Goldstein Scorecard: C+ (dated October 4, 2026). See how it is graded.
North American Performance Choice 8 Review: Surrender Schedule, Fees and Contract Minimums
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against North American’s Performance Choice 8 disclosure (32715Z-1, 4-22) and North American’s website on October 4, 2026 · Updated
Performance Choice 8 is an 8-year flexible premium fixed index annuity from North American Company for Life and Health Insurance, with no income rider.
Per North American’s disclosure 32715Z-1 (4-22, checked October 4, 2026), the surrender charge is 10% in years 1 to 4 in most states, 10% a year is penalty-free from year 2, an MVA applies, and the minimum annual cap is 0.50%. Current rates are not publicly disclosed. AM Best: A+ (Superior).
Correction (October 4, 2026): an earlier version of this page listed the surrender schedule as 10, 10, 10, 9, 8, 7, 6 and 4%, estimated caps of about 8.5% (1-year) and 17% (2-year), and showed Moody’s, Weiss, KBRA and COMDEX scores, a renewal-integrity tier and a customer-service grade.
North American’s disclosure shows 10, 10, 10, 10, 9, 8, 5 and 3% in most states, and current caps are not public. The unsourced figures were removed. This page also answers searches for “North American Future Income 8,” a name North American does not use.
Is there a North American Future Income 8 annuity?
No. North American’s website lists no product called Future Income 8 (site map and newsroom checked October 4, 2026), so the “income boost” and roll-up figures quoted for it could not be verified.
The closest match is Performance Choice 8, the 8-year North American FIA whose disclosure is posted on its website and reviewed on this page; it has no income rider, and its nursing-home feature is a waiver that frees an extra 10% withdrawal.
If you want lifetime income from North American, its own pages describe NAC Control. X (optional Total Control rider), NAC BenefitSolutions 10 (a benefit rider, for an annual cost, with lifetime payments, a nursing home multiplier and an enhanced death benefit) and Income Pay Pro (an embedded lifetime withdrawal benefit). More: North American annuity hub.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Performance Choice 8 contract basics
| Feature | Per the disclosure |
|---|---|
| Type | Flexible premium deferred fixed index annuity; additional premium allowed (North American may limit it after the first anniversary with notice) |
| Surrender period | 8 contract years, plus an MVA on withdrawals above the penalty-free amount |
| Penalty-free withdrawal | Up to 10% of accumulation value each contract year, beginning in year 2 |
| RMDs | RMDs based on this contract may exceed 10% without charge, by current company practice (not contractual) |
| Nursing home waiver | After the first anniversary, 90+ consecutive days of confinement allows an additional 10% withdrawal without surrender charge or MVA; no charge; not available in all states |
| Death benefit | Accumulation value, never less than the minimum surrender value |
| Minimum surrender value | 87.5% of premiums, less surrenders, accumulated at not less than 1.00% (or as the contract directs) |
| Free look | 30 days |
| Income rider | None described; annuity payout options (life, life with period certain, joint, period or amount certain) |
| Minimum premium, issue ages | Not in the public disclosure (not publicly disclosed) |
| Current caps and participation rates | Not publicly disclosed; declared at issue and reset at the end of each crediting term |
Surrender charge schedule by state
| Contract year | Most states | Group B states | California |
|---|---|---|---|
| 1 | 10% | 9% | 8% |
| 2 | 10% | 8.5% | 7.45% |
| 3 | 10% | 7.5% | 6.50% |
| 4 | 10% | 6.5% | 5.50% |
| 5 | 9% | 5.5% | 4.55% |
| 6 | 8% | 4.5% | 3.55% |
| 7 | 5% | 3.5% | 2.55% |
| 8 | 3% | 3% | 1.50% |
| 9+ | 0% | 0% | 0% |
The MVA follows the Barclays US Credit Index: it generally lowers the surrender amount when that rate has risen since issue and raises it when the rate has fallen by more than the adjustment (0.50% in most states, 0.00% in the states the disclosure lists).
