FIA Guaranteed Minimum Caps: How Low the Insurer Can Cut Your Cap (October 2026)

Written & reviewed by Hans Goldstein, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398
Facts verified against insurers' public rate pages, disclosures, specimen contracts and SEC prospectuses on October 4, 2026 · Updated October 4, 2026

The finding: most cap floors are 1% or lower

Of 99 fixed indexed annuities whose public documents state a numeric minimum annual cap, 86 (87%) let the insurer lower that cap to 1.00% or less, and 36 to 0.50% or less. Those 99 products come from 33 insurers. The cap you see on an illustration is the rate for the first term; after that, the insurer declares a new cap each term, and the contract lets it go as low as the minimum below.

The gap is wide. Across 74 products with a 2026-dated S&P 500 one-year cap and a stated minimum for that strategy, the median current cap was 8.12% and the median contractual minimum was 1.00%, an average of 6.66 percentage points of room to cut. The same products state similar floors elsewhere: the minimum participation rate is 5% to 15% on most, and the fixed-account minimum is 0.25% or less on many. For how caps, participation rates and spreads turn index changes into credited interest, see how annuity crediting actually works.

Methodology (as of October 4, 2026)

What we measured. For each fixed indexed annuity (FIA) and each crediting strategy, the contractual minimum the insurer may set: the minimum cap, the minimum participation rate, the maximum spread or margin, the minimum fixed-account rate, and any bailout provision. These minimums are contractual: they are backed by the claims-paying ability of the issuing insurer, not by the FDIC or any government agency.

Sources. Insurers' public rate pages and their footnotes, client disclosures and allocation forms, statements of understanding, specimen contracts, and SEC prospectuses (EDGAR). Each row of the CSV carries the source URL, a short verbatim quote, the form number where one exists, and the date checked. The state filing system SERFF (filingaccess.serff.com) was unavailable for every state we tried (login wall, 403 or 404 errors), so no SERFF filing was used.

Confidence grades. Verified: a public document from the insurer, the SEC, or a public broker page reproducing the insurer's document states the number. Partial (secondary source): the number comes from a secondary rate service (mostly AnnuityRatesHQ, which republishes CANNEX data) or from an older version of the form; treat these as provisional. Numbers found only in documents marked for agent or producer use are not published here; where that is the only source, the table says "producer-only document, not published". Products with no number found are listed as publishing no numeric minimum.

Coverage. 153 FIA product rows from 40 insurers, plus 25 RILA product rows. Site-specific or retired names that do not match a real product were dropped. Current caps are the most recent published rate we found and carry their own effective date; minimums are as stated in the cited document. Your own contract governs: a contract keeps the minimums printed in the version you were issued, so an older contract can differ from today's disclosure.

Counting rule. One row per product (product variants are split only when their minimums differ). A product counts when a public, verified or secondary-source document states a numeric minimum for an annual (one-year or multi-year term) cap; monthly caps are reported separately and not counted. Where a product has several cap strategies or phases, the lowest stated annual-cap minimum is used, including a lower minimum that applies after the surrender period. Numbers that appear only in material marked for agents are not counted and not shown. Registered index-linked annuities (RILAs) are reported in their own section. On verified primary documents alone, 57 of 62 products (92%) are at 1.00% or less.

The data: contractual minimums by product

Read each row as "today the insurer pays X; the contract lets it pay as little as Y." Blank cells mean the public document we found did not state that item. Monthly-cap minimums are shown in parentheses. Scroll the table sideways on a phone.

Who owns the insurer

Renewal caps are set by the insurer, so it can help to know who owns it. Ownership types among the 43 insurers here: Mutual: 9, Public stock: 7, PE-owned or PE-affiliated: 10, Foreign parent: 6, Other: 11. The labels describe ownership only, as stated in the cited source. They are not a rating and say nothing about any insurer's financial condition or future rates. Each insurer is a separately regulated company with its own capital requirements, and the contractual minimums above apply whoever owns it.

