Today’s MYGA Rates Available in Utah
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.
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See Today’s Rates →How Utah taxes annuity income
Utah applies a flat income tax of approximately 4.5% (recently reduced in successive legislative sessions — verify the current-year rate with the Utah State Tax Commission) to the taxable portion of annuity distributions. Qualified annuity distributions are fully taxable as ordinary income; non-qualified annuities are taxed only on the earnings portion. Utah offers a retirement tax credit for qualifying taxpayers rather than an income exclusion.
Utah is one of the few states that still taxes Social Security benefits — though an income-based Social Security tax credit eliminates the tax for many lower- and middle-income retirees, and the legislature has repeatedly expanded the credit's income limits. For Utah retirees, the interplay between annuity income and the Social Security credit thresholds deserves real planning attention.
Source: Utah State Tax Commission — Individual Income Tax
Utah Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
Utah 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 Utah Insurance Department.
Best Interest Standard: Adopted — effective July 1, 2024
Effective July 1, 2024, Utah holds producers to the NAIC best-interest standard of conduct when recommending an annuity (Utah Admin. Code r. 590-230). 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: Utah Admin. Code r. 590-230 — Utah Insurance Department
Replacement Rules
Utah 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 Utah Admin. Code r. 590-230.
