SecureBuilder 5 review

Yes, for the right buyer. It is a good accumulation FIA for someone who wants a shorter surrender period, multiple crediting choices, and principal protection without the cost or complexity of an income rider. It is less appealing for someone whose main goal is a guaranteed lifetime income stream, or for someone who might need to access more than 10% of the contract value before the five years are up.

The primary reason is principal protection combined with index-linked growth potential on a 5-year horizon. The secondary reason is the range of crediting approaches — buyers who want to compare annual cap strategies against participation-rate strategies or a performance trigger have real choices here rather than a single default option. The biennial S&P 500 point-to-point option adds further range for buyers comfortable with a two-year measurement window. The low $10,000 minimum also makes it accessible to buyers who are not moving a large IRA.

I think SecureBuilder 5 is best for a pre-retiree or early retiree in their late 50s to mid-70s who wants to park money in a protected vehicle for five years, prefers a hands-off accumulation approach, and does not need guaranteed lifetime income from this contract. The wide issue age range — including non-qualified money at ages as young as 0 — makes it usable for a variety of situations, including qualified rollover money. It is less attractive for anyone who expects to need significant liquidity during the surrender period or who is primarily looking for income planning features.

You are not buying stock market participation. You are buying a principal-protected insurance contract that earns interest based on the performance of selected market indices without exposing your principal to market losses. If the index goes negative in any crediting period, the contract credits zero — not a loss. If the index goes up, your credited interest is shaped by the cap or participation rate you chose. The result is a contract that captures a portion of market gains while eliminating downside risk, in exchange for a 5-year surrender commitment.

SecureBuilder 5 offers seven index-based crediting strategies plus a fixed account. The S&P 500 strategies include an annual point-to-point with a cap (the most common FIA structure), an annual point-to-point with a participation rate, an annual performance trigger (which credits a fixed rate if the index ends the year positive or flat), and a biennial point-to-point with a cap that measures index performance over two years instead of one. The Balanced Asset 5 Index — a managed volatility index — offers an annual participation rate, a biennial participation rate, and an annual performance trigger.

The biennial options are worth understanding. They measure index performance from contract anniversary to the second-year anniversary. That longer measurement window can produce a higher cap or participation rate compared with the annual version, but it also means the contract does not reset every year, so if the index performs well in year one but gives it back in year two, the two-year measurement captures the net result. As of April 2026, rate disclosures show caps ranging from approximately 8.75% to 16.00% and participation rates from 45% to 200% depending on the option — though those figures are set by F&G and can change at each crediting anniversary.

The most meaningful secondary feature is the built-in chronic illness waiver. If the contract owner requires nursing home care, home health care, or is diagnosed with a terminal illness, F&G waives surrender charges and the MVA — with no added fee. For a 5-year contract aimed at retirement savers, that provision is practically relevant. Many people in their 60s and 70s buy a 5-year annuity not knowing what their health will look like five years out. Having a waiver available at no extra cost is a meaningful safety valve without the complexity of a full care rider.

SecureBuilder 5 is a 5-year commitment. After the first contract year, owners can withdraw up to 10% of total account value annually without any surrender charge or MVA. Withdrawals above that are subject to the schedule below, and in most states, a market value adjustment (MVA) applies on top of the surrender charge. An MVA means the actual cost of an early partial liquidation can be higher or lower than the stated charge depending on where interest rates are at the time — generally, higher rates at withdrawal than at purchase make the adjustment unfavorable.

Required minimum distributions that exceed the free-withdrawal amount are exempt from surrender charges and MVA, which makes this contract workable for qualified money. Systematic withdrawals are available monthly, quarterly, or semi-annually, and non-systematic withdrawals are limited to four per year.

Note: the MVA does not apply in these states: AK, AL, CT, IL, MN, MO, MS, OR, PA, WA.

There is no base contract fee and no rider fee on SecureBuilder 5 — F&G does not charge an annual account maintenance fee, and since no income rider is available, there is no rider cost to account for. That simplicity is one of the product's cleaner attributes.

The tradeoffs are structural rather than explicit. Cap rates and participation rates are set by F&G and can be adjusted at each crediting anniversary — only the first-year terms are locked in. If rates reset lower after year one, credited interest in subsequent years may be less competitive. The performance trigger strategies credit a fixed rate only if the index finishes positive or flat for the measurement period; in flat-to-slightly-negative years they earn nothing, while in strongly positive years they may lag a cap-based strategy. And larger withdrawals in the first five years face both surrender charges and, in most states, MVA — making early partial liquidation meaningfully more expensive than the stated charge rate alone suggests.

Legal Entity: Fidelity & Guaranty Life Insurance Company

Parent: FGL Holdings

A.M. Best Rating: A

F&G is a mid-sized annuity carrier focused primarily on fixed and fixed indexed products for the retirement market. The A rating from A.M. Best reflects a solid claims-paying position, though F&G is not as large as carriers like Corebridge or Nationwide. The SecureBuilder product line is a core part of F&G's distribution strategy — this is not a niche or experimental product.