For what the ownership types mean for how caps are priced, and what regulators have published about insurer investments by ownership type, see Who owns your insurer, and why it matters for your renewal cap (Retirement Literacy Foundation).

The widest gaps between today's cap and the contractual minimum

Verified documents only, S&P 500 one-year cap, rates effective August 2026 or later:

• Allianz Accumulation Advantage 5 Annuity (C64997): 10.75% S&P 500 one-year cap effective 2026-10-06, contractual minimum 0.25%.
• Symetra Edge Elite: 11.00% S&P 500 one-year cap effective 2026-10-01, contractual minimum 1.00% (2.00%/3.00% in withdrawal-charge period; 1.00% after).
• Nassau Growth Annuity (7/10-yr): 10.50% S&P 500 one-year cap effective 2026-10-02, contractual minimum 0.75%.
• Allianz Accumulation Advantage 7 Annuity (C64997): 9.75% S&P 500 one-year cap effective 2026-10-06, contractual minimum 0.25%.
• Corebridge Power Select Builder: 10.50% S&P 500 one-year cap effective 2026-10-01, contractual minimum 1.00%.
• New York Life IndexFlex Fixed Annuity-FP Series (5/7-yr): 10.00% S&P 500 one-year cap effective 2026-10-05, contractual minimum 0.50% (1.00% / 0.50%).
• Athene Performance Elite 7 / Performance Elite Plus 7: 9.75% S&P 500 one-year cap effective 2026-09-25, contractual minimum 0.50%.
• Forethought ForeAccumulation II: 10.25% S&P 500 one-year cap effective 2026-09-28, contractual minimum 1.00%.

Spreads and margins can work the same way. The contractual maximum daily-average margin on Midland National's MNL Endeavor 8 is 25.00% (rate disclosure 41062Y, June 18, 2026), so the averaged index gain would have to exceed 25% before that strategy credits anything. North American's VersaChoice 10 and Performance Choice 8 allow a 15.00% maximum spread, and Forethought's ForeAccumulation II and ForeIncome II also allow 15.00%. At the other end, a higher floor does not always mean much room above it: Corebridge Power Select Plus Income with the Lifetime Income Plus Multiplier Flex rider states a 2.00% minimum cap in years 1 to 10, and its current S&P 500 cap is 2.70%, 0.70 points above that floor (rate sheet effective October 1, 2026).

How the floors have moved

• F&G AccumulatorPlus 10. The 2011 to 2013 statement of understanding (form ADV1206, revised November 2013, published on a broker site) listed a 3% minimum annual cap. The 2019 version (ADV1711, revised September 2019) says the annual cap "will never be less than 1.00%". F&G's April 9, 2026 rate sheet footnotes participation-rate floors and spread maximums but no cap floor (secondary-source grade for the older forms).
• North American. Current public disclosures, for example the Charter Plus 10 disclosure (form 32541Z-4), state a 0.50% minimum cap and a 0.25% minimum monthly cap. The minimums on 2014-era North American contracts appear only in an agent-use-only guide, so they are not published here.

The practical point: the floor that applies to you is the one printed in your own contract and its data pages, by issue date and state. A disclosure for today's version can be lower or higher than what an older contract promised.

Bailout provisions: few, and one that cannot trigger

A bailout lets you leave without a surrender charge if the insurer declares a cap below a stated rate. In the public documents we checked, they are rare:

• Athene Agility 7 and 10: the bailout cap rate on the S&P 500 one-year cap is 0.50%, the same as the contractual minimum cap. Because the declared cap can never be below 0.50%, the bailout as written cannot be triggered (Athene allocation form, files.ipipeline.com).
• Athene Ascent Pro: 3.00% on the 7-year version and 1.00% on the 10-year versions, with a 30-day window after the anniversary.
• Delaware Life Retirement Stages Select and Target Growth 10: 2.00% bailout cap rate on the S&P 500 one-year cap (Delaware Life rate sheets, October 1, 2026), although the cap minimum itself is not stated in those documents.
• Forethought ForeIncome II: a withdrawal charge waiver with a separate bailout rate per strategy, for example 3.00% on the S&P 500 cap.
• American Equity AssetShield: a Rate Integrity Rider waives surrender charges if a cap or participation rate is declared at or below a waiver rate set at issue (secondary source).
• Aspida Synergy Choice Max: an S&P 500 cap bailout with the rate set at issue (secondary source).

