F&G Accelerator Plus Fixed Indexed Annuity In-depth Review

The F&G Accelerator Plus is a Fixed Indexed Annuity (FIA) plan that offers the annuitant (annuity investor) the opportunity to earn a market index-linked return without incurring the risk of market downside. It is a suitable plan for retirees or individuals approaching retirement who aim to grow and protect their retirement savings. This plan is also suitable for individuals seeking a guaranteed lifetime income, in addition to protecting and growing their retirement savings. The F&G Accelerator Plus annuity is one of the most popular annuity products offered by Fidelity and Guaranty Life (F&G) and has consistently been recognized for its high earning potential.

Let’s have a look at the high-level fine print of the F&G Accelerator Plus annuity, and then we will discuss each point in detail.

The F&G Accelerator Plus annuity is identical for both policy tenures except for the earnings rate and surrender charge schedule. For ease of discussion and clarity, we will focus on the F&G Accelerator Plus 10 annuity (unless otherwise specified) for the remainder of the article.

How does the F&G Accelerator Plus Annuity policy work?

Any annuitant (maximum age at the time of policy issue: 85) can purchase the F&G Accelerator Plus 10 annuity with a minimum initial purchase amount of $10,000, and in return, they will earn market index returns (calculated through a formula that we will discuss shortly), credited as per the chosen crediting period. Apart from the regular crediting period, there are various events that may trigger earnings credit: On free withdrawals, For a long-term care event, terminal illness, or injury event, or when a death benefit is payable.

The F&G Accelerator Plus 10 annuity offers the annuitant the ability to choose from one or more of seven indexes to determine their earnings crediting formula. These indices are the S&P 500 Index, Barclays Trailblazer Sectors 5 Index, Morgan Stanley US Equity Allocator Index, Balanced Asset 5 Index, Balanced Asset 10 Index, BlackRock Market Advantage Index, and GS Global Factor Index. The S&P 500 and the Balanced Asset 5 Index offer the annuitant an option to choose from four crediting strategies; the Balanced Asset 10 and GS Global Factor Index each offer three strategies; the BlackRock Market Advantage Index and Morgan Stanley US Equity Allocator Index offer two; and the Barclays Trailblazer Sectors 5 Index offers one, making a total of 19 indexed strategies. Additionally, the annuity provides an option to choose a fixed interest rate of 3.75% as of the time of updating this article. We will discuss each available index briefly:

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Rates ↓.

1. S&P 500 Index

The S&P 500 index is one of the most popular and oldest indexes in the world. It tracks 500 large-cap publicly traded stocks listed in the United States. It is a reliable index and has consistently proven its worth over time.

It is very important to note that the F&G Accelerator Plus annuity offers a low participation rate for the S&P 500 index, meaning that you will be credited only a small part of the S&P 500 return to your annuity. These rates tend to change frequently; I will discuss more on the rates shortly.2. Balanced Asset 5 IndexThe Balanced Asset 5 Index takes a classic approach to its portfolio construction with a 60/40 allocation. Combined with rebalancing and volatility control features, the index seeks to provide excess returns across market conditions through a tactical combination of equity and fixed-income ETFs.The CIBC Balanced Asset 5 Index was created in June 2020 and targets a 5% annualized realized volatility. While these volatility controls may result in less fluctuation in rates of return when compared with indexes that don’t use them, they also may reduce the overall rate of return compared with those other indexes