It is capped at the surrender charge or the interest credited, whichever is less (in California, 0.50% of accumulation value), and cannot take the value below the minimum surrender value. Model an early exit in the annuity surrender charge calculator.
Crediting methods and contract minimums
| Method | Contract minimum (or maximum) |
|---|---|
| Fixed account | 0.25% minimum rate |
| Annual point-to-point with cap | 0.50% minimum cap |
| Monthly point-to-point with cap | 0.25% minimum monthly cap |
| Annual point-to-point with participation rate | 5.00% minimum participation |
| Two-year point-to-point with participation rate | 10.00% minimum participation |
| Annual point-to-point with margin | 15.00% maximum margin |
| Annual point-to-point, enhanced participation with strategy fee | 10.00% minimum participation; fee 1.50% a year in the 4-22 disclosure |
| Two-year point-to-point, enhanced participation with strategy fee | 15.00% minimum participation; fee 1.50% a year times two per term in the 4-22 disclosure |
Strategy fees are deducted from the value in those methods whether or not the index rises. The built-in Accumulation Value TrueUp pays back any excess of total strategy fees over total interest credited, once, at the end of the surrender period, but only if you took no withdrawal above the penalty-free amount. Background: how annuity crediting works.
Also see: Nationwide Peak 10 Review
Get an independent read on North American Performance Choice FIA before you sign.
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), affirmed 8/13/2025; S&P A+ (Strong), 5/15/2025; Fitch A+ (Stable), 6/17/2025 (North American website). |
| Rate or cap competitiveness | Incomplete | Current rates go to financial professionals only; not published here. |
| Guaranteed floor | D | 0.50% minimum annual cap, 0.25% monthly cap, 5% minimum participation, 15% maximum margin, 0.25% fixed account. |
| Liquidity | B- | 8 years, 10% in years 1 to 4 (most states); 10% free from year 2; MVA; nursing home waiver. |
| Costs | B | No rider fee; strategy fees only on methods you choose (1.50% in the 4-22 disclosure), with the TrueUp at the end of the term. |
| Transparency | C | Consumer disclosure with minimums and surrender schedule is public; current rates are not. |
| Guaranteed minimum cap | 0.50% | S&P 500 annual cap (0.25% on the monthly cap), Performance Choice 8 disclosure 32715Z-1 (April 2022). The floor depends on issue year: older contracts keep the floor printed in their own contract. |
| Minimum participation rate | 5% | Annual participation strategies, Performance Choice 8 disclosure 32715Z-1 (April 2022). |
| Maximum spread | 15% | Annual point-to-point with index margin, Performance Choice 8 disclosure 32715Z-1 (April 2022). |
| Overall | C+ | Strong insurer and a short surrender period, against thin contract floors and no public rates. |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Get the current numbers for your amountor call 213-414-2808
Pros and cons
- Pro: 8-year surrender period, shorter than the 10 years common on FIAs, and California’s schedule tops out at 8%.
- Pro: No income rider fee; you pay a strategy fee only if you pick an enhanced-participation method.
- Pro: AM Best A+ (Superior) for North American Company for Life and Health Insurance.
- Pro: Nursing home waiver and RMD-friendly company practice add some liquidity.
- Con: Contract floors are thin: a 0.50% minimum cap and 5% minimum participation leave the insurer wide room to cut renewal rates.
- Con: Current rates are not public, and an MVA can reduce an early surrender.
Who it’s for, and when to look elsewhere
Fits: an accumulation buyer who can leave the money for 8 years, wants index-linked crediting with no rider cost, and wants an A+ rated insurer.
Look elsewhere if:
- You want lifetime income from a rider; Performance Choice 8 has none (see the Future Income 8 section above).
- You may need more than 10% a year before year 9.
