Today’s MYGA Rates Available in Maine
Multi-year guaranteed annuity (MYGA) rates change frequently and availability varies by state. Rather than show a snapshot that goes stale, we maintain a live comparison of 2,400+ products from 60+ carriers, updated from industry rate feeds.
Compare live MYGA rates for Maine
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See Today’s Rates →How Maine taxes annuity income
Maine applies graduated income tax rates (5.8%–7.15%) to the taxable portion of annuity distributions — but Maine's pension income deduction shelters a substantial amount first. Eligible taxpayers may deduct pension and retirement plan income (including annuity, IRA, and 401(k) distributions) up to an annually indexed cap tied to the maximum annual Social Security benefit — tens of thousands of dollars per person per year. The deduction is reduced by Social Security benefits received, since those are already exempt.
Maine does not tax Social Security benefits. Qualified annuity distributions above the deduction are taxed as ordinary income; non-qualified annuities are taxed only on the earnings portion. Federal income tax and the 10% federal early-withdrawal penalty (before age 59½) apply as usual. The deduction cap adjusts annually — verify the current-year amount with Maine Revenue Services.
Source: Maine Revenue Services — Individual Income Tax
Maine Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
Maine annuity contracts include a free look period — a window after delivery during which you may return the contract for a refund:
- Most contracts: at least 10 days, with the exact period stated on your contract's cover page.
- Disclosure protection: if the required annuity buyer's guide and disclosure document were not provided at or before application, Maine's adoption of the NAIC disclosure model requires a free look of at least 15 days.
Carriers may offer longer periods. Confirm current requirements with the Maine Bureau of Insurance.
Best Interest Standard: Adopted — effective January 1, 2022
Effective January 1, 2022, Maine holds producers to the NAIC best-interest standard of conduct when recommending an annuity (02-031 CMR Ch. 917). The producer must act in the consumer's best interest — satisfying care, disclosure, conflict-of-interest, and documentation obligations — and may not place their own financial interest ahead of the consumer's. Producers must complete a 4-hour best-interest training course before selling annuities, and insurers must maintain supervision systems over recommendations.
Source: 02-031 CMR Ch. 917 — Maine Bureau of Insurance
Replacement Rules
Maine requires consumer protections when an existing annuity or life insurance policy is replaced:
- A written replacement notice identifying the contracts being replaced and disclosing surrender charges, benefits, and features being given up.
- Notification to the existing insurer.
- A documented best-interest basis for the recommendation under Maine's standard of conduct.
