Why it earned this rating
Our assessment
Charter Plus 10 earns a strong rating because the combination of a tiered premium bonus, a deep index menu, and an A+ carrier backing it is genuinely competitive in the 10-year FIA space. The 10% bonus on premiums above $75,000 is one of the more meaningful account-value bonuses in the peer group. It falls one step below top-tier because the 10-year lockup is long, the MVA adds uncertainty to early exits, and the enhanced participation options carry a 0.95% annual charge that reduces the apparent upside on those strategies.
The short version
Charter Plus 10 is a 10-year fixed indexed annuity from North American that leads with a premium bonus — 7% on deposits of $20,000 to $74,999, and 10% on deposits of $75,000 or more. The bonus is credited to your account value at issue, not a vesting schedule or benefit base, so it compounds from day one. The tradeoff is a standard 10-year surrender schedule, an MVA during the commitment period, and a 0.95% annual charge on the enhanced participation-rate strategies. For someone with long-term retirement dollars, the bonus and strategy depth make it worth a serious look. For someone who may need access in the first five years, the surrender structure will sting.
Key facts
The full review
Is North American Charter Plus 10 a Good Annuity?
Yes, for the right buyer. If you have long-term money — meaning you genuinely do not expect to need it for a decade — and you're in the $75,000-plus range where the 10% bonus applies, this is a strong accumulation FIA. It becomes less appealing the shorter your horizon, the smaller your deposit, and the more you depend on the enhanced participation strategies that come with an ongoing fee.
Why Someone Would Buy This Annuity
The main reason is the premium bonus. A 7% or 10% bonus credited to account value at issue creates an immediate return that most alternative accumulation vehicles cannot match in year one. The secondary reason is index diversity — seven indices with multiple crediting methods gives buyers real flexibility in how they position the contract. I think the combination of a strong carrier rating (A+ from A.M. Best), a generous base bonus, and a meaningful strategy menu makes this a legitimate first-look product for accumulation-focused FIA shoppers.
Who This Annuity Is Best For
Charter Plus 10 is best suited for retirement savers in their 50s or 60s who have a clear 10-year horizon, a minimum of $75,000 to deposit for the full bonus tier, and no expectation of needing more than the free-withdrawal amount in any given year. It fits well in both qualified and non-qualified accounts. It is not a fit for someone in their mid-70s who may need liquidity before the surrender schedule rolls off, someone depositing below $20,000, or anyone whose primary goal is immediate lifetime income rather than accumulation.
What You're Really Buying Here
You are buying a principal-protected insurance contract that credits interest based on the performance of selected market indices, paired with a meaningful bonus at issue. The bonus is credited to your accumulation value — not a shadow account or benefit base — which means it does compound with future index-linked credits. What you are not buying is direct market participation. In flat or negative index years, your accumulation value does not decline due to market performance. In strong years, your upside is limited by caps or participation rates. The real value equation is: bonus-at-issue plus principal protection plus index-linked upside potential, offset by a 10-year commitment and surrender penalties on early exits.
How the Core Feature Works
The premium bonus is the most distinctive feature. On premiums between $20,000 and $74,999, North American credits 7% of the deposit to your account value at issue. On premiums of $75,000 or more, the bonus is 10%. An optional Enhanced Bonus Rider is also available — it adds another 9% bonus on top of the base, bringing the total to roughly 16% or 19% depending on deposit size, but it carries a 0.95% annual charge for the life of that rider.
The base bonus vests into your accumulation value immediately. This is an account-value bonus, not a roll-up or benefit-base bonus, which means it is part of your actual contract value from day one. That distinction matters when comparing this product to income-oriented FIAs where bonuses may exist only inside an income benefit base and are never directly accessible as cash.
Why the Secondary Feature Matters
The crediting menu is the secondary draw. Charter Plus 10 offers seven indices: the S&P 500, S&P Multi-Asset Risk Control 5% Excess Return Index, Barclays Transitions 6 VC Index, Barclays Transitions 12 VC Index, Fidelity Multifactor Yield Index 5% ER, Goldman Sachs Equity TimeX Index, and Morgan Stanley Dynamic Global Index. Across those indices, available crediting methods include fixed rate, monthly point-to-point with cap, annual point-to-point with cap, annual participation rate, annual enhanced participation rate, two-year participation rate, and two-year enhanced participation rate.
