Like most of you, I sleep well at night knowing that my cash is safe and sound in deposit accounts, most of which were opened a couple of years ago in some great CD's thanks to Ken and the Deposit Accounts site (Loving my GTE add-on CD's). But pretty soon I will have some maturing accounts that will need to be moved to something new.... So here's my question; what is the downside to investing some of my cash in MYGA's or Multi Year Fixed Annuities. I follow what's happening with these annuities in my state of New York at immediateannuities.com, and right right now, a 5 year MYGA from A++ rated Mass Mutual or A+++ rated New York Life earn between 3.20% & 3.45% interest.
What am I missing here? I understand that insurers insuring themselves is not the same as FDIC, but these companies are A++ rated. Not shabby Institutions.
I would appreciate some input if possible, specifically I'm interested in the "Mass Mutual Stable Voyage 5 (MVA).