North American RetireChoice 10 FIA Review (2026)

Written & reviewed by Hans Goldstein, Independent Licensed Insurance Producer · NPN 20602398
Independently reviewed & last updated 2026-06-09

Quick take: The NAC RetireChoice 10 is a retired fixed indexed annuity from North American Company for Life and Health Insurance (A+ rated, Sammons Financial Group) — no longer sold to new buyers. This is an honest review for the person who already owns one: 10-year surrender, an accumulation-first crediting menu, an optional income rider, and a keep-or-move decision that turns entirely on your current renewal cap and contract year. By an independent licensed insurance producer (NPN 20602398).

Quick verdict

First, the most important thing about this product: the NAC RetireChoice 10 is a retired (discontinued) fixed indexed annuity. North American Company for Life and Health Insurance no longer sells it to new buyers — the current North American accumulation FIAs are the Charter Plus, VersaChoice, and BenefitSolutions series. So if you're reading this, you almost certainly already own a RetireChoice 10, or you've been shown one as a legacy/existing contract. This review is written for that buyer: someone deciding whether to keep, ride out, or eventually move a contract they already hold — not someone shopping a new one.

The good news is it's a good contract to own. RetireChoice 10 is (was) a 10-year-surrender accumulation FIA from a genuinely top-tier carrier — North American is A+ (Superior) from AM Best, A+ from S&P and Fitch, A1 from Moody's, part of Sammons Financial Group (the same mutual-owned family as Midland National). Its COMDEX of ~92 puts it among the strongest carriers in the entire annuity market, and North American has one of the better in-force renewal-rate track records in the business — which matters enormously on a product like this, because the whole value of an in-force FIA depends on how the carrier treats the cap after the sale.

The honest caveat: as a retired product, the number that matters to you is not the cap you were quoted at purchase — it's the current renewal cap on your specific contract this year, which the carrier resets annually. Pull your latest anniversary statement (or have someone pull the current renewal rate for your form and state) before you make any decision. Everything below is written to help you do exactly that.

Goldstein Scorecard

As of June 2026 · graded as an in-force/legacy accumulation FIA (not a new-money buy) · caps and renewal rates reset annually — verify your current contract's renewal rate before acting

🎯 Best for: an existing RetireChoice 10 owner with an A+ carrier, a competitive current renewal cap, and a contract that's matured past (or nearly past) the steepest surrender years — i.e., someone whose right move is usually "keep it and re-optimize the index allocation," not "surrender and chase."

⚠️ Look elsewhere if: you're being newly pitched something "just like RetireChoice" (get the actual current product name and rate sheet), your renewal cap has drifted to the contract minimum while you're still deep in the surrender schedule (time to model a §1035 at maturity), or you need full liquidity now and you're still early in a 10-year surrender window.

⏸ Pause — get a second opinion before you sign

Talk to a licensed independent expert. Hans.

Fixed indexed annuities are committed for 7-15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.

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Product structure at a glance

How the RetireChoice 10 cap compares to other FIAs in 2026

Because RetireChoice 10 is retired, this comparison isn't "should you buy it instead of X" — it's "how does the cap you're currently earning stack up against what an A+ carrier pays a new buyer today." That's the honest test of whether your in-force contract is still competitive or has fallen behind.

On $100,000 over one crediting year (illustrative, S&P 500 up ≥ the cap):
- RetireChoice 10 renewal at 7.0% → $7,000 credited that year
- Same contract if the cap has drifted to 4.0% → $4,000 credited — $3,000 less on the same $100K, same market
- A new A+ product at 7.5% → $7,500

That gap is the entire reason to check your current renewal cap. A RetireChoice 10 still crediting a 7% cap from an A+ carrier is a keeper. A RetireChoice 10 that's been reset down toward its contractual minimum while you're near the end of surrender is a candidate for a tax-free §1035 exchange into a fresh contract once you're out of surrender. Same product, two completely different verdicts — decided by one number on your statement.

