Who May Want to Consider a 5-Year CurrentRate® MYGA?

Not every retirement saver wants the same kind of fixed annuity.

Some clients want one declared interest rate that stays the same for the full guarantee period. Others want principal protection and tax-deferred growth, but feel uncertain about committing to a single long-term declared rate in a changing interest rate environment.

Oceanview CurrentRate® MYGA may appeal to clients who want the protection features of a fixed annuity but prefer an interest-crediting methodology that includes annual rate updates after the first contract year. It is a 5-year Multi-Year Guaranteed Annuity that provides the core features clients expect from a fixed annuity, including principal protection, tax-deferred growth, and straightforward contract terms. Guarantees are backed by the financial strength and claims-paying ability of Oceanview Life and Annuity Company. What makes it different is its interest-crediting approach: a declared rate in the first contract year, followed by annual rate updates after year one using a defined formula tied to the 1-Year U.S. Treasury Rate plus a guaranteed spread. 

For the right client, that structure may offer a different approach to locking into one declared rate for the full guarantee period.

A Different Kind of MYGA Conversation

Traditional MYGAs can be appealing because they are simple to understand: the client selects a guarantee period and receives a declared interest rate for that period.

For many clients, that approach works well.

But some clients may hesitate. They may ask:

• What if interest rates change? 
• What if rates rise after I commit? 
• What if I like the protection of a MYGA, but do not want one rate for the entire period? 

Those questions do not necessarily mean a client is looking for market exposure or a more complex product. In many cases, they still want the stability of a fixed annuity. They simply want an interest-crediting approach that is designed to stay more connected to current rate conditions over time based on a formula defined in the contract.

CurrentRate MYGA is designed to  offer an alternative fixed annuity approach for clients interested in that type of interest-crediting methodology.

CurrentRate May Appeal to Clients Who Value Protection First

At its core, CurrentRate is still a fixed annuity within the MYGA category.

That means it may appeal to clients who want protection from direct stock market loss, subject to contract terms and the claims-paying ability of Oceanview Life and Annuity Company.

This can be especially important for individuals who are approaching retirement or already retired and want a portion of their assets positioned for stability rather than market volatility.

CurrentRate MYGA may be appropriate for clients who want:

• Principal protection with predictable MYGA features 
• Tax-deferred growth until funds are withdrawn (taxable distributions are generally subject to ordinary income tax)
• A 5-year guarantee period 
• A guaranteed minimum interest rate stated in the contract 
• A clear structure for how interest is credited 

The credited rate may change annually after the first contract year, but the contract remains built around fixed annuity principles. The combined credited rate will never be less than the guaranteed minimum interest rate stated in the contract. 

CurrentRate May Appeal to Clients Who Are Hesitant to Lock In One Long-Term Rate

One of the most common concerns in a changing rate environment is the fear of making a decision too soon.

Clients may wonder whether they should wait, lock in, or keep comparing options. For some, the idea of choosing one declared rate for several years can feel limiting.

CurrentRate offers a different approach.

In the first contract year, the client receives a declared interest rate set at issue and guaranteed for that year. After year one, the credited rate is reviewed and updated annually based on a defined formula tied to the 1-Year U.S. Treasury Rate plus a guaranteed spread. 

That does not mean rates are guaranteed to increase. They may increase or decrease depending on market conditions. But the process is defined in advance, which can help clients understand how their credited rate will be determined over time.

For clients who are concerned about being locked into one rate for the full 5-year period, this structure may be  an option to consider.

CurrentRate May Appeal to Clients Who Like Clear Rules

Some retirement products can be difficult to explain. CurrentRate is designed to be different.

Its rate structure can be summarized in two steps:

Year one:
The client receives a declared interest rate set at issue for the first contract year.

Years two through five:
The credited rate updates annually using a defined formula: the 1-Year U.S. Treasury Rate plus a guaranteed spread.

The guaranteed spread is set at issue and remains fixed during the 5-year guarantee period. The market-based component may move up or down. The formula is applied automatically according to the contract provisions. 

For clients who value transparency, this can be an appealing product feature. 

They do not need to track rates themselves. They do not need to make annual crediting decisions. They simply need to understand the rules, the potential for annual rate movement, and the guarantees and limitations stated in the contract.

CurrentRate May Appeal to Clients Who Want Some Access After Year One

CurrentRate is designed as a long-term retirement solution, not a short-term savings product or emergency fund. Still, it includes access features that may help clients feel more comfortable.

After the first contract year, clients may withdraw up to 10% of their contract value each year without surrender charges or Market Value Adjustment. Free withdrawals are not available during the first contract year, and unused free withdrawal amounts do not carry over from year to year. 

Withdrawals above the free amount may be subject to surrender charges and, for non-California contracts, a Market Value Adjustment. Withdrawals may also be subject to ordinary income taxes and, if taken before age 59½, may be subject to a 10% IRS additional tax.

This makes it important for clients to consider their liquidity needs before purchasing. A financial professional can help evaluate whether the client has sufficient short-term assets outside the annuity before committing money to a long-term retirement solution.

CurrentRate May Appeal to Clients Who Want a Defined Renewal Process

At the end of the 5-year guarantee period, CurrentRate includes a 30-day window prior to the end of the period. During this window, the client may withdraw the contract value with no surrender charges or Market Value Adjustment, continue into a new 5-year guarantee period, apply the contract to a settlement option, or continue into another guarantee period that may be available at renewal. 