3. Balanced Asset 10 IndexThe Balanced Asset 10 Index takes a classic approach to its portfolio construction with a 60/40 allocation. Combined with rebalancing and volatility control features, the index seeks to provide excess returns across market conditions through a tactical combination of equity and fixed-income ETFs.The Balanced Asset 10 Index targets a 10% annualized realized volatility. While these volatility controls may result in less fluctuation in rates of return when compared with indexes that don’t use them, they also may reduce the overall rate of return compared with those other indexes.4. GS Global Factor IndexThe GS Global Factor Index, formulated by Goldman Sachs International, dynamically allocates between Global Equities, influenced by factors like Value and Momentum, and U.S. Bonds, symbolized by 10-year U.S. Treasury Futures. A non-yielding Hypothetical Cash Position is also included. Each month, the Index adjusts asset volatility multipliers based on an economic signal. During rebalancing, it aims for equal risk contributions from assets, adjusting for market indicators. Weights are averaged over ten days and tweaked to meet a 5% Volatility Target with a 150% leverage cap. Again, while these volatility controls may result in less fluctuation in rates of return when compared with indexes that don’t use them, they also may reduce the overall rate of return compared with those other indexes.5. BlackRock Market Advantage IndexThe BlackRock Market Advantage Index is structured to provide an investment portfolio that is both diversified and managed for volatility. The index seeks to outperform traditional multi-asset class benchmarks by balancing investments across five key macroeconomic drivers that influence asset classes' performance, ensuring a more stable risk-adjusted return profile. Key components of this index include various iShares® ETFs, the iShares S&P GSCI Commodity-Indexed Trust, and cash holdings. The primary aim is to limit risk through a daily volatility-control mechanism. With a 6% Target Volatility, it has the flexibility to leverage up to 125% exposure. While these volatility controls may result in less fluctuation in rates of return when compared with indexes that don’t use them, they also may reduce the overall rate of return compared with those other indexes.6. Morgan Stanley US Allocator IndexThe Morgan Stanley US Equity Allocator Index is a rules-based benchmark designed to provide exposure to U.S. equities, particularly large-cap and technology sectors. It employs a momentum-based strategy, adjusting allocations daily based on the relative strength of its components. The index aims to maintain a 12% volatility target by rebalancing both intraday and at the end of each day, allowing it to respond swiftly to changing market conditions.7. Barclays Trailblazer Sectors 5 IndexTrailblazer aims to track a diversified portfolio of assets with the highest return potential for a given level of risk. Trailblazer utilizes 14 ETFs that provide diversified exposure to the stock and bond markets, plus a cash component. The ETFs are the growth engines of the portfolio and provide the potential for earning returns. However, since stocks and bonds carry risks, so do the ETFs.The Barclays Trailblazer Sectors 5 Index was created in July 2016 and targets a 5% annualized realized volatility. While these volatility controls may result in less fluctuation in rates of return when compared with indexes that don’t use them, they also may reduce the overall rate of return compared with those other indexes.

In my opinion, the S&P 500 and the GS Global Factor Index are ideal indices to choose from; S&P because it is one of the most transparent and reliable indices, and GS Global Factor Index as it offers good participation rates.

Note: In addition to allocating the funds in the following indexes, the annuitant also has an option to allocate funds at a fixed interest rate. These Fixed Rates tend to change from time to time. The Fixed Value Rate at the time of writing this article was 3.75%.

The earnings crediting formula

The earnings crediting formula is the most important part of this annuity discussion. It is essential to note that we don’t simply receive the index return credited to our annuity. The company has several rate-limiting mechanisms (such as cap rates and participation rates) in place that impact our earnings. These rates are subject to change over time, and you can always verify the updated rates with the assistance of your advisor. You can also check out their website for the latest rates.

Let’s review the F&G Accelerator Plus rate sheet (as of December 2025) to understand how earnings are determined.

From the above rate chart, we can see that we have an option to choose indexing strategies tied to seven indexes. These indices offer various options, including participation rates, cap rates, monthly sums, performance triggers, and performance enhancements (with a charge). In total, we have the option to choose from 19 indexed strategies and one fixed strategy. Let's discuss the different types of strategies offered by F&G Accelerator Plus Fixed Indexed Annuity.