RetireChoice crediting strategies and the optional income rider

The crediting menu. RetireChoice 10 was built as an accumulation FIA, and its strength is flexibility: you can typically allocate across an S&P 500 annual point-to-point (cap), an S&P 500 monthly average, an S&P 500 monthly point-to-point, and non-S&P options (Nasdaq-100, Dow) plus a declared-rate fixed account. Each anniversary you can re-allocate among these buckets. This is the most underused lever existing owners have: if your monthly point-to-point strategy has a punishing monthly cap, you may be better re-allocating to the annual point-to-point, or vice-versa, depending on how each is currently priced. You don't have to surrender the contract to fix a bad allocation — you just reallocate at your next anniversary. Ask for the current cap/participation rate on every available index option before your anniversary window, not just the one you're in.

The income rider. Some RetireChoice 10 contracts carry an optional guaranteed-lifetime-withdrawal-benefit (GMWB) rider that was elected at issue — you can't add it now if you didn't take it then. If you have it: it tracks a separate "benefit base" that is not cash you can walk away with — it only governs the guaranteed lifetime income you can turn on later. If you never intend to annuitize or turn on lifetime income, you may be paying an annual rider charge for a feature you'll never use; that's worth reviewing. If you don't have the rider, RetireChoice 10 is a clean accumulation contract with no explicit annual fee — which is exactly how many owners should want to hold it.

Strengths

• A+ (Superior) carrier — North American / Sammons is genuinely top-tier; owning this is owning an elite balance sheet
• Strong renewal-rate history — the trait that matters most on an in-force FIA; North American has treated existing contracts comparatively well
• Flexible index menu — multiple crediting strategies you can re-allocate each anniversary without surrendering
• Principal protection — no market-loss risk; a 0% year credits 0%, never negative
• 10% penalty-free withdrawal after year 1, plus nursing-home and terminal-illness waivers
• No explicit annual fee if you didn't elect the income rider — clean accumulation structure

Weaknesses

• Retired product — no longer sold; you can't add premium in most cases and can't add the income rider now if you skipped it
• Renewal cap is the wildcard — a legacy contract's cap can drift; if it's near the contract minimum you may be earning far less than a fresh A+ contract
• 10-year surrender + MVA — if you're early in the schedule, early exit is expensive
• Income rider (if elected) isn't class-leading vs. today's income-first FIAs — and its benefit base isn't cash
• More moving parts than a MYGA — multiple crediting strategies mean you have to actually manage the allocation to get the most out of it

Real-world case study

The figures below illustrate how the contract mechanics work; they are not a projection or a quote. Actual credited interest depends on your specific contract's current renewal cap, your index allocation, and index performance. I'll pull the exact current renewal rates on your form and state from North American's in-force rate desk when you book the call.

Case Study — Ronald, age 71, owns a RetireChoice 10 he bought in 2018

• Original premium: $180,000, allocated to the S&P 500 annual point-to-point
• Contract year: 8 of 10 — he's past the steepest surrender charges, with the surrender period ending in about two years
• The question he brought: "Should I dump it? A guy is telling me to move it into a 10.25% cap product."
• What we actually did: pulled his current renewal cap — it was still crediting a competitive A+ cap, not a stripped-down minimum. His accumulation value had grown with no down years. Moving now would have triggered a surrender charge plus MVA for two years of runway he didn't need to give up.
• The verdict: keep it two more years to maturity, re-check the renewal cap at each anniversary, and then decide between renewing, a tax-free §1035 into a fresh A+ contract, or annuitizing — with no surrender charge in the way.
• Why the "10.25% cap" pitch was wrong for him: that top-of-market cap comes from a B-rated carrier and a new 14-year surrender. Trading an A+ carrier and a nearly-finished surrender schedule for a B-rated carrier and a fresh 14-year lockup — while eating a surrender charge to do it — was a worse deal dressed up as a better number.

The lesson isn't "never move a RetireChoice 10." It's that the move depends on three facts — current renewal cap, contract year, and rider status — and a headline cap on someone else's product answers none of them.