- You mainly want a known rate. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: annuity calculator and annuity surrender charge calculator. Related reviews: North American Charter Plus 10, North American Guarantee Choice MYGA, North American vs Midland National and FIA cap rates.
Other North American fixed indexed annuities
Performance Choice 8 is the short, no-bonus option. If you were also shown Charter Plus 14 or own an older RetireChoice contract, here is what the public documents say.
North American Charter Plus 14 (14-year bonus FIA)
| Feature | Most states | California version |
|---|---|---|
| Surrender charge, years 1 to 14 | 12, 12, 11, 11, 10, 9, 8, 7, 6, 5, 4, 3, 2, 1%; 0% from year 15; MVA applies above the penalty-free amount | |
| Premium bonus recapture, years 1 to 14 | 100, 95, 90, 85, 80, 75, 70, 65, 60, 50, 40, 30, 20, 10% of the bonus; none at death or on penalty-free withdrawals | |
| Base premium bonus (premium in first 3 years) | 9% under $75,000; 13% at $75,000+ | 8% under $75,000; 12% at $75,000+ |
| Enhanced Bonus Rider (optional, at issue only) | Adds 12%, for totals of 21% or 25%; costs 0.95% of accumulation value each anniversary for all 14 years; cannot be dropped | Not offered in the CA brochure |
| Issue ages, minimum premium | 0 to 75; $20,000 | 0 to 46; $20,000 |
| Penalty-free withdrawal | Up to 10% of accumulation value a year after the first anniversary | |
| Contract minimums (base-state disclosure) | 0.50% annual cap, 0.25% monthly cap, 5% annual and 10% two-year participation, 0.25% fixed account | |
| Nursing home waiver | After year 1, up to 100% of accumulation value with no surrender charge, MVA or bonus recapture (not in Massachusetts) | |
What that means in dollars: on $100,000 with the 13% base bonus, the accumulation value starts at $113,000. Surrender fully in year 7 and 70% of the $13,000 bonus ($9,100) is taken back, before the 8% surrender charge and any MVA.
The EBR's 0.95% a year for 14 years totals about 13.3 points of accumulation value, more than the 12% it adds, so ask for the illustration with and without the rider. The bonus disclosure itself says bonus products may carry lower caps and participation rates than non-bonus products.
North American RetireChoice (discontinued)
RetireChoice does not appear on North American's site map (304 pages, checked October 7, 2026); the FIA product pages listed there are Charter Plus, VersaChoice, NAC Control. X and NAC BenefitSolutions. No public disclosure for it is posted, so its minimums are not publicly disclosed.
If you own one, your contract and your latest anniversary statement are the only reliable sources: check your current renewal cap for each index option, your contract year in the surrender schedule, and whether you elected an income rider at issue (a rider cannot be added later).
You can reallocate among index options at each anniversary without a surrender charge. If the renewal cap has drifted toward the contract minimum and the surrender period is over, compare it with a 1035 exchange into a current contract.
North American vs Midland National
Both are Sammons Financial companies. North American's own footnotes say its AM Best rating is awarded as part of Sammons Financial Group, Inc., “which consists of Midland National Life Insurance Company and North American Company for Life and Health Insurance” (North American Charter Plus page, checked October 7, 2026).
The two sell different product lineups through different distribution, but they share one parent and one group rating. Buying one of each spreads your money across two contracts, not across two unrelated balance sheets.
If you want carrier diversification, pick the better North American or Midland National product for your goal and pair it with an insurer from a different group. Compare the actual contract minimums, surrender schedule and dated rates, not the brand.
Questions to ask your agent
- Which exact product and form number is on my application? (If you were shown “Future Income 8,” ask for the real name in writing.)
- What are the guaranteed minimum caps, participation rates and fixed rate in my contract, in writing, next to today’s dated rates for my state?
- What is the surrender charge by year in my state, how is the MVA calculated, and what is the 10% free withdrawal worth to me each year?
