American National Strategy Indexed Annuity Plus 10 review

Yes, for a buyer whose money genuinely has a ten-year horizon. It is a well-disclosed contract from a carrier with 120 years of history, and the combination of a long bonus window, high participation rates on the uncapped strategies, and rider fees that cannot be increased is a stronger package than the headline 6.80% cap suggests. It is a poor fit if you might need more than 10% of the account in any year during the surrender period, or if you live in New York, where it is not filed.

The rational case is staged funding. Someone in their mid-fifties who has $150,000 to place now and expects two or three more rollovers over the following few years gets a 1% credit on each of those later payments, not just the first. Over a ten-year horizon that adds up in a way a first-year-only bonus does not, and it means the contract does not become a dead account once the initial deposit is in. The secondary case is the income rider: elect it at issue, let the benefit base roll up for ten years, and turn on a guaranteed withdrawal in your mid-sixties that continues even if the account value is exhausted.

I think this fits buyers roughly 50 to 70, in either qualified or non-qualified money, who are still accumulating and who expect to make additional contributions during the first seven contract years. It suits someone who is comfortable choosing among index strategies rather than wanting a single pre-built allocation. It is not the right contract for a set-it-and-forget single-deposit buyer — the whole point of the seven-year bonus window is wasted on one payment — and it is not appropriate for anyone whose liquidity needs could exceed 10% of the account value in a given year, or for a buyer who will not commit past age 80 plus a decade.

You are buying a principal-protected insurance contract that credits interest based on index performance, with a 1% head start on every payment you make in the first seven years. Your money sits in an account value that cannot decrease from index losses — a negative index year credits zero, not a loss. In exchange, your upside is limited by caps or participation rates that American National resets annually within contractual floors, and your access to the money is limited to 10% of the account value per year for a decade. The optional lifetime income rider is a separate promise layered on top: it tracks a benefit base that grows at a contractual rate and converts to a lifetime withdrawal percentage, and that benefit base is a calculation for income purposes only — it is not money you can withdraw as a lump sum.

Six indexed strategies plus one declared fixed account, all crediting annually on a point-to-point basis. As of the rate sheet effective May 1, 2026:

1. S&P 500 annual point-to-point, 100% participation, 6.80% cap

2. S&P 500 annual point-to-point, 100% participation, 10.20% cap — limited to a maximum 20% of account value

3. Nasdaq-100 Index annual point-to-point, 100% participation, 6.70% cap

4. S&P 500 annual point-to-point, uncapped, 42% participation

5. S&P 500 Multi-Asset Risk Control 5% Index annual point-to-point, uncapped, 185% participation

6. BNP Paribas Patriot Technology Index annual point-to-point, uncapped, 125% participation

The declared account was paying 3.85% on that same snapshot, though a 3.10% figure also appears on some variants of the rate file — confirm the number that applies to your contract and state. All of these reset, so treat every figure above as a snapshot rather than a term of the contract.

The 1.00% bonus is credited to the account value on each premium received during the first seven contract years. That is a real account-value bonus, not a benefit-base-only credit, so it compounds with whatever the strategies earn.

One disclosure detail worth reading carefully: the guaranteed minimum participation rate differs sharply between the two capped S&P 500 strategies. The 6.80% strategy guarantees 100% participation with a 1.00% minimum cap for the life of the contract. The 10.20% strategy guarantees only 5% participation with the same 1.00% minimum cap. The higher current cap comes with a materially weaker contractual floor, and that strategy is also the one restricted to 20% of the account value.

The two optional lifetime income riders are where this contract does something its peers often do not: it publishes a maximum charge equal to the current charge. Lifetime Income Rider X (Fixed) charges 1.10% of the benefit base annually and rolls that benefit base up at 9.00% compound for ten years or until income starts. Lifetime Income Rider XII (Fixed and Indexed) charges 0.80% and rolls up at 4.20% compound, plus an additional credit tied to the indexed interest the contract actually earned that year. For Rider XII, the benefit base starts from the account value plus the premium bonus multiplied by the roll-up, then grows each year by the roll-up and a factor derived from the prior year's indexed earnings — money sitting in the fixed account is excluded from that factor.

