Today’s MYGA Rates Available in Michigan
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 Michigan
Filter by term, carrier rating, and minimum premium — then connect with a licensed Michigan agent about any rate you see.
See Today’s Rates →How Michigan taxes annuity income
Michigan applies a flat income tax of 4.25% — but Michigan's retirement tax landscape just changed dramatically in retirees' favor. Under the Lowering MI Costs Plan (Public Act 4 of 2023), the state's retirement and pension subtraction was phased back in over four years, and beginning with tax year 2026, all taxpayers — regardless of birth year — may deduct retirement and pension benefits up to an inflation-adjusted maximum (Mich. Comp. Laws §206.30(1)(f)(iv)).
"Retirement and pension benefits" includes most income reported on Form 1099-R: defined-benefit pensions, IRA distributions, and most payments from defined-contribution plans — which covers most qualified annuities. Michigan does not tax Social Security benefits, and Public Act 24 of 2025 lets taxpayers 67+ claim both the standard deduction and the Social Security deduction for 2026–2028. Non-qualified annuity earnings above the subtraction remain taxable at 4.25%. Verify current-year limits with the Michigan Department of Treasury.
Source: Michigan Department of Treasury — Retirement and Pension Benefits
Michigan Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
Michigan 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 Michigan Department of Insurance and Financial Services.
Best Interest Standard: Adopted — effective June 29, 2021
Effective June 29, 2021, Michigan holds producers to the NAIC best-interest standard of conduct when recommending an annuity (Mich. Comp. Laws §§500.4151–500.4166, enacted as Public Act 266 of 2020). 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: Mich. Comp. Laws §§500.4151–500.4166 — Michigan DIFS
Replacement Rules
Michigan 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 MCL §§500.4151–500.4166.