1. Point to point with Participation Rate: The participation rate describes the annuitant’s participation percentage in the return of an index. For example, suppose the participation rate is 60%, and the index returned 10% over the agreed time (generally one year). In that case, the annuitant will be eligible for only 60% of the return, i.e., 6%. The formula for this is (Participation Rate% × Index Return).
2. Point to point with Cap Rate: Cap rate is the most important terminology in an FIA. It means at what rate your interest-earning capacity is capped. For example, if an index returned 13% but your contract’s cap rate is 7%. In this situation, you will be eligible for an interest credit of 7% only. It doesn’t matter how much the index goes above the cap rate; the maximum interest you can earn is the cap rate.
3. Point to point with Spread and Participation Rate: This indexing strategy applies BOTH the participation rate and the spread to determine the index interest credit. Let’s take an example where the participation rate is 60%, the spread is 2%, and in a given year, the index returned 10%. In this case, the interest credited to the annuity account would be 60% of 10% (PR), less 2% (SP), i.e., 4%. Ideally, you should never opt for the Spread + Participation index crediting strategy.
4. Annual Declared Rate on Gain (Performance Trigger Rate): A flat or positive index return triggers the declared interest rate to be credited to the contract value. If the index return is negative, no interest is credited, but there will be no loss, and the contract value will remain the same. However, if the change in the value of the index during a particular year is zero or positive, the declared index gain interest rate is multiplied by the option’s account value to determine the index interest credits. The declared interest rate is set at contract issue and applies for the entire withdrawal charge period. In this case, the declared rate on gain for the S&P 500 Index is 5.25%. It means that if the S&P Index doesn’t go negative for a given 1-year period (even if the growth is 0% and not negative), the interest credited to the annuity will be 5.25% irrespective of the S&P 500's actual return. This option is advantageous if you anticipate that the index will experience minimal growth but will not decline.

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Rates ↓.

When allocating premiums in a fixed-indexed annuity, individuals can distribute their money across these different indexing strategies. This means you can decide how much of your premium goes into each strategy, allowing for a tailored approach to potential growth and risk based on your financial goals and comfort level.

Performance Enhancement by Paying a Charge: The F&G Accelerator Plus annuity has an option to enhance Performance by paying a charge. Through this, you can opt to increase participation rates, Cap Rates, and/or reduce spreads. In the above chart, you will notice that the indexing options with “charge” have higher participation rates and caps when compared to their “no charge” counterparts. At the time of writing this article, the annual charge was set at 1.25%. It is subtracted from the crediting option’s account value at the beginning of the interest crediting period.

The earnings potential of the F&G Accelerator Plus annuity is among the highest of all fixed indexed annuities that are at least A-rated. Based on the index constituents, past performance, and volatility, some of the good strategies that I believe will give the highest returns are:

1. S&P 500 1-year monthly point-to-point with Cap
2. S&P 1-year point-to-point with Cap rate
3. Balanced Asset 5 index 1-year point to point with Participation rate and charge
4. GS Global Factor 2-year point-to-point with a Spread and Participation rate
5. BlackRock Market Advantage 2-year point-to-point with Participation rate

The participation rates with charge (without caps) on the Balanced Asset 5 Index are very generous, and I believe the realistic annual return expectations on these rates would be anywhere between 5% and 8%. However, you must keep in mind that insurance companies tend to change rates frequently, and you must keep an eye on updated rates. You should consult a trusted financial advisor to determine which indexes and strategies best suit your needs.

Enhanced Guaranteed Minimum Withdrawal Benefit (EGMWB)

Another important aspect of this annuity discussion is the EGMWB rider that accompanies it. This rider enables you to have a stream of guaranteed lifetime income payments that you cannot outlive. Before diving deep into the rider, let's first understand the "Income Base."

The Income Base is the value used to determine the Guaranteed Withdrawal Payment and the EGMWB Rider charge. The Income Base is not part of the Policy’s account value and is not used to determine the Policy’s surrender value.

Withdrawal payment amount determined by Income Base at the time payments begin, calculated as the greatest of:

• Performance value — equal to the lesser of:Premiums paid in policy year one multiplied by the Premium Factor of 5 andTotal account value (less premiums received after the first policy year) multiplied by the Performance Multiplier.The Performance Multiplier at issue is equal to one plus the Performance Factor. The Performance Multiplier increases by the Performance Factor each policy year until the earliest of 10 years, the beginning of the withdrawal period, or age 85. The Performance Factor is 7.5%, and the maximum Performance Multiplier is 175%.

