Power Index Premier (NY) review

Yes, for the right New York buyer. This is a solid annuity for someone who wants index-linked growth with principal protection and likes the idea of an optional income rider that does not charge an annual fee. It is less appealing for someone who needs the money inside seven years, or who is shopping primarily on cap rates, since New York pricing on this contract runs lower than the same product in other states.

The main reason to buy Power Index Premier (NY) is principal-protected accumulation. The secondary reason is optionality. You can hold the contract purely for growth potential, and if your plans change, you can elect the Lifetime Income Builder rider to convert it into a guaranteed income stream without paying an explicit annual rider charge. For a New York resident, where annuity choices are narrower than the national market, having a protected-accumulation FIA with a no-fee income option attached is a practical reason to consider it.

I think this contract is best for a New York buyer in their 50s or 60s who wants conservative, principal-protected accumulation and likes keeping the door open to lifetime income without paying for it up front. The base contract issues from age 18 to 85, but the income rider is only available at issue ages 50 to 80, so it is really aimed at pre-retirees and early retirees. It is less attractive for someone who expects to need regular access to principal above the free-withdrawal amount, or for someone whose single goal is the highest possible cap rate.

You are not buying direct stock-market participation. You are buying a principal-protected insurance contract that credits interest using index-linked formulas, with an optional layer that can guarantee income for life. Returns are shaped by caps rather than the raw index return, so the protection comes at the cost of capped upside. The income rider, if elected, does not pay you a market return either. It promises a guaranteed withdrawal amount for life based on a benefit calculation, separate from your contract value.

Power Index Premier (NY) gives you two main ways to earn interest: an annual point-to-point cap strategy and a performance-triggered strategy, across the S&P 500, MSCI EAFE, Russell 2000, and Nasdaq-100. A cap strategy credits the index gain up to a stated ceiling. As of the May 4, 2026 rate sheet, the S&P 500 annual cap was 6.25% at the low band and 7.25% at the higher band, with the MSCI EAFE, Russell 2000, and Nasdaq-100 caps running 6.75% to 7.75%. The participation rate is 100%, meaning you capture the full index move up to the cap. The performance-triggered strategy works differently: it credits a fixed rate (4.75% to 5.75% on the S&P 500 and Nasdaq-100 as of that date) whenever the index is flat or positive, and nothing when it is negative. Those rates can change. The contract guarantees a minimum cap of 2.85% and a minimum participation rate of 100% over the life of the contract.

The most meaningful secondary feature is the optional Lifetime Income Builder GLB rider, and what makes it notable is that it carries no annual fee. If you elect it, the income percentage grows by 0.20% for each year you defer income, for up to 15 years or until you turn income on, whichever comes first. That deferral roll-up is modest compared to richer income riders that charge a fee, but the absence of an annual charge means you are not paying year after year for a benefit you may never use. It is a reasonable middle ground for an accumulation buyer who wants income as a backup plan rather than the main event.

This annuity is built for long-term retirement dollars, not short-term cash needs. After the first contract year, you can withdraw up to 10% of the prior anniversary's contract value each year without a charge. Amounts above that are subject to the 7-year withdrawal-charge schedule, which starts at 9% and steps down to 3%. Notably, there is no market value adjustment on this contract, so larger withdrawals are affected only by the surrender charge itself and not by an interest-rate-driven adjustment. Required minimum distributions attributable to the contract are exempt from withdrawal charges, though they count against your 10% free amount (and against the guaranteed income amount if the rider is elected). The contract also includes withdrawal-charge waivers for terminal illness, extended care, and nursing home or assisted living confinement, subject to contract terms.

The fee picture here is clean. The base contract has no explicit annual product fee, and the Lifetime Income Builder rider has no annual fee either, which is unusual for a guaranteed income benefit. The tradeoffs are structural rather than visible. Upside is limited by the caps, and the New York caps run below what the same product family offers in other states. The performance-triggered option can lag in a strong up-year because it pays a fixed amount regardless of how high the index climbs. And the 7-year surrender schedule, starting at 9%, means this is not money you should plan to touch beyond the free-withdrawal amount. The upside on the cost side is real, though: there is no MVA and no recurring rider fee eating into the contract.

Legal Entity: The United States Life Insurance Company in the City of New York

Parent: Corebridge Financial, Inc.

AM Best Rating: A