Today’s MYGA Rates Available in Maryland
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 Maryland
Filter by term, carrier rating, and minimum premium — then connect with a licensed Maryland agent about any rate you see.
See Today’s Rates →How Maryland taxes annuity income
Maryland applies graduated state income tax rates (2%–5.75%) plus local county income taxes (roughly 2.25%–3.2%) to the taxable portion of annuity distributions. Maryland's pension exclusion softens this for many retirees — taxpayers age 65 or older (or totally disabled) may exclude employer-plan retirement income up to an annually indexed cap (roughly $39,000–$40,000 in recent years), reduced by Social Security benefits received.
One critical limitation that surprises many Maryland retirees: traditional IRA distributions do not qualify for the pension exclusion. An annuity purchased inside an employer plan (401(k), 403(b)) may qualify; an annuity funded with an IRA rollover generally does not. Maryland does not tax Social Security benefits. Verify the current exclusion cap and your contract's eligibility with the Comptroller of Maryland or a Maryland tax professional.
Source: Comptroller of Maryland — Income Tax (Pension Exclusion)
Maryland Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
Maryland annuity contracts include a free look period — a window after delivery during which you may return the contract for a full refund with no surrender charges. The minimum period is at least 10 days for most contracts, with the exact terms stated on your contract's cover page.
Carriers may offer longer periods than the state minimum. Confirm current requirements with the Maryland Insurance Administration.
Source: Maryland Insurance Administration — consumer resources
Best Interest Standard: Adopted — effective October 8, 2022
Effective October 8, 2022, Maryland holds producers to the NAIC best-interest standard of conduct when recommending an annuity (COMAR 31.09.12; MIA Bulletin 2022-11). 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.
Source: COMAR 31.09.12 — Maryland Insurance Administration
Replacement Rules
Maryland 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 COMAR 31.09.12.
Source: Maryland Insurance Administration — consumer resources