• Roll-up Value - Premiums paid in Policy year 1; growing up to the earlier of ten (10) years or age 85 or the Withdrawal Period begins, with compound interest at the roll-up rate of 5%

At the time of this review (Feb 2026), this was the published figure. For current rates, see Current Riders ↓.

Your rider’s Income Base is NOT the same as the annuity’s Account Value. The Account Value is available for withdrawal and is used to determine the Cash Surrender Value of your fixed-indexed annuity. On the other hand, think of the Income Base as a value that is used just to calculate your Lifetime Income Withdrawal amount. This value has no cash value or surrender value and cannot be withdrawn in a lump sum. The rider's charge is determined based on your Income Base; however, it is deducted from your account value.

A withdrawal from your Accumulated Value will reduce the rider’s Income Base (and thus the amount of future Lifetime Income Withdrawals) proportionally. For example, withdrawing 10 percent from your Accumulated Value will reduce your Income Base by 10 percent, too.

Accessing your Lifetime Income Withdrawal

Your Lifetime Income Withdrawal depends on your income base at the time you start lifetime income withdrawals. And, the later you start your lifetime income withdrawals, the more your lifetime income withdrawal amount will be.

To calculate the Maximum Lifetime Income, the following formula is used:

Income Base at the time of first withdrawal * Lifetime Income Withdrawal Percentage

The lifetime income withdrawal percentage is influenced by the age at which you commence lifetime income withdrawals, as well as the choice between single-life or joint withdrawals. To illustrate with a hypothetical example, if a client invests $100,000 in this annuity and refrains from making withdrawals for ten years, the income base increases to $200,000. If the client is 70 years old when starting lifetime payments, with a 6% lifetime withdrawal rate, they would be entitled to receive 6% of $200,000, which amounts to $12,000 annually for the rest of their life. This holds true even if the account value falls to zero, provided the depletion is not a result of excessive withdrawals. The guaranteed withdrawal percentage is determined at the time the policy is initiated.

Additionally, this rider comes with an impairment multiplier, which is discussed as follows:

Impairment Multiplier: If the annuitant becomes impaired, as defined by the inability to complete two of six activities of daily living (ADLs), and has held the premium in the annuity for a minimum of 10 years without taking withdrawals or starting income, the GWLB rider activates an impairment multiplier. This multiplier doubles the annual payout amount that the annuitant would otherwise receive. For joint annuitants, the increase is by a factor of 1.5x, rather than doubling.

Qualification for Impairment: To qualify for the impairment benefits, specific conditions outlined in the annuity contract must be met. If qualified and the account value is above zero, the annuitant will receive the increased payments due to the impairment multiplier.

Cost of Rider: This incurs a cost of 0.95% of the Income Base per year (as of the date of updating this article).

Also, as with most annuities, the Accelerator Plus has free in-built home health care, nursing home, and terminal illness waivers.

Nursing Home Waiver: After the first contract year, an annuitant can withdraw up to 100% of the contract’s accumulated value if he is confined to a Qualified nursing home for at least 60 consecutive days. No withdrawal charge or MVA applies if the owner qualifies for this benefit. Diagnosis must occur after the contract is issued, and written proof with supporting documentation is required from a qualified physician.

Terminal Illness Waiver: After the first contract year, an annuitant can withdraw up to 100% of the contract’s accumulated value if he is diagnosed with a terminal illness with a prognosis of 12 months or less. No withdrawal charge or MVA applies if the owner qualifies for this benefit. Diagnosis must occur after the contract is issued, and written proof with supporting documentation is required from a qualified physician.

