F&G SecureIncome 7 Annuity Review (2026): 6.90% Joint Lifetime Income on $100K

Is the F&G SecureIncome 7 Worth It?

The F&G SecureIncome 7 is a 7-year fixed indexed annuity from Fidelity & Guaranty Life Insurance Company built around one promise: a guaranteed lifetime income check, joint or single, backed by a 7% Income Base roll-up and a 7% Income Base Bonus. It is sold by MyAnnuityStore alongside 90+ top annuity companies, and it competes directly with the Athene Ascent Pro 10 Bonus, the Nationwide Peak 10, and the North American Income Pay Pro 10 in the income-rider FIA market.

Where most of those rivals run a 10-year surrender period, SecureIncome 7 cuts that to 7 years – a real differentiator if liquidity matters. The trade-off is a leaner index crediting menu, a mid-market joint payout rate, and a roll-up structure that quietly stops the day income turns on. This review walks through the actual numbers from a current AZ illustration on a male age 65 / joint female age 63, $100,000 deposit, and shows where SecureIncome 7 fits and where it doesn’t.

F&G SecureIncome 7 at a Glance

What This Product Actually Is

SecureIncome 7 is not built to be a growth play. It is an income chassis with a fixed indexed annuity wrapped around it. The Account Value is mostly a side calculation; what matters is the Income Base, which grows at the greater of 7% compound or whatever the Account Value happens to be. The buyer pays 1.15% per year out of the Account Value to keep that machine running, and at any point after year 1 (and once the youngest annuitant is 50), can flip a switch and receive a guaranteed paycheck for life – joint or single.

F&G is positioning this for the 55-to-70 buyer who is within 5-15 years of retirement, wants guaranteed income, and is willing to give up most of the upside potential in exchange for predictability. It sits in the same competitive lane as Athene Performance Elite Plus 7, Nationwide Peak 10, and North American Income Pay Pro 10 – but with a notably shorter surrender window and a milder cap/par structure on the indexed side.

Within F&G’s own lineup, SecureIncome 7 is the shorter-duration sibling to the SecureIncome 10. The longer version typically offers a higher Income Base Bonus and slightly stronger renewal economics in exchange for the extra three years of surrender exposure.

The Headline: $6,900 Per Year Joint for Life on $100,000 – Starting Day One

Here is the actual quoted scenario from the carrier illustration, current as of May 2026, AZ state of issue, joint annuitants male 65 / female 63, $100,000 single premium, 100% allocated to the S&P 500 1-Year Point-to-Point with Participation Rate strategy, EGMWB rider activated immediately:

• Premium: $100,000 (non-qualified)
• Income Base: $100,000 (initial premium – the 7% roll-up does not apply because withdrawals start in year 1)
• Joint payout percentage at age 65/63: 6.90%
• Annual lifetime income, joint: $6,900 – guaranteed for both lives
• Impairment multiplier (joint, 1.5x): $10,350 per year if either annuitant cannot perform 2 of 6 ADLs after year 3

That $6,900 is locked in for both lives. Even if the Account Value drains to zero (which the current-rates illustration shows happens around year 17-18 with continuous withdrawals plus the 1.15% rider charge), F&G keeps writing the check until the surviving spouse passes away.

How That Joint Payout Stacks Up

For a joint household at 65/63 putting $100,000 into an immediate-income FIA, here is how SecureIncome 7 compares against its closest rivals (current rates as of May 2026):

SecureIncome 7’s immediate joint payout rate is at the bottom of the income-FIA bracket. It beats a SPIA, but it loses to the Athene Ascent Pro 10 Bonus by roughly 70% on annual income. The honest read: if joint immediate income is the only goal and a 10-year surrender period is acceptable, this is not the strongest product on the shelf.

Where SecureIncome 7 closes the gap is in deferral. A buyer at 55 who waits until 65 to turn on income gets the full benefit of the 7% compound roll-up plus the 7% Income Base Bonus. The carrier’s own example shows a $100,000 premium growing to a $196,715 Income Base at age 65, producing $15,462 in annual single-life income (a 7.86% withdrawal rate on the bumped-up base, or 15.46% on the original deposit). For a deferred buyer, the math gets a lot more competitive.

The 7% Roll-Up + 7% Bonus, Unpacked

Here is what the marketing leaves out: the 7% roll-up is paid on first-year premium only, compounds for the lesser of 10 years, age 85, or until withdrawals begin, and stops the moment income turns on. It does not reset, it does not continue during the income period, and it does not apply to flexible additional premium paid in later years.

