Why it earned this rating
Our assessment
Growth Plus earns a good-but-not-top-tier rating because it packs genuine value into a clean fee structure — no rider cost, no base contract fee, a care doubler included at no charge — but the surrender terms are on the aggressive end for a 10-year FIA and the index menu is narrower than what some competing 10-year products offer. The built-in income rider with a 4% compound roll-up is a real benefit as a secondary feature, but the cap and participation rates are not exceptional, and the Advisors Excel distribution constraint limits shopper access.
The short version
Growth Plus is a 10-year accumulation FIA from a Kuvare-backed carrier that bundles a free guaranteed living withdrawal benefit and a care-doubler provision into a product that charges no ongoing fees. The pitch is straightforward: you get principal protection, index-linked growth potential, a built-in income option that compounds at 4% annually if you defer it, and an ADL doubler if you need care — all for zero annual cost. The catch is that you're committing to a 10-year surrender schedule that opens at 12%, an MVA on top of that, and a narrower index lineup than larger platforms typically offer.
Key facts
The full review
Is Guaranty Income Life Growth Plus a Good Annuity?
It depends on your priorities. If you want a fee-free 10-year FIA that includes a care doubler and a free income rider as a backstop, Growth Plus is a reasonable choice. If you want a shorter surrender window, a broader index menu, or open-market distribution, there are products that serve those goals better. The product is clean in structure but asks for a meaningful commitment in exchange.
Why Someone Would Buy This Annuity
The primary rational case is accumulation with downside protection. Premiums are protected from index losses, growth potential comes from multiple index strategies, and the fee-free structure means more of the credited interest actually stays in the contract. The secondary case is peace of mind: the built-in GLWB rolling up at 4% compound means there is a guaranteed income floor if retirement plans change, and the ADL doubler doubles withdrawal income if the owner needs care, also at no added charge.
Who This Annuity Is Best For
I think Growth Plus is best for someone in their 50s or early 60s with qualified or non-qualified money who wants 10-year accumulation with no rider fees eating into the account value, some optionality on lifetime income if they want it, and the comfort of a care-enhancement feature they will not pay extra for. It is less suitable for someone who might need access to principal above the free-withdrawal amount in years one through five, wants a richer index menu with a dozen strategy choices, or cannot access an Advisors Excel-contracted advisor.
What You're Really Buying Here
You are buying a long-term insurance contract that credits interest based on index performance without direct market participation. Your premium goes in, index strategies can grow it, and it cannot be lost due to negative index returns — principal is protected. The GLWB ride-along means there is an income floor accumulating in the background, but unless you actually elect income, the benefit base is a separate ledger entry, not additional spendable account value. What you are really getting is a protected-accumulation contract with optional income access and a care provision, all structured so the carrier makes nothing on annual fees and recovers cost through the surrender schedule and spread management instead.
How the Core Feature Works
Growth Plus offers four index crediting strategies plus a fixed account. The clearest option for most buyers is the annual point-to-point with cap, currently set at 9.50% on the S&P 500 (as of January 5, 2026). Each contract year, if the S&P 500 gains, the account is credited up to the cap; if it falls, the account earns zero but loses nothing. That is the standard FIA mechanic.
The participation-rate strategies work differently. The S&P 500 Total Return version currently carries a 45% participation rate, meaning if the index gains 10%, you earn 4.50%, and gains include dividends. The two risk-control indices — S&P 500 MARC 5% and UBS MASTR — offer higher participation rates (175% and 150% respectively) but are built to constrain volatility, which often means they produce more modest raw returns in strong markets. The 45-day rate lock from application date gives buyers a degree of certainty on the terms they are entering with.
There is no spread deducted from credited interest on these strategies, and no annual strategy fee. A 3.00% fixed account is available as an alternative to index strategies.
Why the Secondary Feature Matters
The built-in GLWB is genuinely useful even if income is not the primary goal. The benefit base grows at 4% compound annually for the first 10 years or until you elect income — whichever comes first. That means a $100,000 premium produces a benefit base of roughly $148,000 after 10 years of deferral, and lifetime withdrawals are calculated from that base, not from account value. For an owner who retires at the end of the surrender period and needs income, that roll-up provides a meaningful guarantee.
