SecureFore II 7-Year (Wells Fargo) review

Yes, for the right buyer. This is a good annuity for someone who wants a clean, fee-free MYGA with a locked rate, straightforward withdrawal rules, and useful hardship protections — and who buys through Wells Fargo. It is less attractive for someone who wants potential upside linked to market performance, needs access to principal inside seven years beyond the 10% free-withdrawal, or is not in the Wells Fargo distribution system.

The rational case for SecureFore II 7-Year (Wells Fargo) is simplicity and certainty. The declared rate is locked for the full seven years, there are no fees compressing the net return, and the RMD treatment means qualified-account buyers are not penalized for required distributions. The chronic and critical illness rider adds real value without a rider fee — if a qualifying health event occurs, it may change the math on holding to term. I think that combination of clean structure, no fees, and practical hardship provisions makes this worth considering for a buyer who has already decided they want a conservative fixed instrument for seven years.

I think SecureFore II 7-Year (Wells Fargo) is best for a retiree or pre-retiree who wants principal protection on money they genuinely do not need for at least seven years, is already working with a Wells Fargo advisor, and prefers a predictable return over any index-linked upside. It works well in both qualified and non-qualified accounts given the RMD treatment. It is a worse fit for someone who wants flexibility below the seven-year horizon, lives in California or New York, or is comparing options across carriers and channels outside the Wells Fargo relationship.

A SecureFore II 7-Year is a multi-year guaranteed annuity — essentially a CD-like insurance contract where the carrier takes your premium, credits a fixed declared rate each year, and returns the accumulated value at the end of the surrender period. There is no index exposure, no participation in market gains, and no rider to manage. The value is entirely in the rate guarantee, the principal protection, and the legal framework of an insurance contract — which includes the death benefit, the chronic illness provision, and the tax-deferral treatment. What you give up is liquidity above the 10% annual free withdrawal and any chance of earning above the declared rate.

The declared rate on SecureFore II 7-Year is fixed for the full seven-year surrender period. The brochure discloses rate banding: premiums below a threshold earn 5.00% and premiums at or above it earn 5.20%. Interest compounds tax-deferred until withdrawal. There are no moving parts — no annual reset, no cap, no participation rate, no index calculation. What was declared at issue is what you earn each year. That predictability is the product's defining feature. If the declared rate is competitive when you buy, you lock it in for the duration regardless of what rates do afterward.

The chronic and critical illness rider is included at no additional charge and adds meaningful value. If you are diagnosed with a qualifying chronic or critical illness during the surrender period, the rider may allow access to funds under terms that differ from the standard surrender schedule. For a 7-year commitment on retirement dollars, that kind of hardship provision matters — life changes, and a product that acknowledges that without charging for it is doing something useful. The full account-value death benefit also deserves mention: if the contract owner dies during the surrender period, beneficiaries receive the full contract value with no withdrawal charges and no MVA applied, and they can take it as a lump sum or as a stream of payments.

The free-withdrawal provision allows 10% of beginning-of-year contract value each year — 10% of the original annuity deposit in year one — without surrender charges or MVA. RMDs imposed by the IRS on the contract are also penalty-free, even if they exceed the 10% free amount. That makes this workable for IRA owners who need to take minimum distributions. For Inherited/Beneficiary IRA contracts, RMDs do not qualify for the same free-withdrawal treatment, which is worth flagging for estate-planning scenarios.

Withdrawals above the free amount are subject to the surrender schedule and a market value adjustment. The MVA — a Market Value Adjustment — means the effective surrender cost can move up or down depending on interest rate changes since issue. In a rising-rate environment, the MVA can increase your cost of exit beyond the stated charge. Conversely, in a falling-rate environment, it may reduce it. The product is not designed for early exit, and the MVA is a real risk for anyone who might need to surrender before year seven.

There are no base contract fees on SecureFore II 7-Year. No annual administrative charge, no rider fee, no asset-based spread beyond what is already baked into the declared rate. That is a straightforward fee structure, and it is one of the product's genuine strengths.

The tradeoffs are structural rather than fee-based. The 7-year surrender period is a real commitment. The MVA introduces uncertainty if circumstances force an early exit. The Wells Fargo channel restriction means this is not a product you can shop by calling multiple carriers — the rate is what it is through that distribution relationship, and comparing it independently against other open-market MYGAs requires extra effort. And like any MYGA, the declared rate set at issue can look less attractive if rates rise significantly after purchase.

Legal Entity: Forethought Life Insurance Company

Parent: Global Atlantic Financial Group

A.M. Best Rating: A