract at the time of purchase. Note, these riders are not available on the base product as stated below. They cost 0.15% reduction in rate for each rider. 

  • 10% Free Withdrawal Rider: For a small fee (0.15% per year), you can access up to 10% of your contract value annually starting after the first year without incurring surrender charges.

  • Enhanced Death Benefit Rider: This rider (also 0.15% per year) ensures that upon the owner's death, the beneficiary receives the full account value without deductions for surrender charges or Market Value Adjustments (MVA).

  • Standard Features: All contracts include Spousal Continuation, allowing a surviving spouse to continue the contract as the new owner rather than taking a lump-sum death benefit.

Surrender Charges & MVA: The Fine Print

Because these are long-term contracts, withdrawing more than your "penalty-free" amount will trigger fees.

Security MYGA Surrender Schedule:

Year 1 2 3 4 5 6 7 8 9 10
Charge 9% 8% 7% 6% 5% 5% 5% 5% 5% 5%

(Note: The schedule varies by the length of the term you choose. For example, a 3-year MYGA would end charges after year 3).

In addition to surrender charges, a Market Value Adjustment (MVA) applies to excess withdrawals. If interest rates have risen since you bought your annuity, the MVA may decrease your withdrawal value; if rates have fallen, it could potentially increase it.

Is Wichita National Life Insurance Company Safe?

Financial strength is the most critical factor when choosing an annuity provider.

  • AM Best Rating: B+ (Good). While this is a "secure" rating, it is lower than the "A" ratings of massive carriers like MassMutual or New York Life.

  • Claims-Paying Ability: Wichita National has been in business since 1957 and maintains strong liquidity and capitalization.

  • Geographic Reach: The company is primarily licensed in a selection of states including Oklahoma, Texas, Arizona, and Florida.

Pros and Cons of the Security MYGA

Pros:

  • Top-Tier Rates: Consistently offers some of the highest yields in the 3-to-5-year range.

  • Daily Compounding: Interest is compounded daily, which slightly boosts your effective yield over time.

  • Issue Age up to 89: Very accessible for older seniors looking to protect wealth.

Cons:

  • Lower Credit Rating: A "B+" rating may be a deterrent for those seeking "A" rated security.

  • Limited Availability: Not available in all 50 states.

  • Rider Costs: Features like free withdrawals or enhanced death benefits come at the cost of your interest rate.