Why it earned this rating
Our assessment
F&G SecureIncome 7 earns a solid rating because the income mechanics are genuinely well-designed: a 7% benefit-base bonus at issue, a 7% annual roll-up for up to 10 years, and a 1.15% rider fee that is reasonable for the guarantee offered. What holds it at this level is the channel restriction — you must be contracted through TD Bank to sell this product, which limits who can access it — and crediting terms that are modest even by income-FIA standards.
The short version
SecureIncome 7 is a 7-year income-focused fixed indexed annuity designed to turn a lump sum into a protected lifetime income stream, primarily through a built-in withdrawal benefit rider. The product's appeal is the income-first architecture: the benefit base starts 7% ahead of your premium at issue, then compounds at 7% per year before you activate withdrawals. The growth side of the contract — indexed crediting tied to the S&P 500 — is not the reason to buy this. It is there to provide some account-value growth alongside the income guarantee. The channel restriction to TD Bank is a meaningful constraint, but for someone already working within that relationship, the income mechanics are worth a close look.
Key facts
The full review
Is F&G SecureIncome 7 (TD Bank) a Good Annuity?
It depends on whether you are in the TD Bank channel and whether your primary goal is protected lifetime income. If both are true, this is a solid product with genuinely competitive income mechanics. The 7% benefit-base bonus and 7% roll-up combination is among the stronger structures in the 6-7 year income-FIA category. If you are primarily shopping for accumulation, this is not the right product — the crediting terms are modest and the rider fee is meaningful. And if you are not working with a TD Bank advisor, you simply cannot access it.
Why Someone Would Buy This Annuity
The main reason to buy SecureIncome 7 is to create a defined, protected income stream starting in retirement. The 7% benefit-base bonus means the income engine starts ahead of your actual premium, and the 7% annual roll-up means deferring withdrawals by even a few years can meaningfully increase the eventual payout. The built-in chronic illness enhancement — allowing up to 2x the normal withdrawal if you are unable to perform two of six activities of daily living — adds a care-planning dimension that matters for some buyers. The $10,000 minimum premium also makes this accessible at a lower entry point than many competitors.
Who This Annuity Is Best For
I think SecureIncome 7 is best suited for someone in the 55-75 age range who is planning for retirement income within the next 5-10 years, wants their income floor guaranteed regardless of market performance, and is already working with a TD Bank advisor. It is less attractive for younger buyers who want strong accumulation, for buyers who want open-market competition and portability, or for anyone primarily focused on leaving a large death benefit to heirs.
What You're Really Buying Here
You are buying an income guarantee mechanism, not a growth vehicle. The heart of this contract is the Enhanced Guaranteed Minimum Withdrawal Benefit (EGMWB). The rider maintains a separate benefit base — starting at 107% of your premium the day you fund the contract, thanks to the 7% benefit-base bonus — and that base grows at 7% per year until you begin withdrawals or reach age 85. The actual income payments are calculated as a percentage of that benefit base, not of your account value. That distinction matters: even if your account value is flat or slightly lower due to market conditions, the benefit base — and the income it generates — keeps growing as long as you defer.
How the Core Feature Works
The EGMWB rider is automatically built into the contract. At issue, F&G applies a 7% bonus to your premium and credits that amount to the benefit base (this is separate from your account value — it does not increase the money you can surrender). From that point, the benefit base rolls up at 7% per year, compounding annually, until you elect income or reach age 85 — whichever comes first. The maximum accumulation period is 10 years.
When you decide to activate income, withdrawals are calculated as a permitted percentage of the accumulated benefit base. That percentage is determined at the time you start withdrawals and is based on factors including your age. As long as you do not take more than the maximum annual withdrawal amount, the rider continues paying for life even if your account value reaches zero. If your account value is not depleted, your heirs receive the greater of account value or the minimum guaranteed surrender value at death.
The rider fee is 1.15% of the income base annually, charged against account value. If you restart the benefit, the fee can increase to a maximum of 1.50%.
