Oklahoma offers a low top income tax rate, a $10,000 per-person retirement income deduction, and above-average guaranty protection — making it a solid state for annuity buyers looking for guaranteed growth with minimal state tax friction. Oklahoma City, Tulsa, and the growing retirement communities in the Ozarks and Lake Eufaula region attract buyers who want low cost of living alongside favorable retirement tax treatment. Before comparing rates, start with understanding how annuities work.
Below are today’s best MYGA rates available to Oklahoma residents, filtered to A-rated carriers only, updated daily.
2-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Axonic Insurance | Waypoint 2 MYGA | 5.00%Top Rate | 2 yr | $100,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 2 | 4.80% | 2 yr | $70,000 | 10% | |
| GBU Life | Asset Guard Select 2 | 4.75% | 2 yr | $25,000 | 10% | |
| Mass Mutual | Premier Voyage 2 | 3.45% | 2 yr | $1,000,000 | 10% |
3-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 3 (Simple Interest) SI | 5.60%Top Rate | 3 yr | $100,000 | 0% | |
| Axonic Insurance | Waypoint 3 MYGA | 5.40% | 3 yr | $100,000 | 10% | |
| Fidelity Security Life Insurance Company | TaxVantage® Multi-Year Guaranteed Annuity 3 | 5.25% | 3 yr | $2,500 | 0% | |
| Knighthead Life | Staysail 3 With Liquidity (Simple Interest) SI | 5.25% | 3 yr | $100,000 | 10% | |
| Ibexis | MYGA Plus 3 (Simple Interest) SI | 5.20% | 3 yr | $100,000 | 10% | |
| Athene IA | Athene Max Rate 3 (state specific) | 4.90% | 3 yr | $100,000 | Interest Only | |
| Oceanview Life and Annuity | Harbourview 3 | 4.90% | 3 yr | $70,000 | 10% | |
| Midland National Life | MNL Guarantee Pro 3 | 4.85% | 3 yr | $100,000 | Interest Only |
4-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oceanview Life and Annuity | Harbourview 4 | 5.20%Top Rate | 4 yr | $70,000 | 10% | |
| Oxford Life Insurance Company | Multi-Select 4 | 5.10% | 4 yr | $20,000 | 10% | |
| Clear Spring Life | Preserve MYGA 4 | 4.90% | 4 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 4 | 4.80% | 4 yr | $10,000 | 10% | |
| GBU Life | Asset Guard Select 4 | 4.75% | 4 yr | $25,000 | 10% | |
| Guardian Insurance & Annuity Co. | Guardian Fixed Target Annuity 4 | 4.65% | 4 yr | $100,000 | 10% | |
| S.USA Life Insurance Company, Inc. | Select Choice® Plus 1 (4) Year Plan Base Policy MVA | 4.55% | 4 yr | $100,000 | 0% | |
| Corebridge Financial | Corebridge Pathway Choicesm Fixed 4 Annuity GROP | 4.50% | 4 yr | $100,000 | 10% |
5-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 5 (Simple Interest) SI | 6.30%Top Rate | 5 yr | $100,000 | 0% | |
| Ibexis | MYGA Plus 5 (Simple Interest) SI | 5.75% | 5 yr | $100,000 | 10% | |
| Knighthead Life | Staysail 5 With Liquidity (Simple Interest) SI | 5.75% | 5 yr | $100,000 | 10% | |
| Axonic Insurance | Waypoint 5 MYGA | 5.65% | 5 yr | $100,000 | 10% | |
| Fidelity Security Life Insurance Company | TaxVantage® Multi-Year Guaranteed Annuity 5 | 5.65% | 5 yr | $2,500 | 0% | |
| Liberty Bankers Life | Heritage Elite 5 | 5.40% | 5 yr | $10,000 | 0% | |
| Liberty Bankers Life | Heritage Premier 5 | 5.35% | 5 yr | $10,000 | Interest Only | |
| Oxford Life Insurance Company | Multi-Select 5 | 5.20% | 5 yr | $20,000 | 10% |
6-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oxford Life Insurance Company | Multi-Select 6 | 5.55%Top Rate | 6 yr | $20,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 6 | 5.50% | 6 yr | $70,000 | 10% | |
| Clear Spring Life | Preserve MYGA 6 | 5.10% | 6 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 6 | 5.00% | 6 yr | $10,000 | 10% | |
| Guardian Insurance & Annuity Co. | Guardian Fixed Target Annuity 6 | 4.80% | 6 yr | $100,000 | 10% | |
| Mass Mutual | Premier Voyage 6 | 4.70% | 6 yr | $1,000,000 | 10% | |
| American General Life Insurance Company | American Pathway VisionMYG 6 | 4.30% | 6 yr | $100,000 | 15% | |
| Corebridge Financial | American Pathway VisionMYG 6 | 4.30% | 6 yr | $100,000 | 15% |
7-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 7 (Simple Interest) SI | 6.50%Top Rate | 7 yr | $100,000 | 0% | |
| Ibexis | MYGA Plus 7 (Simple Interest) SI | 5.95% | 7 yr | $100,000 | 10% | |
| Knighthead Life | Staysail 7 With Liquidity (Simple Interest) SI | 5.95% | 7 yr | $100,000 | 10% | |