The 7% Income Base Bonus is added to the initial premium to form the starting Income Base. So a $100,000 deposit immediately produces a $107,000 Income Base. Combine that with 7% compound growth for 10 years, and the Income Base grows to $210,464 – which is what generates the larger paychecks for buyers who defer.

The Restart provision is where this product earns some of its cleverness back. After year 5 (and during the original 10-year roll-up window), the owner can elect a new 10-year roll-up period. If the Account Value is greater than the Income Base at that moment, the Income Base ratchets up to the Account Value and a fresh roll-up clock starts. That gives a buyer in year 6 or 7 a second shot at compounding – assuming the indexed crediting has done its job. The Restart roll-up rate may be lower than 7% (the contract floor is 2.00%), and the rider fee can rise to 1.50%, so it is not a free re-up.

Index Options & Crediting Methods – The Real Story

SecureIncome 7’s indexed menu is short and S&P 500-only. There are no proprietary volatility-controlled indices, no Credit Suisse / Bank of America / Goldman engineered baskets – just the S&P 500 in four flavors plus a fixed account. That transparency is a structural plus. Here are the current rates from the AZ illustration:

The 1-year participation strategy at 30% is the most usable option, and it is what F&G defaults the buyer into in the standard illustration. In a 20%+ S&P year (2019, 2021, 2024), 30% participation puts roughly 6% into the Account Value before rider fees. In a flat or down year, the credit is zero – which is the FIA promise.

The 4.75% cap on the 1-year PTP is below market. Competing FIA caps from Athene, MassMutual Ascend, and Allianz currently run 5.50% to 7.00% on comparable strategies. Allocating to the cap option here would systematically underperform the par strategy in most years.

The Performance Trigger at 3.75% is weak. Trigger rates from stronger carriers run 5.00% to 6.50% in the current environment. The brochure language around what happens in flat or down years is unusually written and worth verifying with the carrier in writing – the standard structural read is 0% in down years, 3.75% credited in any positive year, but the contract language should be confirmed before allocating.

The 2-year PTP at 8.25% is mediocre. Annualized, that is roughly 4.05% per year over the two-year crediting window if the index hits the cap – similar to the 1-year cap but with worse liquidity (no annual reset).

The 3.00% fixed rate is uncompetitive. Current top MYGA rates (multi-year guaranteed annuities) are paying 5.00%+ for the same 7-year duration. A buyer who allocates to the fixed bucket inside SecureIncome 7 is leaving 200 basis points on the table.

Hypothetical Performance: The Numbers Are Honest, and That Matters

F&G’s illustration runs three back-tested scenarios on the 1-year par strategy, each a 10-year window:

Two things jump out. First, the “most favorable” 10-year window only beats the “most recent” by a hair on credited rate (4.59% vs 4.95%) – the 30% par on a 1-year PTP is a relatively flat instrument because it caps explosive years (2013, 2019, 2021) at modest credits.

Second, even in the most favorable backtest, the Account Value drops from $100,000 to $51,539 over 10 years. That is the income rider working as designed: the buyer is consuming the contract value by withdrawing $6,900 per year while paying a 1.15% annual rider charge. By contract year 17-18 in the current-rates illustration, the Account Value hits zero and F&G’s lifetime guarantee takes over. This is the trade the buyer is making – they are paying for the carrier’s promise to keep writing checks long after the contract is empty.

Compare that to a 7-year MYGA at 5.10%: $100,000 grows to roughly $141,800 at maturity with no fees, no income rider, full surrender at year 8, and a clean 1035 exchange option. The MYGA has no lifetime guarantee, but it returns 41% more cash if the goal is just safe accumulation.

Income Rider Deep Dive: The EGMWB

The Enhanced Guaranteed Minimum Withdrawal Benefit is the engine of this product. Key terms:

• Fee: 1.15% of the Income Base annually, deducted from the Account Value (not the Income Base). On a $107,000 Income Base, that is $1,231 per year – a real drag on accumulation.
• Roll-up: 7% compound on the Income Base for up to 10 years (or until age 85, or until withdrawals begin, whichever comes first).
• Income Base Bonus: 7% added to initial premium at issue (not to subsequent premiums).
• Joint payout percentages: 6.90% at age 65/63 in the illustration; the table scales upward with the older annuitant’s age at first withdrawal.
• Step-up: Each contract anniversary during the Withdrawal Period, the Income Base ratchets up to the Account Value if the Account Value is higher. The Guaranteed Withdrawal Payment is recalculated using the older age’s percentage.
• Restart: After year 5, owner can elect a new 10-year roll-up window. Roll-up rate may reset (floor 2.00%); rider fee can rise to 1.50%.
• Excess withdrawal penalty: Anything above the Guaranteed Withdrawal Payment proportionally reduces the Income Base – a meaningful gotcha if the buyer needs an unexpected lump sum.

