ForeStructured Growth II (Wells Fargo) review

Yes, for the right buyer — with the same caveats as the base version. This is a good annuity for someone who wants more index upside than a fixed indexed annuity's caps allow, understands that partial market losses are genuinely possible, and is a Wells Fargo client in one of the six approved states. It is a poor fit for anyone who expects their principal to be fully protected at all times, for anyone who may need the money within six years, or for anyone outside the approved state list.

The main reason to buy this version of ForeStructured Growth II is convenience within an existing Wells Fargo relationship — same product mechanics as the open-market version, acquired through an adviser you already work with. The secondary reason is the same as it is for any RILA with a wide protection menu: the ability to fine-tune the risk-reward balance. Buffers from 10% to 20% and floors from 0% to 25% let you choose how aggressively you want to pursue upside, and the dual-directional strategy adds a genuinely different payoff profile that most RILAs do not include. In practice, someone buys this because they have already decided they want more participation than an FIA can give, they have safe money elsewhere, and they have a six-year-plus horizon where they will not need this principal.

I think this version is best for a Wells Fargo client in their 50s or 60s who already has this kind of product on their radar, has a time horizon of at least six years, and understands that "buffer" means partial protection — not full protection. It suits someone who has hit the ceiling on what FIA caps can offer and wants more index participation without owning equities directly. It is not suitable for the conservative buyer who wants guaranteed principal, for anyone who cannot comfortably lock up these funds for the surrender period, for someone shopping primarily for lifetime income, or for buyers in states outside the current approval list.

You are not buying principal protection, and you are not buying direct stock market exposure. You are buying an annuity contract that ties your interest credits to an index — the S&P 500 or the Nasdaq-100 — with a partial shock absorber on the downside and a ceiling on the upside. The shock absorber comes in two forms. A buffer absorbs the first slice of any loss: a 10% buffer means the insurer takes the first 10% of a decline, and you absorb everything beyond that. A floor caps your maximum loss: a 10% floor means you can lose at most 10%, and the insurer covers anything worse. In exchange for that cushion, your gains are limited by a cap or participation rate. That tradeoff defines the whole product — you trade unlimited upside and full downside protection for a middle lane between a fixed annuity and a brokerage account, with the flexibility to choose how wide that lane is.

The heart of this contract is the structured crediting strategy menu, which is the same depth as the open-market ForeStructured Growth II. You allocate among strategies built on the S&P 500 and Nasdaq-100 using several crediting methods: annual point-to-point (measures the index at the start and end of the year), three-year and six-year term-end point (measures over a longer period for potentially higher caps), a performance-triggered strategy (credits a declared rate as long as the index is flat or positive, zero if not), and a dual-directional strategy (can credit a positive return even when the index finishes modestly negative, within a defined band). Each strategy is paired with a protection level — buffers of 10%, 15%, or 20%, or floors reaching as deep as 25%, including a 0% floor that functions like an FIA floor with no downside.

The cap, participation rate, or trigger rate is declared in advance and locked for the term of each strategy, but it can reset at the next renewal. The brochure notes 44 structured account options across these combinations. Current declared rates were not in the available materials — anyone shopping this should request the current rate sheet for the specific strategies they are considering before making a commitment, because the upside lives entirely in those numbers.

The most meaningful secondary feature is the range of protection levels, and in particular the deep-floor options and the dual-directional strategy. Most RILAs offer a 10% or 20% buffer and call it a complete menu. Here, a buyer who wants near-FIA safety can choose a 0% floor and accept a lower cap — still no loss in a down year. A buyer willing to take on more risk can take a 20% buffer in pursuit of a higher ceiling. The dual-directional strategy adds a meaningfully different payoff profile: it can turn a modest index decline into a positive credit, which is a behavior no standard buffer or floor strategy provides. These are not cosmetic variations. Each protection choice comes with a different cap or participation trade, and the ability to make that choice strategy by strategy is the real reason to consider this contract over a simpler RILA.

This is a six-year commitment and should be treated that way. The contract allows free withdrawals of up to 10% of contract value annually. In Year 1, that is calculated on premiums paid; in Years 2 and beyond, it is based on the prior account anniversary value, plus any amount sitting in the Performance Credit Account — the side account used with the dual-directional strategy. You must leave at least $2,500 in the contract. Anything above the free amount during the surrender period is subject to the withdrawal charge schedule below, plus a Market Value Adjustment — an MVA — which means the actual cost of an early surrender moves with interest rates and can be larger than the stated charge if rates have risen since issue. Withdrawals taken mid-term can also affect how interest is credited at term end.

The contract includes relief provisions: a Nursing Care Waiver and a Terminal Illness Waiver can allow access without the standard charges if you qualify. If this is going into a qualified account, confirm how required minimum distributions are treated against the surrender charge before purchasing, as the available materials did not address this explicitly.

The base contract does not carry an explicit annual product fee, which is standard for a RILA — the carrier is compensated through the caps and participation rates it sets. There is an optional Return of Premium death benefit rider, which costs 0.20% per year for issue ages 0 through 70 and 0.50% for ages 71 and older. That rider guarantees beneficiaries receive at least the amount paid in, less withdrawals, regardless of index performance — a meaningful backstop on a product where account value can genuinely fall.

The structural costs are the ones to understand clearly. On buffered strategies, a deep enough index decline will reduce your account value — the buffer cushions the first part but does not eliminate the loss. Caps and participation rates reset at each term renewal, so the attractive rate you bought on today may be different next term. The MVA adds rate-environment risk on top of the stated surrender charge. The Wells Fargo distribution channel also means your options for switching to a different product are narrower than they would be with a more broadly distributed RILA. None of these are reasons to avoid the product; they are the actual terms of the deal.

Legal Entity: Forethought Life Insurance Company

Parent: Global Atlantic Financial Group

A.M. Best Rating: A