Why annuity reviews look bad online — what that actually means

Insurance carriers can't solicit reviews the way restaurants do; NAIC rules restrict carriers and agents from incentivizing testimonials. So only unhappy buyers tend to post — someone quietly earning steady index credits from an A+ carrier has no prompt to leave a review. Legacy products like RetireChoice have an added quirk: much of the online chatter is years old and describes pricing or surrender terms that no longer reflect what a current owner is experiencing. Read complaints for pattern and resolution, not raw volume or vintage. (See the full asymmetric-review meta-analysis on the hub page.)

Real complaints about North American / RetireChoice — and what's actually true

Complaint 1 — "My cap got cut after a few years."

• Source: Common FIA complaint pattern across all carriers, including North American, on Bogleheads/Reddit/BBB
• What's actually true: Every FIA resets its cap annually within a contractual minimum — this is structural, not a North American defect. What separates carriers is how far they cut. North American's in-force renewal history is comparatively strong, but "comparatively strong" is not "immune." Verdict: legitimate to check — pull your current renewal cap and compare it to a new A+ contract. If the gap is large and you're near maturity, model a §1035. If it's small, keep it.

Complaint 2 — "I was told I could get all my money out, then hit a surrender charge."

• Source: Recurring FIA surrender-surprise complaints industry-wide
• What's actually true: RetireChoice 10 has a 10-year surrender schedule plus MVA above the 10% annual free amount. That's disclosed in the contract, but easy to forget years later. Verdict: not a hidden trap — a term-length mismatch. Know your contract year; the charge steps down each year and disappears at maturity.

Complaint 3 — "The income/benefit base isn't the money I can take out."

• Source: The single most common FIA income-rider confusion, across carriers
• What's actually true: If you elected the GMWB rider, its "benefit base" governs guaranteed lifetime income only — it is not a cash value you can withdraw or transfer. This confuses buyers constantly, and it's not unique to North American. Verdict: accurate confusion, not a scam. Know which value is cash (accumulation value) and which is an income-only figure (benefit base).

🚨 What the brochure doesn't tell you

• This is a retired product — the "current rates" you find online for RetireChoice may be stale; only your in-force statement and North American's in-force rate desk have your real number.
• Your renewal cap — not your original cap — is what you're earning now. Check it every anniversary.
• You can re-allocate the index strategy at each anniversary without surrendering — the most underused lever existing owners have.
• MVA can bite on early exit — surrendering above the free amount while rates have risen reduces what you get back. It's irrelevant if you hold to maturity.
• If you didn't elect the income rider at issue, you can't add it now — a retired product's rider menu is frozen.
• Gains are taxed as ordinary income when withdrawn — not capital-gains rates — and heirs face IRD on inherited gains (no step-up).
• At the end of the 10-year surrender you have real choices — keep it, §1035 tax-free into a fresh A+ contract, or annuitize. Put your maturity date on the calendar; don't drift past it on autopilot.
• "RetireChoice" is a marketing name — the contract's surrender schedule, MVA, current caps, and rider terms are what bind. Read the contract, not the old brochure.

Who it actually fits

• Existing owners whose current renewal cap is still competitive and who are past the steep surrender years — usually a "keep and re-optimize the allocation" verdict
• Owners who value the A+ carrier strength of North American / Sammons and don't want to trade it for a headline cap from a lower-rated carrier
• Owners who want principal-protected, tax-deferred growth and are actively managing their index allocation each anniversary
• Owners with the income rider who genuinely plan to turn on lifetime income later

Who should look elsewhere

• Owners near maturity with a cap that's drifted to the minimum → model a tax-free §1035 into a current A+ FIA such as North American Charter Plus or an Athene peer — after surrender charges expire
• Anyone being newly "pitched RetireChoice" → it's retired; get the real current product name and rate sheet before signing anything
• Owners who need full liquidity now and are still early in the 10-year schedule → a MYGA or shorter instrument for new money; don't surrender early into an MVA
• Income-first buyers → today's income-led FIAs (Allianz, Nationwide Peak) have stronger payout factors than this accumulation-first contract

How to pressure-test what your agent told you

1. "What is the current renewal cap on my specific contract this year — for every index option available to me?" — the single most important number, and the one that decides keep-vs-move.
2. "What contract year am I in, and exactly what does the surrender charge + MVA cost me if I exit today vs. at maturity?" — so any move is timed to the end of surrender, not into a penalty.
3. "Do I have the income rider, what's it costing me annually, and do I actually plan to use it?" — if you'll never turn on lifetime income, an elected rider fee may be pure drag.
4. "What's North American's current AM Best rating and outlook?" — confirm the A+ strength that's the whole reason this contract is worth holding.
5. "If I did a §1035 at maturity, which current A+ products beat my renewal cap — net of any new surrender period?" — the honest comparison, apples to apples on carrier rating and lockup, not just headline caps.

