What Is A Modified Guaranteed Annuities? 
A modified guaranteed annuity -LRB- MGA -RRB- is a deferred annuity that guarantees principal and a rate of interest credited to deposits for a fixed time period , some up to up ten years . Any early withdrawals from or surrender of an MGA before the expiration period will more than likely be subject to a market value adjustment , a possible withdrawal charge and exposure to ordinary income taxes . These types of annuities are hold positions and should not be purchased if liquidity is a high priority of the saver . 