The 1.15% rider fee is middle-of-pack. North American Income Pay Pro 10 charges 1.15%, MNL Income Planning charges 1.25%, Athene Ascent Pro 10 Bonus charges 1.05%, and Allianz Benefit Control charges 1.10%. F&G is not the cheapest, but it is not gouging either.

The break-even versus systematic withdrawals from the Account Value alone: at the current 6.90% joint payout rate and the 1.15% rider drag, a buyer who lives past roughly age 82-83 (joint last-to-die age) starts genuinely benefiting from the lifetime guarantee. Joint life expectancy for a 65/63 couple is around age 91 for at least one survivor, so the rider economics work for most healthy households. A single 65-year-old male with below-average health expectancy should look harder at a SPIA.

Surrender Schedule & Liquidity

The 7-year surrender schedule is meaningfully shorter than the 10-year industry default for income FIAs. Here is what surrender charges look like by year, plus the year 1 free withdrawal restriction:

An MVA applies on top of any surrender charge in most states (waived in AK, AL, CT, IL, MN, MO, MS, OR, PA, WA). The MVA is benchmarked to the Bloomberg US Aggregate Yield to Worst, which means rising rates after issue cut the surrender value further. Given where rates sit in 2026, the MVA risk on a new SecureIncome 7 is moderate but not catastrophic.

The Home Health Care, Nursing Home, and Terminal Illness waivers are relatively accessible in most states – 60 days of qualifying need or a 12-month life expectancy diagnosis, with a one-year waiting period after issue. AK, AL, CT, MN, MS, OR, PA, and WA waive the one-year wait. For a 65-year-old buyer, these are real options, not theater.

Premium Bonus – Worth It or Marketing Gimmick?

The 7% Income Base Bonus is real, but it is on the Income Base only – not the Account Value. A buyer who never turns on income or surrenders the contract before year 8 walks away with no benefit from the bonus. It is exclusively a value-add for buyers who use the income rider as designed.

For income-focused buyers, the bonus is meaningful: it lifts a $100,000 deposit to a $107,000 Income Base immediately, which produces $483 more per year in lifetime income at the 6.90% joint payout rate ($107,000 x 6.90% = $7,383 vs $6,900). Over a 25-year retirement income window, that is roughly $12,000 of additional cumulative income.

The honest comparison: a buyer who skips the bonus product and goes with a higher joint payout rate (Athene Ascent Pro 10 Bonus at 11.73% on the same $100,000) generates $4,830 more per year. The bonus is a positive feature, but it does not close the gap to the strongest competitors.

What We Like

• The 7-year surrender period is genuinely shorter than peers. Most income FIAs in this category run 10 years. Three years of additional liquidity matters for a 70-year-old buyer who values optionality.
• Transparent S&P 500-only crediting menu. No proprietary volatility-controlled indices, no engineered baskets, no black-box methodologies. The buyer can verify performance against publicly available index data.
• The 30% participation rate on the 1-year PTP is the workhorse and is reasonable. It will not produce double-digit credits, but it captures meaningful upside in strong S&P years.
• Restart provision after year 5 gives a second roll-up cycle. Most competitors offer a single 10-year roll-up window with no reset. This is a structural advantage if the Account Value performs well in the early years.
• Death benefit is the full Account Value with no surrender charge reduction and no MVA impact. Heirs get a clean payout.
• Impairment multiplier is real. 1.5x on joint contracts (2.0x single) for ADL impairment after year 3 is a genuinely useful long-term-care offset, not a marketing line.
• F&G is a stable carrier. A- AM Best, owned by Fortune 500 Fidelity National Financial, 1M+ policyholders, in the annuity business since 1959.

What Gives Us Pause

• The 6.90% joint payout rate at 65/63 is below market for an immediate-income use case. Athene Ascent Pro 10 Bonus produces $4,830 more per year on the same deposit. Buyers who plan to start income within the first three years should shop a stronger joint payout.
• The 4.75% cap on the 1-year S&P PTP is underwhelming. Competing carriers are crediting 5.50% to 7.00% caps on similar strategies. Allocating to the cap option here is structurally weak.
• The 3.75% Performance Trigger is below market. 5.00%+ trigger rates are available elsewhere.
• The 3.00% fixed rate is uncompetitive vs MYGAs. A 5%+ MYGA covers the same surrender duration with no rider fee and no Account Value drag.
• The 7% roll-up stops the moment withdrawals begin. This is industry-standard for FIA roll-ups, but buyers who flip income on early lose most of the headline benefit.
• The Income Base Bonus does not vest into the Account Value. It only matters for income or annuitization – surrender and walk away with nothing extra.
• Performance Trigger contract language needs verification. The brochure description of crediting in flat/down years is unusually written and should be confirmed against the actual contract before allocating.