🧮 Goldstein Complexity Index

A core part of every Goldstein review. The more complex an annuity, the worse the rating in this dimension — because complexity is where buyers get burned (confusing riders, fee structures hidden in plain sight, surrender penalties that surprise people, separate "benefit bases" they thought were cash). Simple products (SPIAs, MYGAs) score low; products with stacked bonuses + income riders + MVA + multiple crediting strategies score high.

This product's score: 33/100 — Grade A (Mostly clear)

One or two complications (a rider, a crediting choice). With a 30-min agent walkthrough, most buyers understand it.

Score breakdown

How to read this

• A+/A (0–40): You can understand what you bought. Pure accumulation FIA, MYGA, or SPIA. Low risk of mis-selling.
• B (41–60): You need to read the contract carefully and have a second-opinion review before signing. Income riders add the most confusion.
• C (61–80): Many buyers don't fully understand what they own. Common mis-selling: "bonus" sold as cash, "benefit base" sold as account value, surrender charges undisclosed.
• D (81–100): Demands an independent producer second opinion before signing. The product may still be right for you — but the chance you'll later say "I didn't know it worked that way" is very high.

Why complexity matters more than people think: Carriers don't get sued for complexity. Agents don't get sued for it either (in most states). But buyers regret it constantly. The annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler product that you understood perfectly. Simple ≠ inferior. Simple = audit-able.

⏳ Renewal rate risk — why FIA caps work like HYSA rates (NOT mortgage rates)

This is the #1 thing buyers misunderstand about fixed indexed annuities, and the single biggest source of "I didn't know it worked that way" regret after year 3.

The mortgage-rate mental model is wrong

When you take out a 30-year fixed mortgage at 6.5%, that rate is locked for the entire term. The bank can't raise it. That's how most buyers assume an FIA cap rate works.

It's not. FIA cap rates work like high-yield savings account rates.

When Marcus or Ally raises their HYSA rate from 4.0% to 4.5%, that's their choice — and they can drop it back to 4.0% the next month. The rate you saw when you opened the account is NOT the rate you keep forever. The bank can change it at any time.

FIA cap rates work the same way:

• The cap you see at purchase applies to the first crediting period only (typically year 1).
• At each anniversary, the carrier can reset the cap within the contractual minimum.
• If interest rates fall or the carrier's option budget tightens, your cap can drop dramatically — sometimes from 9% down to 3-4% over a few years.

Why caps change: the option-budget mechanics

Carriers don't print money to pay your index-linked credit. They take your premium, invest most of it in bonds at prevailing interest rates, and use the bond yield to buy S&P 500 call options that generate the index credit.

• Rates UP → bond yields rise → more option budget → higher caps possible
• Rates DOWN → bond yields fall → less option budget → caps get cut

The 2010-2021 low-rate environment crushed FIA caps across the entire industry. The 2022-2025 rate cycle restored them. Whatever cap you see today is a function of TODAY's interest rate environment — and that environment will change.

The minimum cap floor (the only real guarantee)

Every FIA contract has a minimum guaranteed cap stated in the contract. This is the LOWEST the cap can ever go. Common minimum caps:

• Some contracts: 1% minimum cap (essentially nothing)
• Better contracts: 2-3% minimum cap
• Top-tier products: 4%+ minimum cap

Read the minimum cap before signing. If it's 1%, your worst-case scenario is essentially 0% real returns for 10+ years.

How to evaluate a carrier's renewal practices BEFORE buying

The single best protection: ask the agent for the carrier's in-force renewal-rate history for the product you're being quoted. A carrier that's maintained competitive caps on existing contracts over 5+ years is much more trustworthy than one with no history (or worse, a history of cap cuts).

