Income 150+ SE 10-Year review

Yes, for the right buyer. This is a good annuity for someone who wants protected lifetime income, values principal protection, and plans to defer withdrawals for roughly four to six years before turning income on. It is less appealing for someone who wants short-term liquidity, the strongest possible accumulation terms, or who expects to defer well past year five, since the benefit-base growth stops there.

The main reason to buy Income 150+ SE is to create future protected lifetime income while keeping principal shielded from market losses. The day-one 20% benefit-base bonus gives the income calculation a head start, which matters because lifetime payouts are figured off that base rather than the raw account value. The built-in chronic illness enhancement adds a real planning feature at no extra charge. For someone who knows they will want guaranteed income in a few years and wants to lock in the structure now, that combination is the draw.

I think this annuity is best for someone in the pre-retirement window, roughly late 50s through mid-60s, who is using long-term money they will not touch for several years and wants a built-in income rider rather than relying on annuitization later. It works in both qualified and non-qualified accounts, but the deferral structure rewards buyers who can actually leave income off through year five. It is less attractive for someone who wants growth as the primary goal, expects to need frequent access to principal beyond the 10% free amount, or who plans to defer for the full ten years, since the roll-up does not run that long.

You are not really buying stock market upside. You are buying a lifetime income framework wrapped around a principal-protected annuity. The center of the contract is the income rider and its benefit base, also called the Withdrawal Base. Your premium sets the starting base, a 20% bonus is added at issue, and the base then grows by 7.50% per year during contract years 2 through 5 if you have not started income. When you do turn income on, your age and the size of that base determine your guaranteed lifetime payment. The index crediting on the account value runs alongside this, but it is the supporting cast, not the headliner.

The Guaranteed Lifetime Income Benefit IX rider is included automatically. At issue, the income benefit base, which is separate from your spendable account value, starts at 120% of premium thanks to the 20% bonus. In each of contract years 2 through 5, if you have not begun lifetime withdrawals, the base grows by 7.50%. After year five, that scheduled growth stops. When you activate income, your guaranteed annual payment is set by applying a payout percentage, based on your age at activation, to the benefit base. The benefit base is a calculation device for income only; it is not a pot of money you can walk away with, and the rider's 1.20% annual fee is deducted from your real account value.

In plain English, the 20% bonus and the 7.50% annual growth inflate the number your lifetime income is calculated from, which is how this product produces a larger guaranteed check than the account value alone would support.

The most meaningful secondary feature is the Income Enhancement Benefit, the chronic illness provision, which carries no additional cost. If you become unable to perform certain activities of daily living, this feature can increase your income payments to help cover care needs. Because it is built in rather than an add-on with its own fee, it gives the contract a care-planning angle that does not eat into your return separately. The exact qualification rules and enhancement amount are governed by the contract and state availability, so anyone counting on this should confirm the current terms. The spec marks the chronic illness details as medium confidence, so treat the mechanics here as the general design rather than guaranteed figures.

This annuity is built for long-term retirement dollars, not short-term cash. After the first contract year, free access is 10% of the beginning-of-year contract value each year. In year one, the 10% is measured against premiums paid. Amounts above that are subject to a 10-year surrender charge schedule and a market value adjustment, or MVA, which means your surrender penalty can move with interest rates and can work for or against you depending on rate direction at the time. There is a bailout provision: if the company sets a renewal rate below the stated bailout rate, you can surrender penalty-free, which is a useful escape hatch if crediting terms deteriorate. The contract also includes nursing home and terminal illness waivers at no charge. Even with those provisions, this is not a contract to treat like an emergency fund.

The headline fee is the income rider at 1.20% annually of the Withdrawal Base, deducted from your account value. That is slightly higher than the 1.10% you see on some competing income FIAs, and because it is charged on the benefit base rather than the account value, it does not shrink as your account value does. The trade is straightforward: that 1.20% buys you the 20% day-one bonus, the years 2 through 5 roll-up, and the guaranteed lifetime payout, whether or not the index does anything. Whether that is worth it depends almost entirely on whether you actually turn income on, since the fee runs regardless. On the growth side, your upside is limited by caps, participation rates, and spreads. As of the April 27, 2026 rate sheet, caps ran 4.75% to 7.25%, participation rates 75% to 105%, spreads 1.00% to 2.00%, and the fixed account paid 2.75% to 3.00%. Those figures move, so confirm the current sheet before allocating. There is no premium bonus on the account value itself; the 20% is a benefit-base figure for income calculation only.

Legal Entity: Forethought Life Insurance Company

Parent: Global Atlantic Financial Group

Forethought is the annuity brand under Global Atlantic Financial Group, an established carrier in the fixed and indexed annuity market. Current financial strength ratings were not included in the available materials, so anyone shopping this should confirm the carrier's current ratings from A.M. Best, S&P, or Moody's before committing.