If no action is taken, the contract automatically renews into a new 5-year guarantee period. A new declared interest rate applies for the first year of the new period, and annual rate updates resume thereafter using the CurrentRate methodology. 

Renewal rates and product features available at renewal are not guaranteed and may differ from those available when the contract was originally issued. 

This renewal structure may appeal to clients who want to know what happens at the end of the guarantee period and how they can make decisions when that time comes.

When a Traditional MYGA May Be a Better Fit

CurrentRate is not the right fit for every client.

A traditional MYGA may be more appropriate for someone who strongly prefers knowing one declared interest rate upfront for the full guarantee period.

That type of client may not want annual rate changes, even when those changes are based on a transparent formula. If a client is uncomfortable with the possibility that credited rates may decrease after the first year, a traditional MYGA may be easier for them to understand and align better with their expectations.

This is an important distinction.

CurrentRate is designed for clients who value principal protection and simplicity, but who are also comfortable with credited rates that may change annually within a fixed annuity structure. Clients should understand that credited rates after the first contract year may be higher or lower than rates credited in prior contract years.

Questions Clients Should Discuss With Their Financial Professional

Before considering CurrentRate, clients may want to ask:

• Am I comfortable with my credited rate changing annually after the first contract year? 
• Do I understand that rates may increase or decrease and are not guaranteed to increase? 
• Do I understand that future credited rates may be higher or lower than rates credited in prior years?
• Do I have enough liquid assets outside this annuity for short-term needs? 
• Does a 5-year guarantee period align with my retirement time horizon? 
• Do I understand surrender charges, Market Value Adjustment, and withdrawal rules? 
• How does this product fit within my broader retirement strategy? 

These questions can help ensure the product conversation stays focused on client needs, time horizon, and suitability. Clients should consult with their financial professional to determine whether CurrentRate MYGA is appropriate for their financial goals, time horizon, liquidity needs, and overall financial situation.

The Bottom Line

CurrentRate MYGA may be worth considering for clients who want the protection and simplicity of a MYGA, but prefer an interest-crediting approach designed to stay more connected to current rate conditions over time with annual rate updates based on a formula defined in the contract.

It may appeal to clients who:

• Want principal protection with predictable MYGA features 
• Prefer a transparent, rules-based approach to interest crediting 
• Are concerned about committing to a single long-term declared rate 
• Are comfortable with annual credited rate changes after the first year 
• Value clarity, consistency, and simplicity in retirement planning 

For clients who want one rate guaranteed for the full period, a traditional MYGA may be a better fit. For clients who want a 5-year MYGA with first-year certainty and annual rate updates after that, CurrentRate offers a different approach to interest crediting. 

Talk with a financial professional to determine whether Oceanview CurrentRate MYGA may be appropriate for your retirement goals, time horizon, liquidity needs, and financial situation.

Disclaimers

Guarantees are based on the claims-paying ability of the issuing insurance company. The fixed annuity product with form number ICC26 OLA SPDA – CurrentRate, or variations of such, are issued by Oceanview Life and Annuity Company (d/b/a Oceanview Life and Annuity Insurance Company in California; NAIC# 68446). May not be available in all states. Not available in the state of New York or Vermont. Policy form numbers and provisions may vary. Rates are guaranteed depending on the guarantee period selected at policy issue, subject to contract terms. 

OCEANVIEW ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY THE FDIC OR NCUA/NCUSIF OR ANY OTHER FEDERAL GOVERNMENTAL AGENCY. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT. GUARANTEES ARE SUBJECT TO THE CLAIM PAYING ABILITY OF THE ISSUING INSURANCE COMPANY.

Annuities issued by Oceanview Life and Annuity Company, 1331 17th Street, Suite 1050, Denver, CO 80202. In California, doing business as Oceanview Life and Annuity Insurance Company www.oceanviewlife.com.

Annuities are generally designed as long-term retirement solutions and have certain limitations. They are generally not intended to replace emergency funds, serve as income for day-to-day expenses, or support short-term savings goals. Please refer to the contract for complete details, including features, limitations, and charges.

A.M. Best Rating as of February, 11, 2026, is subject to change. A (Excellent) rating is third highest of fifteen possible rating classes for financial strength. The outlook assigned to these Credit Ratings is stable.

This material is a general description intended for general public, educational use. Oceanview Life and Annuity Company is not providing investment advice for any individual or in any individual situation, and therefore nothing in this correspondence should be read as such. 

Neither Oceanview Life and Annuity Company nor any of its representatives may provide tax or legal advice. Clients should consult their own qualified tax or legal advisors.

Withdrawals in excess of any Free Partial Withdrawal amounts are subject to a Surrender Charge and Market Value Adjustment (MVA). The MVA may have the effect of increasing or decreasing the Surrender Value of the withdrawal depending on the market interest rate changes.

The IRS may impose a penalty for withdrawals prior to age 59 ½. Withdrawals may also be subject to ordinary income tax.

Contracts purchased in an IRA or other tax-qualified plan provide no additional tax-deferral benefit, since they are already afforded tax-deferred status. All annuity features, risks, limitations, and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan. For non-qualified annuities, tax deferral is not available to corporations and certain other entities.

Rates, renewal caps, and declared interest rates, will always follow contract provisions relative to minimums and maximums stated.  Oceanview determines, at its discretion, the rates, renewal caps and, declared interest rates above the contractual minimums that are guaranteed.