The enhanced participation-rate strategies carry a 0.95% annual strategy charge. As of the brochure date (September 30, 2025), participation rates ranged from 20% to 190% and caps ranged from 1.40% to 6.00% depending on strategy — the spec notes these with medium confidence, so verify current rates on an illustration before committing to a specific strategy allocation.
Liquidity and Surrender Schedule
Charter Plus 10 is a 10-year contract. After the first contract year, you can take up to 10% of your accumulation value annually without a surrender charge. A nursing home waiver is also available. Outside those provisions, withdrawals above the free amount are subject to the schedule below, and a Market Value Adjustment (MVA) applies during the charge period. The MVA means your effective penalty can be higher or lower than the stated charge depending on where interest rates are when you withdraw.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 10% |
| 2 | 10% |
| 3 | 9% |
| 4 | 9% |
| 5 | 8% |
| 6 | 8% |
| 7 | 7% |
| 8 | 6% |
| 9 | 4% |
| 10 | 2% |
| 11 | 0% |
The minimum guaranteed surrender value (MGSV) is 87.5% of premiums accumulating at a 1-3% rate, which sets a floor on worst-case outcomes.
Fees and Tradeoffs
The base contract has no explicit annual fee. The optional Enhanced Bonus Rider costs 0.95% per year, which buys you the additional 9% bonus at issue. Whether that math works in your favor depends on how long you hold the contract — over a full 10-year term, you pay 9.5% in cumulative charges to receive 9% upfront. The enhanced participation-rate strategies also carry a 0.95% annual strategy charge.
The structural tradeoffs are: a 10-year surrender schedule (one of the longer bands in the FIA market), an MVA that adds rate-environment risk to early exits, and crediting methods whose upside is inherently capped. The premium bonus is real money, but it does not eliminate these costs — it offsets them for buyers who stay the full term.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Indexed Annuity |
| Surrender Period | 10 years |
| Issue Ages | 0-79 |
| Minimum Premium | $20,000 |
| Indices | S&P 500, S&P Multi-Asset Risk Control 5% Excess Return Index, Barclays Transitions 6 VC Index, Barclays Transitions 12 VC Index, Fidelity Multifactor Yield Index 5% ER, Goldman Sachs Equity TimeX Index, Morgan Stanley Dynamic Global Index |
| Crediting Methods | Fixed, Monthly Point-to-Point with Cap Rate, Annual Point-to-Point with Cap Rate, Annual Point-to-Point with Participation Rate, Annual Point-to-Point with Enhanced Participation Rate, Two-year Point-to-Point with Participation Rate, Two-year Point-to-Point with Enhanced Participation Rate |
| Free Withdrawal | 10% of accumulation value annually after year one |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Full account value |
| Income Rider | Optional |
| Premium Bonus | 7% ($20,000-$74,999) or 10% ($75,000+) base bonus; optional enhanced bonus rider adds 9% for 0.95% annual charge |
| Availability | Not available in NY; available in AK, CA, CT, DE, HI, ID, IN, MA, MD, MN, MO, MT, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, WA |
Carrier snapshot
Legal Entity: North American Company for Life and Health Insurance
Parent: Sammons Financial Group
A.M. Best Rating: A+
Final take
Charter Plus 10 is a strong fit for the accumulation-focused buyer who has a true 10-year horizon and a deposit of $75,000 or more. The 10% account-value bonus is a genuine differentiator in the peer group, and the A+ carrier rating from A.M. Best is a meaningful credit quality signal. The deep crediting menu adds flexibility without requiring a buyer to use the more complex strategies.
The main reasons to look elsewhere: the 10-year lockup is long by any measure, the MVA adds an unpredictable variable to early exits, and the optional enhanced strategies come with ongoing charges that need to justify themselves over the holding period. If you might need the money before year seven, the penalty schedule will be meaningful. If your horizon is solid and the bonus math works at your deposit size, this is one of the more competitive offerings in the 10-year FIA space.