The short version
What you give up for that protection is upside and access: the credit on any given strategy is limited by a cap, participation rate, or spread, and the money is under a surrender charge for 7 years.
Its S&P 500 Index Cap account caps at 9.50% — one of 10 crediting accounts on the contract. The full menu, with every account's own cap, participation rate, or spread, is in the table below.
Account menu
Full account menu · 10 accounts
| Account | Crediting method | Rate terms | Premium | In force since |
|---|---|---|---|---|
| S&P 500 Index CapReference cap | Point to Point | Cap 9.10% | $20K–$99,999 | 2026-09-01 |
| Barclays All Caps Trailblazer 5 Index | Point to Point | Participation 190.00% | $20K–$99,999 | 2026-09-01 |
| Barclays All Caps Trailblazer 5 Index | Point to Point | Participation 200.00% | $100K–$2M | 2026-09-01 |
| Fixed Account | Fixed Account | — | $20K–$99,999 | 2026-09-01 |
| Fixed Account | Fixed Account | — | $100K–$2M | 2026-09-01 |
| MSCI EAFE Index Cap | Point to Point | Cap 9.60% | $20K–$99,999 | 2026-09-01 |
| MSCI EAFE Index Cap | Point to Point | Cap 10.00% | $100K–$2M | 2026-09-01 |
| S&P 500 Index CapReference cap | Point to Point | Cap 9.50% | $100K–$2M | 2026-09-01 |
| SG Climate Prepared Index 1-Year Point-to-Point with Participation Rate | Point to Point | Participation 190.00% | $20K–$99,999 | 2026-09-01 |
| SG Climate Prepared Index 1-Year Point-to-Point with Participation Rate | Point to Point | Participation 200.00% | $100K–$2M | 2026-09-01 |
How this contract works
A fixed indexed annuity works by measuring an index's return over a set period and applying a crediting formula to decide how much of it you keep. A cap sets a ceiling on the credit; a participation rate credits a percentage of the index's gain; a spread subtracts a fixed amount before crediting the rest. None of it is direct market ownership, and none of these formulas can produce a negative credit — the worst a crediting period can do is pay zero. The guarantee behind all of it is a contractual obligation of Securian Financial, backed by the company's own reserves, not by the FDIC and not by any bank.
Getting your money out
The contract allows 10% out each year without a surrender charge. Beyond that allowance, a withdrawal during the surrender period is reduced by the charge for that contract year — on top of whatever the index accounts did or didn't earn.
The surrender charge starts at 9% in year 1 and steps down to 3% in year 7; the full schedule is in the table below. Those percentages come off the amount you withdraw, which is why an early exit can return less than you put in even in a year the index accounts credited something.
This contract also carries a market value adjustment. On top of the surrender charge, an early withdrawal is adjusted up or down depending on how interest rates have moved since the contract was issued — if rates have risen, the adjustment works against you. It applies only to withdrawals above the free amount during the surrender period.
Fees and tradeoffs
The Accelerated Death Benefit carries a charge of 0.75% , and it is optional — declining it removes both the benefit and the charge. That charge buys the rider's benefit; it does not raise the credit on any index account.
The real tradeoffs on a contract like this are the crediting caps and the surrender period, not a visible fee line. Gains come out as ordinary income rather than capital gains, and a withdrawal before age 59½ generally carries a 10% IRS penalty on top of the tax. Neither is a reason to avoid the product; both are reasons it suits money you have already decided not to touch.
Who this fits
This contract fits someone who wants a floor under retirement money and is willing to trade full market upside for it, and who can leave the premium alone for 7 years. It is not a substitute for direct market investing — the caps and participation limits mean a strong market year is only partly captured.
It does not fit an emergency fund, money that may be needed for a medical or housing event, or a buyer who expects to capture a bull market in full. Anyone under 59½ should weigh the tax penalty before treating this as a savings account.
The carrier
Every guarantee in this contract is only as good as Securian Financial, which currently holds an A.M. Best financial strength rating of A+. An annuity is not FDIC insured; the backstop is the carrier's own balance sheet, with state guaranty association coverage behind it at limits that vary by state.
The contract is filed in 48 states, not including New York — New York files its own annuity products, so a New York resident is shopping a different and much smaller shelf.
- Death Benefit
- Greater of: (a) Contract Value, (b) Guaranteed Minimum Surrender Value, or (c) the 8% Roll-up Value under the built-in, mandatory Accelerated Death Benefit rider — purchase payments accumulated daily at 8% interest, compounded annually, capped at 200% of contract value (200% of purchase payments less withdrawals in New Jersey). Roll-up stops increasing at the earliest of: the contract anniversary on/after the oldest remaining owner's 85th birthday, death benefit acceleration for chronic/terminal illness, or the owner's death without a continuing spouse. The same rider lets the owner access the ENTIRE Death Benefit value (not just Contract Value) free of surrender charge and MVA while living, upon certified chronic illness (2 of 6 ADL deficits, or severe cognitive impairment) or terminal illness (life expectancy <=12 months), after a 90-day elimination period that may run concurrently with a mandatory 1-year waiting period; once elected, acceleration is irrevocable and the annual rider charge stops. If never accelerated, the full 8% roll-up death benefit passes to beneficiaries; a surviving spouse may continue the roll-up (own age) or take the Death Benefit value immediately in lieu of continuing the rider.
- Minimum Guaranteed Surrender Value
- 87.5% of purchase payments accumulated at a guaranteed rate of 1-3% (rate set at issue, guaranteed for the life of the contract; may vary between the indexed and guaranteed interest accounts), adjusted for withdrawals
- RMD Treatment
- RMD-friendly: surrender charges waived on IRS required minimum distributions.
- Withdrawal Provisions
- Surrender charge and MVA are also waived on withdrawals/surrender during the death-benefit acceleration period for chronic/terminal illness, upon death, and upon annuitization. RMD withdrawals reduce the 8% Roll-up Value dollar-for-dollar rather than pro-rata.
- Waiver Riders
- Chronic/Terminal Illness Access (Death Benefit Acceleration) — the same Accelerated Death Benefit rider as the death benefit, not a separate elected rider. After the first contract anniversary, the full Death Benefit value (not just Contract Value) can be withdrawn/surrendered with NO surrender charge or MVA if a licensed health care practitioner certifies either (a) inability to perform 2 of 6 Activities of Daily Living or severe cognitive impairment (chronic illness), or (b) a life expectancy of 12 months or less (terminal illness). Subject to a 90-day elimination period, which can run concurrently with a mandatory 1-year contract-in-force waiting period. Any Death Benefit value in excess of current Contract Value is directed into the Fixed Account at the then-current rate. Acceleration is irrevocable once elected; the annual rider charge ceases immediately and the ongoing death benefit reverts to the greater of Contract Value or GMSV.