- If you recommend a strategy-fee method, what is the fee today, and what happens to the TrueUp if I take more than 10% in a year?
- How are you paid on this product? Commission comes from the insurer and is built into pricing, not deducted from premium. What percentage is it, and would a longer surrender term pay you more? (Background: how annuity commissions work.)
From my desk
When I review a Performance Choice 8 illustration, I first find the minimums page and the state surrender column, because the illustration shows today’s rates and the contract only promises the minimums. On this contract the annual cap can be reset as low as 0.50%.
The number buyers most often misread is the first-year cap. Hypothetical: at the 0.50% minimum cap, a $100,000 index account would be credited at most $500 in a year, however much the index rises; the disclosure works this same example. Strategy-fee methods are the second misread: in a flat year they reduce the value by the fee.
Against a MYGA, I compare the minimum surrender value and the minimum crediting path over 8 years with a MYGA’s declared rate for a similar term. If the buyer mainly wants a known number, the MYGA usually answers that more directly. A second opinion is free.
Frequently asked questions
Is there a North American Future Income 8 annuity?
No. North American Company for Life and Health Insurance does not list a product called Future Income 8 on its website (checked October 4, 2026). The closest North American product is Performance Choice 8, an 8-year fixed index annuity with no income rider.
For lifetime income, North American’s own pages describe NAC Control. X, NAC BenefitSolutions 10 and Income Pay Pro. Ask for the exact product name and form number in writing.
What is the surrender charge on Performance Choice 8?
In most states it is 10%, 10%, 10%, 10%, 9%, 8%, 5% and 3% over 8 contract years. A group of 22 states uses 9% down to 3%, and California uses 8% down to 1.50%, per North American’s disclosure 32715Z-1 (4-22). A market value adjustment also applies to withdrawals above the penalty-free amount during the surrender period.
What are the Performance Choice 8 contract minimums?
Per the 4-22 disclosure: 0.50% minimum annual cap, 0.25% minimum monthly cap, 5% minimum annual participation rate, 10% minimum two-year participation rate, 15% maximum annual index margin and 0.25% minimum fixed account rate. Strategy-fee methods have minimum participation rates of 10% (annual) and 15% (two-year).
What are the current Performance Choice 8 cap rates?
Not publicly disclosed. North American distributes current rates to financial professionals, and the disclosure says initial rates can be obtained from your sales representative. Ask for the dated rate sheet for your state in writing, next to the contract minimums.
How much can I withdraw without a surrender charge?
Beginning in the second contract year, up to 10% of the accumulation value each contract year, with no surrender charge or MVA. By current company practice (not a contractual guarantee), required minimum distributions based on this contract may exceed that amount without charge. After the first anniversary, a nursing home confinement of at least 90 days allows an additional 10% (not available in all states).
What is North American’s AM Best rating?
A+ (Superior), affirmed for North American as part of Sammons Financial Group on August 13, 2025, per North American’s website (checked October 4, 2026). The same page lists S&P Global A+ (Strong), affirmed May 15, 2025, and Fitch A+ (Stable), June 17, 2025.
Sources (checked October 4, 2026)
- North American, Performance Choice 8 annuity disclosure statement, 32715Z-1 (4-22): surrender schedules, MVA, minimums, strategy fee, waivers; dated 4-22, hosted on northamericancompany.com, checked October 4, 2026
- North American Company for Life and Health Insurance, home page ratings footnotes (AM Best 8/13/2025, S&P 5/15/2025, Fitch 6/17/2025): checked October 4, 2026
- North American, NAC Control. X product page: checked October 4, 2026
- North American, NAC BenefitSolutions 10 product page: checked October 4, 2026
- North American newsroom, Income Pay Pro launch release: checked October 4, 2026
MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with North American. No carrier paid for this review. Figures are copied from the carrier documents named, with their dates; they change and vary by state. Confirm current terms in the latest disclosure and the contract before buying.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.