The ADL Doubler provision doubles the GLWB withdrawal amount if the owner suffers at least two activities of daily living limitations, functioning as a built-in care benefit. Both features are included in the base contract with no additional annual fee — an unusual structure in a product that otherwise charges nothing.
Liquidity and Surrender Schedule
Growth Plus asks for a genuine 10-year commitment. The first two years carry a 12% charge, and while the schedule declines steadily to zero by year 11, the early-year charges are among the higher ones in the 10-year FIA peer group. An MVA — Market Value Adjustment, meaning your effective penalty can increase or decrease based on movements in the 10-year CMT rate — also applies throughout the surrender period, which adds interest-rate risk to any early exit.
The 10% free-withdrawal provision begins in year two (not year one), so the contract year 1 is entirely locked up above any systematic withdrawal arrangements. RMDs are always free of surrender charges regardless of contract year, which is helpful for qualified money. A return-of-premium guarantee activates after the end of year five, ensuring that a full surrender will never return less than initial premium minus withdrawals. Systematic withdrawals are available on annual, semi-annual, quarterly, or monthly schedules.
This product is not designed for money that might be needed in the near term. If your liquidity horizon is less than five years, the structure does not fit.
Fees and Tradeoffs
The fee story is genuinely clean. No base contract fee. No rider fee for the GLWB or the care doubler. The absence of annual charges is real, not a marketing construction — there is nothing being deducted from the account value annually.
The tradeoffs are structural. Surrender charges are steep and front-loaded, and the MVA compounds the cost of early exit. Cap rates and participation rates are market-driven and can change, so the current terms are a snapshot, not a permanent feature. The index menu is narrower than many larger-platform FIAs. State variations in the surrender schedule are material — California buyers face a different (lower) charge schedule, and Interstate Insurance Compact states also have distinct terms. This product is only available through Advisors Excel-contracted advisors, which limits access.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Indexed Annuity |
| Surrender Period | 10 years |
| Issue Ages | 40-79 |
| Minimum Premium | $20,000 |
| Indices | S&P 500, S&P 500 Total Return Index, S&P 500 Multi-Asset Risk Control 5% Index, UBS MASTR |
| Crediting Methods | Fixed Account, Annual Point-to-Point with Cap, Annual Point-to-Point with Participation Rate, Monthly Point-to-Point with Cap |
| Free Withdrawal | 10% of Accumulation Value per contract year beginning in year two; not cumulative; RMDs always free of surrender charges in all contract years |
| MGSV | 87.5% of premiums accumulated at 1-3% non-forfeiture interest rate |
| Death Benefit | Greater of Accumulation Value or Cash Value (Minimum Guaranteed Cash Value), paid as lump sum upon death of annuitant or owner before maturity date; surviving legal spouse beneficiary may continue contract as new owner |
| Income Rider | Built-in |
| Income Rider Fee | 0% — included at no annual charge |
| Premium Bonus | None |
| Availability | Not approved in AK, HI, ME, NY. Variations (compact surrender schedules) apply in CT, FL, MA, MD, MS, MO, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA. California has separate surrender charge schedule. DC approved. Must be contracted through Advisors Excel to sell. |
Carrier snapshot
Legal Entity: Guaranty Income Life Insurance Company
Parent: Kuvare US Holdings, Inc.
A.M. Best Rating: A-
Guaranty Income Life is part of Kuvare US Holdings, a private equity-backed insurance holding company that has assembled several mid-tier carriers. The A- rating from A.M. Best indicates adequate claims-paying ability, though it sits one notch below the A/A+ ratings of the largest national carriers. For a 10-year commitment, the carrier's financial strength is a consideration worth weighing alongside the product terms.
Final take
Growth Plus is a well-constructed fee-free FIA for buyers who want accumulation with a care benefit and income optionality bundled in. The clean fee structure and the built-in GLWB with a 4% roll-up are genuine strengths. But the 10-year surrender commitment is real, the early-year charges are high, and the exclusive distribution through Advisors Excel means this is not a product most shoppers will encounter unless they are working with an advisor in that network.
For buyers who find it through that channel and have true 10-year money, it competes well against similar fee-free accumulation FIAs. For buyers who want a broader index menu, a shorter surrender window, or direct access through multiple channels, there are alternatives worth comparing.