| Fidelity Security Life Insurance Company | TaxVantage® Multi-Year Guaranteed Annuity 7 | 5.60% | 7 yr | $2,500 | 0% | |
| Axonic Insurance | Waypoint 7 MYGA | 5.50% | 7 yr | $100,000 | 10% | |
| Liberty Bankers Life | Heritage Elite 7 | 5.45% | 7 yr | $10,000 | 0% | |
| Oxford Life Insurance Company | Multi-Select 7 | 5.45% | 7 yr | $20,000 | 10% | |
| Liberty Bankers Life | Heritage Premier 7 | 5.40% | 7 yr | $10,000 | Interest Only |
8-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oxford Life Insurance Company | Multi-Select 8 | 5.20%Top Rate | 8 yr | $20,000 | 10% | |
| Clear Spring Life | Preserve MYGA 8 | 5.10% | 8 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 8 | 5.00% | 8 yr | $10,000 | 10% | |
| Guaranty Income Life | Guaranty Rate Lock 8 | 4.10% | 8 yr | $100,000 | 5% |
9-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Liberty Bankers Life | Heritage Elite 9 | 5.50%Top Rate | 9 yr | $10,000 | 0% | |
| Liberty Bankers Life | Heritage Premier 9 | 5.45% | 9 yr | $10,000 | Interest Only | |
| Liberty Bankers Life | Heritage Premier Plus 9 | 5.35% | 9 yr | $10,000 | Interest Only | |
| Liberty Bankers Life | Heritage Classic 9 | 5.25% | 9 yr | $10,000 | 10% | |
| Securian Financial | SecureOption Choice 9 | 5.20% | 9 yr | $500,000 | 10% | |
| Clear Spring Life | Preserve MYGA 9 | 5.10% | 9 yr | $100,000 | 10% | |
| Oxford Life Insurance Company | Multi-Select 9 | 5.10% | 9 yr | $20,000 | 10% | |
| Pacific Guardian Life | Diamond Head 9 | 5.00% | 9 yr | $10,000 | 10% |
10-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oceanview Life and Annuity | Harbourview 10 | 5.55%Top Rate | 10 yr | $70,000 | 10% | |
| Axonic Insurance | Waypoint 10 MYGA | 5.50% | 10 yr | $100,000 | 10% | |
| Royal Neighbors of America | MYGA 10 Year | 5.30% | 10 yr | $100,000 | Interest Only | |
| Oxford Life Insurance Company | Multi-Select 10 | 5.15% | 10 yr | $20,000 | 10% | |
| American National Insurance Company | Palladium MYG Annuity 10 | 5.10% | 10 yr | $250,000 | 10% | |
| Clear Spring Life | Preserve MYGA 10 | 5.10% | 10 yr | $100,000 | 10% | |
| Reliance Standard Life | Reliance Guarantee - 10 | 5.10% | 10 yr | $20,000 | 10% | |
| Pacific Guardian Life | Diamond Head 10 | 5.00% | 10 yr | $10,000 | 10% |
Rates shown are for informational purposes only and subject to change without notice. Only carriers rated A− or better by AM Best are included. Products marked SI use simple interest — the effective compound yield is lower than the stated rate. Minimum premiums shown are for non-qualified (after-tax) funds. Always verify current rates with a licensed annuity broker before purchasing.
Key Takeaways
- Oklahoma’s top income tax rate is 4.75% — lower than most states in the region
- Oklahoma residents can deduct up to $10,000 per person of retirement income from state taxable income — reducing the effective rate on annuity withdrawals meaningfully
- The Oklahoma Life and Health Insurance Guaranty Association protects up to $300,000 in annuity present value per person, per insurer — above the national $250,000 standard
- Oklahoma law requires a minimum 10-day free-look period for annuity contracts
- Oklahoma has no state estate tax and no inheritance tax
Are Fixed Annuities a Good Investment in Oklahoma?
Oklahoma’s combination of a sub-5% top rate and a $10,000 retirement income deduction makes the after-tax picture for annuity buyers quite favorable. A married couple can each claim the $10,000 deduction — shielding $20,000 per year of combined retirement income from Oklahoma income tax. For a retiree drawing $30,000 per year from their MYGA, the $10,000 deduction reduces taxable Oklahoma retirement income to $20,000 — saving $475 per year at the top rate.
Here is a concrete example: James, age 66, lives in Tulsa with $190,000 to protect. He places it in a 5-year MYGA at 5.00%. His account grows to approximately $242,549 at maturity — a $52,549 gain. During the accumulation years, he owed zero Oklahoma income tax on the annuity growth. When he begins withdrawals, his $10,000 annual deduction reduces the Oklahoma-taxable portion of each year’s distribution. At 4.75%, the deferral and deduction combined keep his Oklahoma tax burden on annuity income well below what he would have paid on a taxable CD earning the same rate.
