IndexBuilder 10 review

It depends. For someone who has genuine 10-year money and wants a meaningful upfront account-value boost plus index-linked growth, yes — this is a competitive product. For someone who may need access to principal within the first several years, the surrender schedule makes it a poor fit. And for someone whose main goal is guaranteed lifetime income, there is no income rider available here, so they should look elsewhere.

The central reason to choose IndexBuilder 10 is the premium bonus credited directly to account value at issue. Unlike benefit-base bonuses that only show their value if you turn on income, this bonus becomes part of your accumulation balance from day one. Combined with index-linked crediting, a 10-year buyer gets an upfront lift plus growth potential with principal protection. The second reason is the index menu — five indices including the Nasdaq-100 Volatility Control and Fidelity Multifactor Yield options give buyers crediting flexibility most simpler bonus FIAs do not offer.

IndexBuilder 10 is best for someone in their mid-to-late 50s or early 60s who has retirement savings they genuinely will not touch for a decade, wants an account-value boost at issue, and values having multiple crediting strategies to choose from each year. It works well in qualified accounts given the RMD-friendly free-withdrawal terms. It is a poor fit for someone who wants flexible access to their money during the contract, someone who wants built-in lifetime income guarantees, or someone near the end of their planning horizon who cannot absorb the 10-year commitment.

You are not buying market participation. You are buying an insurance contract that credits interest based on the performance of selected indices — subject to caps, participation rates, and spreads — while guaranteeing you will not lose principal to index losses. The bonus credited at issue is real account value, but it is subject to the same surrender schedule as the rest of your contract, so it only fully matures if you hold to term. The MGSV floor — 87.5% of premiums credited at 1-3% — provides a contractual minimum, but the path to that floor is a decade of commitment.

The premium bonus is the headline. Midland National credits 7% to 10% of your initial premium to your account value at issue, with the percentage depending on the premium band. Additional premiums deposited during the first three years also receive a bonus credit. If you elect the optional ABR rider (which carries an annual fee of 0.95% of accumulation value), the bonus increases by an additional 7%, and a limited-time offer may push the combined bonus higher still.

After issue, your account earns index-linked interest through annual or two-year crediting strategies. The plain-vanilla options are annual point-to-point with a cap or participation rate against the S&P 500. The more complex options include annual or two-year participation rate strategies on the S&P 500 Dynamic Intraday TCA, S&P 500 Multi-Asset Risk Control, Fidelity Multifactor Yield, and Nasdaq-100 Volatility Control indices. The enhanced participation rate methods on these specialty indices carry an additional annual strategy charge of up to 1.00%. There is also an annual inverse performance trigger — a strategy that credits a flat rate when the selected index finishes flat or negative, and zero when the market rises — which can be useful in certain allocation contexts but requires understanding the exact mechanics before using it.

The breadth of the crediting menu is the secondary strength here. Many bonus FIAs pair a front-loaded bonus with a narrow or restrictive set of crediting options. IndexBuilder 10 offers seven distinct crediting methods across five indices, which gives buyers a genuine choice rather than just a default allocation. That matters because the buyer retains the ability to shift strategies at each annual reset, adjusting their crediting approach as market conditions change. The fixed account option also gives buyers a way to lock in a declared rate without index exposure in any given contract year.

This is a 10-year commitment, and the surrender schedule reinforces that. Early charges start at 10% in years one and two, step down gradually, and do not reach zero until year eleven. A market value adjustment — which means your effective surrender penalty fluctuates with interest rates — also applies during the surrender charge period, and it can amplify losses if rates have risen since you bought. Starting in year two, you can take out up to 10% of accumulation value without charge. If the ABR rider is in force, you may be able to withdraw up to 20% in years three and beyond if no prior-year withdrawal was taken.

There is a nursing home confinement waiver that allows a full withdrawal without surrender charges if you become confined to a nursing home, though this is not available in all states. A return of premium provision is available after the third anniversary — allowing withdrawal of net premiums less any prior withdrawals and rider charges — which provides a meaningful contractual floor that a standard surrender early in the contract does not offer. RMDs attributable to this contract are treated favorably, making this a workable option for IRA money, but free-withdrawal access during years two through ten still requires careful planning.

The base contract does not carry a mandatory rider fee. The ABR rider — which increases the bonus and expands the free-withdrawal allowance — costs 0.95% of accumulation value annually during the surrender charge period. If you elect the enhanced participation rate crediting methods on any strategy, an additional annual strategy charge of up to 1.00% applies on top of that.

The less visible tradeoffs are structural. Specialty indices like the S&P 500 Multi-Asset Risk Control and Fidelity Multifactor Yield use volatility-managed designs that historically produce smoother but lower returns than a plain S&P 500 index. That smoothing can result in lower credited interest in strong market environments. Participation rates and caps are set by Midland National and can change at each annual renewal — the rates in any brochure or rate sheet are snapshots, not permanent terms. And the 10-year surrender schedule means anyone who needs significant liquidity before year eleven faces real penalties.

Legal Entity: Midland National Life Insurance Company

Parent: Sammons Financial Group

A.M. Best Rating: A+

Midland National is a well-established annuity carrier with a long track record in the indexed annuity space. The A+ rating from A.M. Best reflects strong financial standing, and Sammons Financial Group backing gives additional institutional depth. Midland National is not a niche or startup operation — this is a mainstream carrier with a broad product lineup and advisor distribution.