Who SecureIncome 7 Is Best For

Best for:

• A 55-to-62-year-old joint household that wants guaranteed lifetime income starting in 5-10 years and values a shorter (7-year) surrender window over the highest possible payout rate.
• A buyer who wants S&P 500-only transparency without proprietary volatility-controlled indices, and who plans to allocate primarily to the 1-year PTP at 30% participation.
• A household that wants a meaningful long-term-care offset built into the income rider via the impairment multiplier.
• A buyer who plans to use the Restart provision after year 5 to capture a second roll-up cycle.

Not ideal for:

• A 65+ buyer who needs to start joint immediate income now – the 6.90% payout rate is meaningfully behind Athene Ascent Pro 10 Bonus and Nationwide Peak 10.
• A pure accumulation buyer who does not plan to use the income rider – a 5%+ MYGA over the same 7-year window produces more terminal value with no fees.
• A buyer focused on indexed upside potential – the cap and trigger rates are below the strongest products in the market.
• A single life buyer with below-average health expectancy – a SPIA produces higher immediate income with full carrier risk-pooling.

Bottom Line Verdict

The F&G SecureIncome 7 is a legitimate, well-built income FIA from a stable A-rated carrier, with a structurally shorter surrender period than most rivals and a transparent S&P 500-only crediting menu. It is not the highest-paying joint income product on the market, and it is not the strongest accumulation play. It is the right product for a deferred-income buyer who values the 7-year surrender window, the Restart provision, and the impairment doubler – and who is willing to accept a mid-pack joint payout rate as the cost of those features.

For the immediate-income joint household, we would rather quote the Athene Ascent Pro 10 Bonus. For the deferred-income buyer who wants flexibility and transparency, F&G SecureIncome 7 earns its place on the shopping list.

Rating: 3.5 out of 5 – A solid, transparent, mid-market income FIA with a real liquidity advantage and a real payout-rate disadvantage versus the category leaders.

Frequently Asked Questions

Is the F&G SecureIncome 7 income guaranteed for both spouses?

Yes. When joint annuitants are elected and joint Guaranteed Withdrawal Payments are activated, the lifetime income continues for the surviving spouse after the first death. The joint payout percentage (6.90% at age 65/63 in the illustrated scenario) is lower than the single-life rate, which is the cost of covering two lives.

Can I lose money in the F&G SecureIncome 7?

The Account Value is protected from market loss – in any year the S&P 500 is flat or down, the indexed crediting is 0%. However, the 1.15% annual rider fee continues to be deducted, so the Account Value can decline in flat or down years. The Income Base, which determines the lifetime income, is contractually protected and cannot decrease except via excess withdrawals.

What happens if I die early in the F&G SecureIncome 7?

The death benefit is the greater of the full Account Value (with no surrender charge applied) or the Minimum Guaranteed Surrender Value, paid as a lump sum to the beneficiary. The MVA does not apply to the death benefit. If joint annuitants are elected and the first annuitant dies during the Withdrawal Period, the surviving spouse continues to receive the lifetime income.

Can I take more than the Guaranteed Withdrawal Payment?

Yes, but excess withdrawals (anything above the GWP) proportionally reduce the Income Base, which permanently lowers future lifetime income. After year 1, up to 10% of the Account Value per year is also available without surrender charges or MVA, but withdrawals during the Accumulation Period proportionally reduce the Income Base.

How does the Restart feature work in the F&G SecureIncome 7?

After year 5 and during the original 10-year roll-up period, the contract owner may elect a new 10-year roll-up cycle. If the Account Value is higher than the Income Base at the time of Restart, the Income Base ratchets up to the Account Value. The Restart roll-up rate may differ from the original 7% (with a 2.00% contractual floor), and the rider fee can rise to 1.50%. Restart must occur on a contract anniversary while still in the Accumulation Period.

Is F&G a financially strong carrier?

Fidelity & Guaranty Life Insurance Company holds an A- (Excellent) rating from AM Best. F&G has been in the annuity business since 1959 and is a wholly owned subsidiary of Fidelity National Financial (NYSE: FNF), a Fortune 500 company. F&G currently protects over 1 million policyholders across the United States.

Is the F&G SecureIncome 7 available in my state?

SecureIncome 7 is available in all states except Idaho, Montana, New York, and Puerto Rico. Some product features (including the Income Base Bonus, MVA, and certain ADL waivers) vary by state. Confirm state-specific terms with a licensed agent before applying.