Why the Secondary Feature Matters
The Enhanced Withdrawal for Impairment provision is the secondary feature worth noting. If you are unable to perform two of six activities of daily living, you may be eligible to withdraw at twice (2x) or 1.5x your normal maximum annual withdrawal amount — with no surrender charge or MVA. This is not a full long-term care rider, but it provides meaningful cash-flow relief precisely when you are most likely to need it and least able to work. For buyers in their 60s and 70s, this kind of built-in care layer — offered without a separate rider charge — adds real value that is easy to overlook when comparing income projections on paper.
Liquidity and Surrender Schedule
SecureIncome 7 is a 7-year commitment. After the first contract year, you can withdraw up to 10% of account value annually without surrender charge or MVA. Withdrawals above that amount during years 1-7 are subject to the schedule below and may also trigger a Market Value Adjustment — an MVA — which means your effective surrender cost can fluctuate depending on the interest-rate environment when you withdraw. In a rising-rate environment, the MVA typically reduces what you receive; in a falling-rate environment, it may actually benefit you. Either way, plan to leave the bulk of the money in place for at least 7 years.
There are a few liquidity relief provisions worth knowing. Home health care, nursing home care, and terminal illness are listed as qualifying circumstances for penalty-free withdrawals beyond the 10% free amount. The impairment provision described above also applies. These are helpful, but this contract is still not a substitute for a liquid emergency fund.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4 | 6% |
| 5 | 5% |
| 6 | 4% |
| 7 | 3% |
| 8 | 0% |
Fees and Tradeoffs
The only explicit ongoing fee is the EGMWB rider fee: 1.15% of the income base per year, deducted from account value. That is a reasonable price for a 7% roll-up guarantee with a built-in impairment enhancement, but it is still a real fee that compounds over time. If you defer income for 10 years, the income base will be meaningfully larger than your account value — which means the dollar amount of the rider fee will also be larger than it appears at issue.
The crediting side is where the tradeoffs become more visible. The S&P 500 annual point-to-point cap is 4.75% as of the rate effective date in the source documents, and the participation rate option stands at 30%. Both of those are modest. The performance-triggered option is available but not described with specifics in the available materials. In practice, this contract's account value is likely to grow slowly compared to an accumulation-focused FIA — the crediting structure is there to keep the account value positive, not to maximize it. That is not necessarily a problem if your goal is income, but it matters if you are weighing this against an accumulation product.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Income-Focused Fixed Indexed Annuity |
| Surrender Period | 7 years |
| Issue Ages | 0-85 (Non-qualified); 18-85 (Qualified) |
| Minimum Premium | $10,000 |
| Indices | S&P 500 |
| Crediting Methods | Fixed, Indexed |
| Free Withdrawal | 10% of account value annually after year one, with no surrender charge or MVA |
| MGSV | 87.5% of premiums at 1-3% rates |
| Death Benefit | Paid as lump sum, greater of account value or minimum guaranteed surrender value. Prior withdrawals reduce benefit amounts. |
| Income Rider | Built-in |
| Income Rider Fee | 1.15% of Income Base annually (maximum 1.50% upon restart) |
| Premium Bonus | None |
| Availability | Not available in ID, MT, NY, PR. Variations approved in CT, HI, IL, MA, MO, NH. Must be contracted through TD Bank to sell this product. |
Carrier snapshot
Legal Entity: Fidelity and Guaranty Life Insurance Company
Parent: FGL Holdings
A.M. Best Rating: A
Final take
SecureIncome 7 is a focused product built to do one thing well: generate protected lifetime income through a benefit-base bonus and guaranteed roll-up structure. The income mechanics are genuinely competitive in this category — a 7% bonus at issue, 7% annual roll-up, and a 1.15% rider fee is a reasonable combination for the guarantee you are getting. The built-in impairment provision adds real care-planning value without a separate charge.
The channel restriction is the honest reason this product does not rate higher. Being limited to TD Bank advisors is a meaningful constraint — it means you cannot comparison-shop across carriers, and it means that unless you are already in that relationship, this product is not accessible to you. For someone who is already working with TD Bank, the income structure deserves a serious look. For everyone else, the open market has comparable income FIAs worth comparing before committing.