We found no bailout in the public documents of Allianz, North American, Midland National, Lincoln, F&G, Nationwide, MassMutual Ascend or Symetra.

Products that publish no numeric minimum cap

For 54 FIA product rows we found no public numeric minimum annual cap. In several, the document says only that rates will "never be less than the guaranteed minimum" described in the contract, so the number is visible only in the contract you receive. Some of these products publish other minimums (participation, spread or fixed account); those are in the table and the CSV.

• Allianz Life: Allianz 222 Annuity (older issues, pre-MY methods); Allianz 360 Annuity (older issues); Allianz Accumulation Advantage Annuity (older issues / National); Allianz MasterDex series (MasterDex X / Xe / 5 / 10 / Plus; retired)
• American Equity: American Equity 'Foundation' (Foundation Gold); American Equity EstateShield 10 / 9 (CA)
• American General Life (Corebridge Financial): Corebridge Power Index Preferred (legacy)
• American Life & Security: MaxGrowth 10 / MaxGrowth 10 Bonus (producer-only document, not published)
• Americo: Americo Elite 5; LibertyMark Freedom 7 / 10 / 10 Plus / 10 LT (producer-only document, not published); OptiMark / OptiMark LT (12% bonus) (producer-only document, not published); Ultimate One Index 7 / 9 / 9 Bonus
• Ameritas: Ameritas Income 10 Index Annuity (FPDA); ApexAdvantage Index Annuity (10-yr MSPDA) (producer-only document, not published); FlexMark Select / Plus / LT (SPDA) (producer-only document, not published)
• Athene: Athene BCA 2.0 (6/8/10/12); Athene TargetHorizon 5/10/15 (legacy); Athene Velocity (10-yr)
• Delaware Life: Delaware Life Growth Pathway 5/7; Delaware Life Retirement Stages Select 5/7; Delaware Life Target Growth 10
• EquiTrust: EquiTrust MarketBooster Index (legacy); EquiTrust MarketForce Bonus Index
• F&G: F&G Flex Accumulator; F&G Power Accumulator 7/10; F&G Safe Income Advantage; FG Accumulator Plus 10 (2011-2013 form, API-1018)
• Integrity Life (Western & Southern): JourneyMark (10-yr; JM7/JM5 also offer GS Mariner)
• Life Insurance Company of the Southwest: Zenith Growth 10 / Growth Driver 10 / Flex Secure Growth
• Lincoln: Lincoln OptiBlend 5/7/10 (2022-2023 issues)
• Midland National: MNL Capstone 10 / 14; MNL IndexBuilder 10 / 14
• National Western: NWL Ultra Future (FPDA, 9-yr)
• Nationwide: Nationwide New Heights Select 9 / 12; Nationwide Peak 10 / Peak 10 Bonus
• North American: NAC RetireChoice 10 / 14 (discontinued) (producer-only document, not published); North American Secure Horizon Plus; Performance Choice 8/8 Plus/12/12 Plus (2014-era issues) (producer-only document, not published)
• Pacific Life: Pacific Index Edge; Pacific Index Foundation; Pacific Index Foundation 2; Pacific Index Income
• Protective: Protective Asset Builder II; Protective Indexed Annuity II
• Securian (Minnesota Life): SecureLink Assure / SecureLink Future; SecureLink Chronic Illness Access
• Symetra: Symetra Edge Plus (legacy; 12/2023 sheet); Symetra Edge Pro (legacy; last public rate sheet 10/2022)
• Transamerica: Transamerica Secure Retirement Index Annuity (all terms) [closed]; Transamerica Secure Retirement Index II Annuity (10-yr) [closed]
• USAA Life: USAA Fixed Indexed Annuity (7-yr)
• Voya (now Venerable): Voya Secure Index Five Annuity [closed]; Voya Secure Index Opportunities Plus Annuity (10-yr, 5% bonus) [closed]; Voya Secure Index Seven Annuity [closed]