Both riders must be elected at issue, can be terminated later at your request, allow spousal continuation, carry a one-year waiting period, and cannot begin paying before age 50. The charge is deducted from the account value but calculated on the benefit base, and American National states the charge will not invade principal in a year with no contract gain. Payout percentages run 3.50% single and 3.00% joint at age 50, 4.50% and 4.00% at 60, 5.50% and 5.00% at 70, 6.50% and 6.00% at 80, and 7.50% and 7.00% at 90, increasing 0.10% for each contract year between the listed ages.

The honest comparison between the two: Rider X's 9.00% roll-up is the higher guaranteed number, but you pay 0.30% more for it. Rider XII's 4.20% guarantee is lower, and its upside depends on the indexed strategies performing — if the contract earns little index interest, Rider XII's benefit base grows at roughly half Rider X's rate. Neither offers an annual step-up or a roll-up reset after the ten-year period, though both step up automatically at income commencement if the account value exceeds the benefit base by then.

The surrender schedule runs 10%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 1%, then zero, and a market value adjustment applies on top of it. The MVA can work in either direction — if rates have risen since you bought, it increases what you give up on an early exit; if they have fallen, it can reduce it. Frame the whole thing as a ten-year commitment rather than a penalty you plan to pay.

Penalty-free withdrawals are 10% of the account value and are available immediately, not deferred to the second contract year, which is better than many bonus FIAs. Surrender charge and MVA waivers are available for terminal illness, disability, and confinement, though restrictions apply and the waivers are not offered in every state.

Additional premium is accepted throughout — $1,000 minimum for either qualified or non-qualified money, or $100 monthly by electronic transfer. That flexibility is the point of the seven-year bonus window.

There is no mortality and expense charge, no product fee, no administration charge, and no annual contract fee on the base contract. The Wink product profile shows no separate fee attached to any of the six indexing methods. The only explicit charge is the optional income rider: 1.10% of the benefit base for Rider X or 0.80% for Rider XII, deducted annually from the account value, with the current charge equal to the contractual maximum in both cases.

The real costs are structural rather than itemized. Caps and participation rates reset annually within the contractual floors, and those floors are thin — a 1.00% minimum cap on the capped strategies and a 5% minimum participation rate on the uncapped ones. The 10.20% cap strategy is capped at 20% of account value, so you cannot concentrate there. The market value adjustment is an interest-rate risk you carry for ten years. And the contract is not filed in New York.

| Feature | Details |

|---|---|

| Product Type | Flexible Premium Deferred Fixed Indexed Annuity |

| Policy Form | FPIA19 (launched February 2020) |

| Surrender Period | 10 Years |

| Surrender Schedule | 10, 9, 8, 7, 6, 5, 4, 3, 2, 1 |

| Market Value Adjustment | Yes |

| Issue Ages | 0–80 |

| Minimum Initial Premium | $10,000 non-qualified / $5,000 qualified |

| Minimum Subsequent Premium | $1,000, or $100 monthly by electronic transfer |

| Premium Bonus | 1.00% on all premiums received during the first seven contract years, credited to account value |

| Crediting Strategies | 6 indexed plus 1 declared fixed account |

| Indices | S&P 500; Nasdaq-100; S&P 500 Multi-Asset Risk Control 5%; BNP Paribas Patriot Technology |

| Rate Banding | None |

| MGSV | 87.5% of premiums at 1–3%, varies by state |

| Death Benefit | Greater of account value plus appreciation-to-date or cash surrender value |

| Income Riders | Optional Lifetime Income Rider X (1.10%, 9.00% roll-up) or XII (0.80%, 4.20% roll-up plus index credit); elect at issue |

| Waivers | Terminal illness, disability, confinement |

| State Availability | Not approved in New York |

American National Insurance Company, founded 1905 and headquartered in Galveston, Texas, part of American National Group. A.M. Best rating A (Excellent); Standard & Poor's rating A. The company has been owned by Brookfield since 2022 and writes life, annuity, and property and casualty coverage. This product is distributed through independent agents, career agents, banks, and both full-service national and independent broker-dealers.