Carriers with the most consistent in-force renewal track records (industry consensus as of 2026): Athene, Allianz, Sammons (North American/Midland), American Equity, and Nationwide. These carriers have published renewal-rate histories that survive scrutiny.

Carriers without published renewal-rate histories OR with a history of cutting caps post-sale should be evaluated carefully — especially if the cap they're showing you today is near the top of the market.

The single most important questions to ask

1. "What's the minimum guaranteed cap in this contract?"
2. "Can you show me this product's in-force renewal-rate history for the last 5 years?"
3. "What's the current cap on in-force contracts purchased in 2020, 2018, and 2015?"
4. "If the cap drops to the minimum, what's my realistic annual credited return?"

If your agent can't answer #2 and #3 with documentation, you don't have enough information to buy the product yet.

Explain it like I'm 12 — how an FIA actually works

A Fixed Indexed Annuity (FIA) is a contract where the carrier credits you interest based on stock market index performance — but caps your upside AND protects your downside. You can never lose money from market drops; you also won't get the full upside in big bull years.

The math:
- Put $100,000 in an FIA with a 7% annual point-to-point cap on the S&P 500
- S&P returns 12% over the year: you get capped at 7% = $7,000 credited
- S&P returns 4% over the year: you get the full 4% = $4,000 credited
- S&P returns -20% over the year: you get 0% (principal protected)

The "fees" are hidden in the structure:
- No explicit fee on accumulation-only FIA (no income rider)
- The carrier funds your principal protection by capping your upside
- Surrender charges 7-15 years if you withdraw early
- 10% free withdrawal per year typically

Quick FIA FAQ

Q: Will the cap rate change after I buy?
A: Yes. Cap rates RENEW annually within contract minimums. The 7% cap you see at purchase can drop to 4% over time. Read the minimum guaranteed cap in your contract.

Q: Why is my cap lower than my friend's FIA?
A: Carriers trade cap rate for other features — premium bonus, longer surrender, income rider, brand prestige. Two FIAs with similar "headlines" can have very different actual structures.

Q: What is the "minimum guaranteed cap"?
A: The lowest the carrier can set the cap on your contract. Common minimums: 1-4%. If the minimum is 1%, your worst-case credited return is essentially 0% real after inflation.

Q: How are FIA gains taxed?
A: Tax-deferred during accumulation. At withdrawal: gains taxable as ordinary income. 10% IRS penalty on gain portion if withdrawn before 59½.

Q: Can I lose money?
A: Not from market drops (principal-protected). You CAN lose money from early surrender (penalty) or MVA adjustments. Stay to surrender period end = no loss possible.

Q: How long is the surrender period?
A: Varies — 7 years (Athene PEC 7 Plus), 10 years (most), 14-15 years (bonus products). Longer surrender typically buys you better caps or higher bonus.

Q: What's the difference between cap, participation rate, and spread?
A: Cap = maximum credited. Participation rate = % of index move credited. Spread = % subtracted from index move. Some products combine multiple. See How Annuity Crediting Actually Works.

Q: Should I add an income rider?
A: Only if you'll activate it for guaranteed lifetime income. Rider fee (0.85-1.50%/year) charged annually whether you use it or not. Many buyers pay rider fees for years and never activate.

📩 Get a second opinion before you sign — this is a big decision

Talk to a licensed independent expert. Hans.

Fixed indexed annuities are committed for 7-15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.

Drop your info — within 24 hours, you'll get a written independent review of your quote, side-by-side comparisons vs. 2 alternatives, and a no-pressure 15-minute call if you want one.

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Disclosure

This review reflects publicly available product materials and approximate rates as of the date stated above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change frequently — typically monthly. Always confirm current values against the most recent carrier disclosure document and the actual contract before purchasing. This article is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers across the annuity and long-term care insurance market; the producer's specific appointment status with the carrier discussed in this review may vary, and this review is not an endorsement or representation of carrier appointment. No compensation has been received from any carrier in connection with the publication of 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.