Allianz's newest contract series (222+, Benefit Control+ and Accumulation Advantage Classic) refer to minimums "stated in the Statement of Understanding", which is not public; the table fills them from sister products on the same base contract and grades them partial.

Rate locks: the protection that matters more than the floor

A floor tells you the worst case. A lock tells you the rate will not move for a stated period. In public documents, these strategies lock a cap or rate for the surrender period or a multi-year term:

• New York Life IndexFlex: the cap or trigger is set at issue and guaranteed for the initial term, which equals the surrender period (New York Life client rate sheet, October 5, 2026).
• Integrity Indextra: an S&P 500 one-year cap lock for the full withdrawal-charge period.
• The Standard Enhanced Choice Index Plus: an S&P 500 Locked Cap for 5 or 7 years, at purchase only (2025 specimen contract).
• MassMutual Ascend Index Protector 7: an S&P 500 7-year cap lock (rates page dated November 21, 2025).
• Lincoln OptiBlend, Core Capital and Covered Choice: "5 Year Lock" accounts guaranteed for the initial five years (Lincoln fact sheets).
• Protective Indexed Annuity II: the S&P 500 cap is constant for the withdrawal-charge period (secondary source).
• Pacific Index Foundation: caps and triggered rates set at issue and guaranteed for the initial guarantee period (Pacific Life product guide).

A lock trades flexibility for certainty. If certainty of the rate is the main goal, compare it with a fixed-rate annuity that declares its rate for the whole term.

RILAs: reported separately

Registered index-linked annuities are securities. Their buffers or floors limit losses rather than guarantee principal, so a low cap floor is a different trade-off than in a fixed indexed annuity. The minimums below come mostly from SEC prospectuses. Two examples: Nationwide Defender's prospectus states a minimum cap of 0.05% for the life of the contract on every index strategy, while Equitable's Structured Capital Strategies PLUS 21 prospectus states a 12% minimum performance cap rate for 6-year segments and 2% for 1-year segments.

Cite this

If you want a known rate, start with a MYGA

A fixed indexed annuity pays a declared cap for one term, then whatever the insurer declares next, down to the contractual minimum. A multi-year guaranteed annuity (MYGA) works the other way: it declares its rate for the whole term in the contract. For comparison, A-rated-or-better insurers were paying about 5.80% to 6.00% on 5-year MYGAs and the best nationally available 5-year CDs about 4.35% to 4.50% APY on September 24, 2026 (AnnuityRateWatch carrier data; DepositAccounts). Current rates: MYGA rates. To see what a surrender schedule costs you on either product, use the annuity surrender charge calculator or the annuity calculator.

Questions to ask your agent

From my desk

When I review an indexed annuity illustration, the first page I look for is not the illustration. It is the statement of understanding or the contract data page that lists the minimum cap, minimum participation rate and maximum spread for each strategy. The illustration shows the current cap; the data page shows what the insurer is allowed to do after year one.

The number buyers misread most often is the first-year cap. It is a one-term rate. Hypothetical: on a $500,000 contract with a 0.50% contractual minimum cap, the most that strategy could credit in a year when the index rises is $2,500 if the insurer declared the minimum. I am not saying any insurer will do that; I am saying that is what the contract permits, and it is the right number to compare.

Then I put it next to a MYGA, because a MYGA states its rate for the whole term in the contract. If the indexed annuity's case rests on the cap staying where it is today, the buyer should see the declared-rate alternative side by side.

