Why it earned this rating
Our assessment
Offers a 9-year accumulation window with a higher 91% MGSV and a smoother surrender schedule, but the CA-only limitation and missing Enhanced Benefit Rider hold it back.
The short version
This product makes sense for a buyer who genuinely wants the longest accumulation runway inside a principal-protected structure and is comfortable selecting from a large menu of strategies. The broad strategy list is a meaningful differentiator. But the 9-year lockup is not trivial, and buyers older than 80 cannot access this contract at all. I think most buyers in the 8–10 year accumulation category should compare this carefully against the AssetShield BONUS 9, which adds a 14% premium boost for the same duration.
Key facts
The full review
Is American Equity AssetShield 9 a Good Annuity?
For the right buyer, yes. It is a good option for an accumulation-focused buyer who wants a long growth window inside a principal-protected FIA, wants more strategy choices than most competitors offer, and does not need income rider access. It is a less obvious choice for older buyers near the 80-year cap, for anyone who might need significant liquidity in the first several years, or for buyers whose main priority is lifetime income.
Why Someone Would Buy This Annuity
The main reason is accumulation depth: 38 indexed strategies is a genuinely broad menu for a FIA. The secondary reason is the 9-year growth window — for a buyer in their mid-to-late 50s who is still a decade from retirement, a 9-year accumulation contract makes planning sense. The fixed account rate of 3.80% as of January 2026 is competitive for a fixed guarantee within a FIA structure.
Who This Annuity Is Best For
I think AssetShield 9 is best for a buyer in their 50s who has a long enough horizon that 9 years feels manageable, who wants to diversify crediting across multiple indices and strategies, and who is squarely in accumulation mode rather than income mode. It is not a good fit for anyone over 80 (who cannot buy it), anyone planning for income within the 9-year window, or anyone who values simplicity over strategy breadth.
What You're Really Buying Here
A principal-protected FIA contract with a very wide strategy palette. The breadth of crediting options is the differentiator here. Buyers get access to 38 different combinations of index, crediting method, and term structure. That is more choices than most people can meaningfully evaluate, which means working with someone who understands the menu matters more here than with simpler FIA designs. The underlying mechanics — principal protection, interest credits based on index performance, surrender charges during the term — are standard FIA.
How the Core Feature Works
AssetShield 9's 38-strategy menu includes annual point-to-point cap and participation rate strategies on S&P 500, BNP Paribas Patriot Technology, various volatility-controlled multi-asset indices, and other options. The product does not use a Market Value Adjustment — this is important relative to the AssetShield 5 and 7, which do carry MVA riders. The lack of an MVA means that surrenders above the free-withdrawal amount are subject only to the surrender charge schedule, which starts at 8.30% rather than 9.2%. The surrender schedule is more graduated across the 9 years than a typical declining schedule, which some buyers may find easier to plan around.
Why the Secondary Feature Matters
The Enhanced Benefit Rider is automatically included for buyers age 75 and under, providing the same nursing care and terminal illness waivers as the rest of the AssetShield line. Given the 9-year duration, the waiver provisions are arguably more important here than in shorter-duration products: if a health event occurs mid-contract, having a clean path to access funds without surrender charges is significant.
Liquidity and Surrender Schedule
The 9-year surrender schedule is 8.30%, 8.25%, 7.25%, 6.25%, 5.20%, 4.20%, 3.15%, 2.10%, 1.00%, then 0%. Free withdrawals of up to 10% of contract value are available annually after year one. There is no MVA on this product based on available materials, which simplifies the surrender calculation compared to AssetShield 5 and 7. The nursing care and terminal illness waivers provide relief from surrender charges if qualifying conditions arise.
Fees and Tradeoffs
The base contract has no annual fee. The Performance Rate Rider is available as an optional add-on (1.50% annual fee) for higher caps and participation rates. The main structural cost is the 9-year lockup and the complex strategy menu that requires informed choices. The issue age cap of 80 is a real constraint — buyers at 79 should carefully consider whether a 9-year surrender period makes sense for their situation.
Product snapshot
| Feature | Details |
|---|---|
| Product type | Fixed index annuity |
| Issue ages | 18–80 |
| Minimum premium | $5,000 |
| Additional premiums | Allowed ($1,000 minimum subsequent) |
| Account types | IRA, Roth IRA, SEP IRA, Inherited IRA, Non-Qualified |
| Free withdrawal | Up to 10% of contract value annually after year one |
| Surrender schedule | 8.30% / 8.25% / 7.25% / 6.25% / 5.20% / 4.20% / 3.15% / 2.10% / 1.00% / 0% |
| Market value adjustment | None (not present on this product) |
| Income rider | Not available |
| Bonus | None |
| Base contract fee | None |
| Performance Rate Rider | Optional; 1.50% annual fee |
| Death benefit | Greater of account value or MGSV |
| MGSV | 87.5% of premium less withdrawals, at minimum guaranteed rate |
| Enhanced Benefit Rider | Included automatically for ages 0–75 at no fee |
| Nursing care waiver | Up to 100% of account value after 90 days of qualifying confinement |
| Terminal illness waiver | Up to 100% of account value on diagnosis |
| Indexed strategies | 38 indexed options plus 1-year fixed account |
| Fixed account rate | 3.80% (January 2026) |
| State availability | California product; state availability varies |
Carrier snapshot
American Equity Investment Life Insurance Company is an Iowa-based insurer founded in 1995, rated A by A.M. Best and A by Standard & Poor's. American Equity is a major fixed indexed annuity specialist that distributes primarily through independent advisors. The company became part of the Brookfield Reinsurance platform in 2023. Its financial strength ratings support long-term insurance contract commitments.
Final take
AssetShield 9 is a credible 9-year accumulation FIA for buyers who want principal protection, no annual product fee, and the widest strategy menu American Equity offers in the AssetShield line. The lack of an MVA and the more graduated surrender schedule are real structural advantages. The tradeoffs are the 9-year commitment, the 80-year issue age cap, and the absence of income features.
I would encourage any buyer considering AssetShield 9 to also evaluate the AssetShield BONUS 9, which adds a 14% premium bonus on the same basic structure. Depending on how long the buyer expects to hold the contract, the bonus can meaningfully change the value proposition.