Oklahoma Guaranty Association: How Your Annuity Is Protected
The Oklahoma Life and Health Insurance Guaranty Association (OKLHIGA) protects Oklahoma policyholders if a licensed insurer becomes insolvent. At $300,000, Oklahoma’s annuity coverage is above the national $250,000 standard. Coverage is automatic — no enrollment required.
| Coverage Type | Oklahoma Protection Limit |
|---|---|
| Annuity present value | $300,000 per person, per insurer |
| Life insurance death benefit | $300,000 per person, per insurer |
| Life insurance cash value | $100,000 per person, per insurer |
| Multiple policies at same insurer | Combined subject to limits above |
For annuity portfolios over $300,000, split across two or more A-rated carriers to keep each position within coverage limits.
Oklahoma Life and Health Insurance Guaranty Association
Website: oklifega.org
How Oklahoma Taxes Annuity Income
Oklahoma taxes annuity income as ordinary income under a graduated rate structure topping at 4.75%. Residents may deduct up to $10,000 per person of retirement income annually, reducing the amount subject to Oklahoma income tax. Oklahoma also fully exempts Social Security benefits from state income tax.
| Oklahoma Taxable Income (Single) | Oklahoma Rate |
|---|---|
| $0 – $1,000 | 0.25% |
| $1,001 – $2,500 | 0.75% |
| $2,501 – $3,750 | 1.75% |
| $3,751 – $4,900 | 2.75% |
| $4,901 – $7,200 | 3.75% |
| Over $7,200 | 4.75% |
Oklahoma has no estate tax and no inheritance tax. Annuity death benefits paid to named beneficiaries bypass probate and pass free of Oklahoma estate-level taxation.
Oklahoma Insurance Department
The Oklahoma Insurance Department (OID) licenses and regulates all insurance carriers and agents operating in Oklahoma. Verify both the carrier and your agent before purchasing an annuity.
| Contact | Details |
|---|---|
| Agency | Oklahoma Insurance Department (OID) |
| Consumer services | 405-521-2828 |
| Toll-free | 1-800-522-0071 |
| Website | oid.ok.gov |
| License verification | Oklahoma license lookup |
Tips for Buying an Annuity in Oklahoma
- Use the $10,000 retirement income deduction every year: Oklahoma’s $10,000 per-person deduction on retirement income reduces your taxable Oklahoma income dollar-for-dollar. A married couple can deduct $20,000 combined. Structure annual withdrawals to make full use of this deduction.
- Social Security is fully exempt: Oklahoma does not tax Social Security benefits. Combined with the retirement income deduction, many Oklahoma retirees face a very low effective state tax rate on total retirement income.
- $300,000 guaranty limit gives extra room: Oklahoma’s above-average coverage means you can hold slightly more with a single A-rated carrier while staying fully covered. Still split above $300,000.
- No estate tax simplifies planning: Oklahoma has no estate or inheritance tax. Name beneficiaries on annuity contracts to bypass probate entirely.
- Work with an independent broker: Oklahoma City and Tulsa have strong independent broker markets. Independent brokers compare 20+ carriers for your best rate.
- Use the free-look period: Oklahoma requires at least 10 days to review and cancel any annuity contract for a full premium refund.
Frequently Asked Questions
Does Oklahoma tax annuity income?
Yes, at graduated rates up to 4.75%. However, Oklahoma residents can deduct up to $10,000 per person of retirement income annually, reducing the taxable amount. Oklahoma also fully exempts Social Security benefits from state income tax.
What is the best annuity rate in Oklahoma today?
The best MYGA rates available to Oklahoma residents from A-rated carriers range from approximately 4.50%–5.50% depending on the term as of early 2026. See the live rate table above for current figures updated daily.
How much does the Oklahoma Guaranty Association cover?
The Oklahoma Life and Health Insurance Guaranty Association protects up to $300,000 in annuity present value per person, per insurance company — above the $250,000 standard in most states. For investments over $300,000, spread across multiple A-rated carriers.
What is Oklahoma’s $10,000 retirement income deduction?
Oklahoma residents can deduct up to $10,000 per person of qualifying retirement income — including annuity distributions — from their Oklahoma taxable income each year. Married couples can each claim the deduction for a combined $20,000 annual deduction.
Does Oklahoma have an estate or inheritance tax?
No. Oklahoma has neither a state estate tax nor an inheritance tax. Annuity death benefits paid to named beneficiaries pass free of Oklahoma estate-level taxation and bypass probate.
What is the free-look period for annuities in Oklahoma?
Oklahoma requires a minimum 10-day free-look period. You can return the contract for a full refund of premium within that window.
Who regulates annuities in Oklahoma?
The Oklahoma Insurance Department (OID). Verify licenses at oid.ok.gov or call 1-800-522-0071.