FAQ

Q: What is a guaranteed minimum cap in a fixed indexed annuity?
A: It is the lowest cap the insurer is allowed to declare under the contract. The current cap can be lowered at each renewal, but not below this contractual minimum, which is backed by the claims-paying ability of the issuing insurer.

Q: Can the insurer lower my FIA cap after I buy?
A: Yes. Most caps are declared for one term and reset at the insurer's discretion. Of 99 fixed indexed annuities whose public documents state a numeric minimum annual cap, 86 (87%) let the insurer lower that cap to 1.00% or less, and 36 to 0.50% or less. Only strategies with a stated lock keep the cap for a multi-year period.

Q: Does a 1% minimum cap mean I can lose money?
A: Not from the index. Index losses are not credited in a fixed indexed annuity, so a low cap limits gains, not principal. Surrender charges and a market value adjustment can still reduce what you receive if you leave early.

Q: Which FIAs publish the highest minimum caps?
A: In the public documents checked October 4, 2026: MassMutual Ascend American Legend 7, Index Protector 7 and Premier Income Bonus at 2.40%, Jackson MarketProtector III at 2.00% (5-year) and 3.00% (7- and 10-year), and SILAC Denali products at 1.50% (secondary source). Corebridge Power Select Plus Income with the Lifetime Income Plus Multiplier Flex rider states 2.00% in years 1 to 10 and 1.50% after, against a current S&P 500 cap of 2.70% (October 1, 2026). Some products set a higher minimum only during the surrender period: Allianz Essential Income 7 is 3.00% in years 1 to 7, then 0.25%, and Symetra Edge Elite is 2.00% or 3.00% during the withdrawal-charge period, then 1.00%.

Related reviews and guides

• How annuity crediting actually works: caps, participation and spreads
• FIA cap rates compared (2026)
• IUL guaranteed minimum caps: the same question for indexed universal life
• Allianz 222 Annuity review
• Athene Performance Elite 7 review
• Athene Agility 10 review
• Symetra Edge review
• Nationwide Peak 10 review
• F&G Power Accumulator review
• Prudential SurePath review
• Get a second opinion on an annuity quote

Sources (checked October 4, 2026)