Home Health Care Waiver: After the first contract year, an annuitant can withdraw up to 100% of the contract’s accumulated value if he is unable to perform at least 2 of 6 activities of daily living (for at least 60 days and is expected to continue for at least 90 days after requesting withdrawal. No withdrawal charge or MVA applies if the owner qualifies for this benefit. Diagnosis must occur after the contract is issued, and written proof with supporting documentation is required from a qualified physician. While many annuities offer Nursing Home and Terminal Illness Waivers, the Home Health Care waiver is not something that many annuities offer.

Accessing your Money

Each year, you are entitled to a 10% free withdrawal of your contract value without incurring any charges, fees, or penalties.

Should your needs change unexpectedly and you need to take an excess withdrawal (a withdrawal that is above the free withdrawal amount available in a given contract year) you may be entitled to access additional monies; although certain charges and penalties may apply. Any amount withdrawn in excess of the remaining free withdrawal amount is subject to a Surrender Charge. Below is the Surrender Charge schedule for F&G Accelerator Plus annuity:

Note that this surrender charge schedule is only valid for the F&G Accelerator Plus 10 annuity product for select states. For complete details about each state, you may contact your trusted financial advisor.

The surrender charge of the F&G Accelerator Plus fixed indexed annuity is on the higher side when compared to similar annuities in the market. If you think that there can be a possibility where you will need to surrender the policy, the F&G Accelerator Plus annuity may not be the perfect annuity for you.

Once the surrender charge period ends, you can typically access your full contract value without fees. However, any withdrawal reduces both your contract value and, if applicable, the income base tied to optional riders, which may impact future guaranteed income.

An annuitant can also convert the contract into a stream of guaranteed income, known as annuitization. They can choose from various payout options designed to meet different needs.

• Life Only – Provides income for as long as you live.
• Joint and Survivor Life – Continues payments over two lifetimes, often used by couples.
• Life with Period Certain (up to 30 years) – Pays income for life, but guarantees payments for a minimum period even if death occurs earlier.
• Period Certain (up to 30 years) – Provides guaranteed payments for a set number of years, regardless of lifespan.
• Single Life or Joint Life with Cash Refund – Ensures that if the annuitant(s) pass away before receiving payments equal to the original premium, the difference is refunded to beneficiaries.
• Single Life or Joint Life with Installment Refund – Similar to the cash refund, but any remaining balance is paid out over time in installments.

These options allow flexibility in balancing lifetime income needs with legacy goals, offering a way to customize how and when funds are accessed in retirement.

Death Benefit

Greater of account value or minimum guaranteed surrender value (MGSV).

Contract/Administrative Charge

The F&G Accelerator Plus annuity levies no annual contract or administrative fees.

You must always keep in mind that, unlike CDs, annuities are not guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other federal insurance agency. An annuity's "guarantee" is only as strong as the insurance company that issues the annuity, so it is always important to assess the issuing company before buying an annuity.

Fidelity National Financial

F&G is a subsidiary of Fidelity National Financial. Fidelity National Financial is one of the oldest title insurance companies and has been in the business for over 18 decades. It is a Fortune 500 company ranking #313.

It is rated as follows by the rating agencies:

Fidelity has managed to maintain strong ratings for many years. Fidelity is considered to be strong and stable financially. As of year-end 2024, some of the other financial highlights for Fidelity include its:

• $15.3 billion in total sales / direct written premium
• $50 billion of a total investment portfolio
• $51.6 billion Assets Under Management (AUM)
• $85 billion in total assets
• $622 million in net income

Thus, by using the operating history and financial numbers, we can safely gauge that you can trust your savings with F&G.

With advancements in healthcare and technology, the average American today is living longer than ever. Therefore, it’s crucial to have a stream of income that can grow safely and steadily while also providing a fixed, guaranteed income during retirement. This not only helps mitigate the risk of outliving your income but also ensures that you continue to live a decent life even in retirement.

The F&G Accelerator Plus annuity is one such product that helps you grow your savings with less risk. Through its Fixed Income Annuity, it offers principal protection, the opportunity to participate in market index gains risk-free, or a stream of guaranteed income. If you are considering a Fixed Income Annuity with a major focus on growth, the F&G Accelerator Plus annuity is an ideal product to consider.