Is the F&G SecureIncome 7 a Good Annuity?
The F&G SecureIncome 7 is a 7-year fixed index annuity issued by F&G, designed for guaranteed lifetime income for one or two people. If your goal is safe growth instead, see our F&G Power Accumulator 7 review. The verdict: a shorter surrender period than most income annuities, but a modest 6.90% joint payout if income starts now.
- Best for: couples 55 to 62 who will defer income 5 to 10 years and want a 7-year surrender period.
- Not for: couples who need the highest joint income right away, or savers who never plan to use the rider.
F&G SecureIncome 7 at a Glance
| Feature | Details |
|---|---|
| Purpose | Guaranteed lifetime income, single or joint |
| Carrier | Fidelity & Guaranty Life Insurance Company (AM Best A) |
| Surrender schedule | 7 years: 9%, 8%, 7%, 6%, 5%, 4%, 3% |
| Market value adjustment | Yes, in most states (how an MVA works) |
| Premium and issue ages | Typically $10,000 minimum; issue ages up to 85 (varies by state) |
| Free withdrawal | 10% of account value a year, starting in year 2 |
| Waivers | Home health care, nursing home and terminal illness, after a 1-year wait in most states |
| Death benefit | Greater of account value or minimum guaranteed surrender value; no surrender charge or MVA |
| Bonus | 7% Income Base Bonus (income value only, not cash value) |
| Income rider | Built-in EGMWB at 1.15% of the Income Base a year |
| Roll-up | 7% compound for up to 10 years; stops when income starts |
| Index options | S&P 500 only: four strategies plus a fixed account |
| Illustration basis | May 2026; Arizona; joint male 65 and female 63; $100,000; 100% S&P 500 1-year par |
How Much Income Does the F&G SecureIncome 7 Pay?
| Income rider | Details |
|---|---|
| Rider fee | 1.15% of the Income Base, taken from account value (up to 1.50% after a Restart) |
| Joint payout at 65/63 | 6.90% of the Income Base |
| Guaranteed joint income, starting now | $6,900 a year on $100,000 |
| With the joint impairment multiplier | $10,350 a year (1.5x) if either spouse can’t do 2 of 6 daily activities, after year 3 |
| Deferred example (carrier, single life) | Buy at 55, start at 65: $196,715 Income Base and $15,462 a year |
- Deferral is the whole game: the 7% roll-up stops the day income starts. Turning income on in year 1 forfeits it.
- Restart after year 5: you can begin a new 10-year roll-up if account value beats the Income Base. The new rate can drop to a 2.00% floor.
- Excess withdrawals hurt: anything above the guaranteed payment cuts the Income Base, and future income, proportionally.
- When the rider pays off: it beats plain withdrawals if one spouse lives past roughly 82 or 83. Test your own numbers with our income rider calculator.
How Much Guaranteed Lifetime Income Can You Buy?
Live quotes from today’s carrier feedHypothetical Historical Rate of Return
Our illustration put 100% in the S&P 500 1-year point-to-point at 30% participation, with $6,900 of joint income taken each year.
| Backtest window | Average credit (before fee) | Account value after 10 years of income |
|---|---|---|
| Most recent (2015 to 2025) | 4.95% | $54,786 |
| Most favorable (2011 to 2021) | 4.59% | $51,539 |
| Least favorable (2006 to 2016) | 3.10% | $39,533 |
- Backtest caveat: these windows replay past S&P 500 years at today’s rates. They are hypothetical, not guaranteed.
- The account is meant to shrink: income plus the 1.15% fee empties it around year 17 or 18. F&G keeps paying for life after that.
- Current rates: 30% par (no cap), 4.75% 1-year cap, 3.75% trigger, 8.25% 2-year cap and a 3.00% fixed account. Compare them with today’s fixed index annuity rates.
- MYGA benchmark: At today's top 7-year rate of 7.10% (simple interest), $100,000 grows to about $149,700 over 7 years, a gain of $49,700. See current MYGA rates.
Get your F&G SecureIncome 7 illustration for your age and state
Send us your premium amount, your state, and when you need the money. We will come back with current numbers on this contract and comparable ones from the 90+ top annuity companies on our platform, in writing.
F&G SecureIncome 7 Strengths and Red Flags
What it does well
- 7-year surrender period: most income annuities we review lock you in for 10 years.
- Restart provision: a second 10-year roll-up after year 5 if the account value has grown past the Income Base.
- Impairment multiplier: income rises 1.5x joint (2.0x single) if care is needed after year 3, a real long-term care offset.
Red flags
- Modest immediate income: 6.90% joint at 65/63 trails many 10-year income annuities. Get competing quotes before you buy for income now.
- Roll-up stops at income: the 7% growth only helps buyers who wait.
- Bonus is income-only: the 7% bonus never reaches your cash value if you surrender.
- Weak non-par options: the 4.75% cap, 3.75% trigger and 3.00% fixed rate lag the market.
- Fee drag: 1.15% a year comes out of account value even in years the index credits 0%.
Final verdict: the F&G SecureIncome 7 is built for guaranteed lifetime income with a shorter 7-year commitment. It earns our 3.5 rating for couples who will defer income several years. For safe growth, the F&G Power Accumulator 7 fits better than the F&G SecureIncome 7.
Compare live rates on 137 fixed index annuities or visit our annuity review database.
This review is for educational purposes only and is not a recommendation or an offer to sell any annuity. Product features, index options, and rates can and do vary by state, and this product is not available for sale in every state. Always request a carrier illustration and work with a licensed annuity agent before you buy.
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Frequently Asked Questions
Is the F&G SecureIncome 7 income guaranteed for both spouses?
Yes. With joint annuitants, income continues for the surviving spouse for life. The joint payout (6.90% at 65/63) is lower than single life because it covers two lives.
Can I lose money in the F&G SecureIncome 7?
Not from the index; down years credit 0%. The 1.15% rider fee still comes out each year, so account value can fall. The Income Base only drops from excess withdrawals.
Can I take more than the guaranteed income?
Yes, but anything above the guaranteed payment cuts the Income Base proportionally and lowers future income. Up to 10% of account value a year is free of surrender charges after year 1.
Is F&G a strong annuity company?
Fidelity & Guaranty Life is rated A (Excellent) by AM Best. It has sold annuities since 1959 and is owned by Fidelity National Financial, a Fortune 500 company.
