What’s the Best 5-Year Fixed Annuity?
February 13, 2024

We’ve recently had agents calling in asking about the best 5-year fixed annuity.

It's always a little hard to throw out an answer, because rates are changing constantly. Plus, the best 5-year fixed annuity often depends on what your client is looking for.

That said, here's a quick guide to help you figure out which 5-year fixed annuity is the best.

A Few Quick Notes

Before we continue, a few more quick things:

  1. You can always access up-to-date annuity rates by visiting our Annuity Rates page. This link is also included at the bottom of the weekly email newsletter.
  2. If you’re just starting out with annuities, this article is where you should begin: The Ultimate Guide to Selling Annuities In the Senior Market
  3. If you’ve started selling annuities, you’ve probably come across these questions (we have answers): Annuity Q&A for Agents: Top Sales Experts Answer Your Trickiest Questions

Rate is King

Alright, let's start with the golden rule of annuities – rate is king!

When you're scouting for the best 5-year fixed annuity, keep your eyes peeled for those interest rates.

Rate isn't the only thing that matters, but it's definitely No. 1.

You can view all of the current interest rates for fixed annuities right here. Note that you must be registered and logged into our website to access this page.

Full Account Value at Death

Next up, we've got the importance of full account value at death.

Picture this: your client passes away, and their loved ones are left with peace of mind knowing they'll receive the full account value. It's a win-win situation that adds an extra layer of security to their financial plan.

We really like fixed annuities that come with this feature.

Withdrawal Features

Now, let's talk free withdrawals.

Look out for annuities with withdrawal features like accumulated interest and the option for 5% or 10% free withdrawals.

These perks give your clients the flexibility they need. Even if they don't plan to use any of the money, it's nice to know they can. That usually helps more hesitant clients get over the hurdle of a long-term contract.


For clients with qualified money, finding an annuity that's RMD-friendly is a big one.

Aim for one with a 5-10% withdrawal feature that caters to their age-appropriate RMD needs.

5-Year MYGA Comparison Chart

Rates are constantly changing, so visit our annuity rates page to look at the current rates.

However, here's a chart to take a look at some of the other important features your client will appreciate.

These are the carriers that are getting the majority of the 5-year fixed annuity business from us in 2024.

  Full Account Value at Death Accumulated interest? Other withdrawal options RMD-friendly? A.M. Best Rating
Heartland National Life Yes Yes 5% Free Withdrawal Rider Yes
SILAC Yes Yes - rider deduction 5% Free Withdrawal Rider Yes - rider deduction B+
Liberty Bankers Life (Elite) No No None No A-
Atlantic Coast Life Yes - rider deduction Yes - rider deduction 10% Free Withdrawal Rider Yes - rider deduction B++
Sentinel Yes - rider deduction Yes - rider deduction 10% Free Withdrawal Rider Yes - rider deduction B++


Annuity Carrier Spotlight: Heartland National Life

Here's why agents are loving Heartland National Life right now:

  • Amazing rates (view current rates here)
  • Full account value at death
  • Accumulated interest built right in, no rider necessary
  • .10% rider deduction for RMDs or a 5% penalty-free withdrawal

That's why Heartland National Life is one of the best 5-year fixed annuities on the market right now.

They're getting a ton of business – if you're not contracted to offer their annuities, that would be my top recommendation as we make our way through 2024.

Get contracted with Heartland National Life


If you have any questions about the best fixed annuities, please don’t think twice about getting in touch with me.

You can email or call me using the links below and I'll be glad to assist you.

Email Kirk Call Kirk

The New Horizons Annuity Department

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