• Allianz 222 Annuity (C54370, Oregon-only for new sales): allianzlife.com (checked October 4, 2026)
• Allianz 222+ Annuity (C64997): allianzlife.com (checked October 4, 2026)
• Corebridge Power Select Builder: adminplus.fgsfulfillment.com (checked October 4, 2026)
• Corebridge Power Select Plus Income (Lifetime Income Plus Flex): adminplus.fgsfulfillment.com (checked October 4, 2026)
• Americo Growth Commander 6 / 10: growthcommanderfia.com (checked October 4, 2026)
• Athene Agility 10: files.ipipeline.com (checked October 4, 2026)
• Athene Amplify 2.0: SEC filing (checked October 4, 2026)
• Atlantic Coast Life Safe Anchor (5-yr FIA): aclico.com (checked October 4, 2026)
• Brighthouse Financial Shield Level II 6-Year (successor to Shield Level Select 6-Year): SEC filing (checked October 4, 2026)
• Brighthouse Financial Shield Level Pay Plus II: SEC filing (checked October 4, 2026)
• Equitable Structured Capital Strategies PLUS (original, closed to new sales): SEC filing (checked October 4, 2026)
• Equitable Structured Capital Strategies PLUS 21 (New York): SEC filing (checked October 4, 2026)
• EquiTrust MarketEdge Bonus Index: agents.equitrust.com (checked October 4, 2026)
• EquiTrust MarketPower Bonus Index: agents.equitrust.com (checked October 4, 2026)
• F&G Prosperity Elite 7/10/14: annuityresources.com (checked October 4, 2026)
• F&G Safe Income Plus: annuityresources.com (checked October 4, 2026)
• Forethought ForeAccumulation II: veritas-solutions.net (checked October 4, 2026)
• Forethought ForeIncome II: veritas-solutions.net (checked October 4, 2026)
• Integrity Life (Western & Southern) Indextra Series (5/7/10-yr): accessful.com (checked October 4, 2026)
• Jackson National Market Link Pro (Market Link Pro Suite): SEC filing (checked October 4, 2026)
• Jackson National MarketProtector (5/7-yr): jackson.com (checked October 4, 2026)
• Life Insurance Company of the Southwest FIT Secure Growth (flexible premium FIA): 403bcompare.com (checked October 4, 2026)
• Lincoln Core Capital: visit.lfg.com (checked October 4, 2026)
• Lincoln Covered Choice 5 II: visit.lfg.com (checked October 4, 2026)
• MassMutual Ascend American Legend 7: mybusiness.massmutualascend.com (checked October 4, 2026)
• MassMutual Ascend Index Achiever / Index Achiever Advisory: SEC filing (checked October 4, 2026)
• Midland National MNL Endeavor 8: midlandnational.com (checked October 4, 2026)
• Nassau Growth Annuity (7/10-yr): assets.nfg.com (checked October 4, 2026)
• National Western NWL Ultra Classic (FPDA): eapp.nationalwesternlife.com (checked October 4, 2026)
• Nationwide Defender Annuity: SEC filing (checked October 4, 2026)
• New York Life IndexFlex Fixed Annuity-FP Series (5/7-yr): assets.newyorklife.com (checked October 4, 2026)
• North American NAC VersaChoice 10: fmiagent.com (checked October 4, 2026)
• North American Charter Plus 10: fmiagent.com (checked October 4, 2026)
• Protective Income Builder: finpro.protective.com (checked October 4, 2026)
• Prudential (Pruco Life) FlexGuard 2.0: SEC filing (checked October 4, 2026)
• Prudential (Pruco Life) FlexGuard Income: SEC filing (checked October 4, 2026)
• Securian (Minnesota Life) SecureLink Ultra 5 / Ultra 7: fmiagent.com (checked October 4, 2026)
• Sentinel Security Life Accumulation Protector Plus Annuity (10-yr, 20% bonus): sslco.com (checked October 4, 2026)
• Symetra Edge Elite: symetra.com (checked October 4, 2026)
• Symetra Stride: symetra.com (checked October 4, 2026)
• The Standard Enhanced Choice Index Plus 5/7/10 (ECI Plus, 2025 version): standard.com (checked October 4, 2026)
• The Standard Index Select Annuity 10: standard.com (checked October 4, 2026)
• Thrivent Secure Retirement Builder Fixed Indexed Annuity (with GLWB): thrivent.com (checked October 4, 2026)
• Thrivent Security Preference Fixed Indexed Annuity: thrivent.com (checked October 4, 2026)
• Transamerica Secure Retirement Index Annuity (10-yr) [closed to new sales]: annuitynest.com (checked October 4, 2026)
• Secondary source for rows graded partial: AnnuityRatesHQ (republished CANNEX rate data, checked October 2 to 4, 2026)
• Every row with its own source URL, quote and form number: the CSV
• MYGA and CD benchmark: AnnuityRateWatch carrier rate data and DepositAccounts, September 24, 2026 (sitewide benchmark)

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Disclosure

This data page compiles insurers' public product materials, SEC prospectuses and, where labelled, a secondary rate service, as of the dates shown. Caps, participation rates, spreads and minimums change and can vary by state and issue date; the contract and its data pages govern. Contractual minimums are backed by the claims-paying ability of the issuing insurer. This is general education, not a personal recommendation or an offer of any product, and naming an insurer here is not an endorsement or a criticism. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. No insurer paid for this page. Index losses are not credited in a fixed indexed annuity, but surrender charges and a market value adjustment can reduce what you receive if you leave early. Past index performance does not predict future credited interest.