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Fixed Indexed Annuity

Highlander — Clearspring

Clearspring

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7.25%

Best S&P 500 Annual Cap

10%

Free W/D

51

Available jurisdictions

Product data status: October 1, 2026

Rates, state availability, rider terms, and contract language must be confirmed with a licensed financial advisor or insurance professional before purchase. Guarantees are backed by the issuing insurer.

Model this product

See what Highlander would do for you

Set your numbers and switch between growth, income, and liquidity. Negative index performance does not produce a negative index credit. Fees, withdrawals and surrender charges can reduce contract value.

Product analyzer
Illustrative — live CANNEX rates as of October 1, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$309,380
Gross crediting illustration at age 80 (Highlander)
Excludes the 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms); 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms). This is not a net contract value.
10%
Premium bonus offered

Gross crediting illustration for each line; excludes the 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms); 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms).

S&P 500 Index — 7.25% Cap (Annual)
✦
How crediting works: the cap limits positive index returns; a down index year has 0% index credit before rider charges. This illustration deducts no rider charge and is not a net contract value. A cap strategy tracks the index within its terms. What is a cap vs participation? →
Assumptions: illustrative — applies Highlander's published cap rate (7.25% on S&P 500 Index) to a standard benchmark hypothetical index path (~5.4%/yr average, including down years) with a 0% floor over 20 years. Gross crediting only: this illustration excludes the 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms); 1.1% annual Lifetime Withdrawal Rider charge (income option; applicability depends on contract terms) reported in the source. Applicable rider charges depend on contract terms; their deduction bases are not modeled. Each listed charge is not deducted, and no net contract value is shown. Growth starts from a bonus-adjusted illustrative account value: $100,000 premium + $10,000 premium bonus (10%) = $110,000. Bonus vesting and withdrawal treatment follow the contract. Not a projection, quote, or guarantee. Live CANNEX rates as of October 1, 2026.

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See how Highlander compares for your age, state, premium, and income goals alongside other Clearspring fixed indexed annuity options.

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rate data

Run numbers for Highlander

rates, riders, crediting strategies, state availability, and contract facts stay scoped to this Clearspring product.

Live product data

Rates as of October 1, 2026, from AdvisorWorld and CANNEX.

S&P 500 annual point-to-point cap

7.25% cap on S&P 500

A ten-year, A.M. Best-rated fixed indexed annuity from Clear Spring Life with a published premium bonus vesting over eleven years, built around a no-fee S&P 500 annual point-to-point cap plus participation-rate alternatives on the same and proprietary indexes, with an optional Lifetime Withdrawal Rider.

1-year term10-year surrenderDoes not vary by premiumAdvisorWorld + CANNEX data

Best fit

Accumulation-focused buyers committing to a full ten-year deferral who want a premium bonus added to account value at issue, a recognizable S&P 500 annual point-to-point cap alongside same-index and proprietary participation alternatives, and the published annual free-withdrawal allowance plus nursing-home and terminal-illness waivers.

AM Best

A- Excellent

Surrender period

10 years

Free withdrawal

10%/yr

Availability

51 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

7.25% cap rate

Rate effective May 1, 2026

Annual point-to-point

Requested state: TX

1-year term · 10-year surrender · Does not vary by premium

S&P 500

S&P 500 Index

45% participation rate

Rate effective May 1, 2026

Annual point-to-point

Requested state: TX

1-year term · 10-year surrender · Does not vary by premium

Fixed Account

Fixed Account

3.6% declared rate

Rate effective May 1, 2026

Fixed account

Requested state: TX

1-year term · 10-year surrender · Does not vary by premium

+ 2 additional crediting options (S&P MARC, S&P 500)

Lifetime Income Riders

Income rider

Withdrawal Rider

RMD friendly
Lifetime payout rate6.5% lifetime payout
Annual rider fee1.1% annual rider fee
Guaranteed roll-up8%/yr · simple · for up to 12 years

Product analyst notes

How to think about this contract

Why it can stand out

  • A premium bonus is available under the published bonus and vesting terms. Review the vesting schedule alongside the surrender schedule to understand how an early withdrawal affects the amount you can keep.
  • Crediting menu pairs a recognizable S&P 500 annual point-to-point cap with a same-index participation-rate strategy, so a buyer can express either a like-for-like cap comparison against other FIAs or a higher-participation alternative on the same recognizable benchmark without switching contracts.
  • Beyond the S&P 500 cap and participation strategies, the index menu adds participation-rate strategies on the S&P MARC 5% Excess Return and S&P 500 Dynamic Intraday TCA indexes plus a daily-crediting fixed allocation, so a buyer can blend index exposure across cap, participation, and fixed designs inside a single contract.
  • Standard accumulation liquidity package is fully visible on this page — the published annual free-withdrawal allowance, the full ten-year surrender ladder, and nursing-home and terminal-illness surrender waivers — rather than gated behind a sales brochure.

What to confirm

  • The Lifetime Withdrawal Rider is optional and has a separate charge. Compare its withdrawal terms and fees in the income-rider section before deciding whether to add it; an index-crediting rate is not a lifetime withdrawal rate.
  • A premium bonus and its vested amount are different. An early surrender can reduce the bonus you keep; use the published vesting schedule when comparing available surrender values.
  • The S&P MARC 5% Excess Return and S&P 500 Dynamic Intraday TCA strategies are proprietary, volatility-controlled indexes. Their participation rates can look high in absolute terms but are not directly comparable to an uncontrolled S&P 500 cap, and several of these indexes have shorter live-track histories than the S&P 500 itself — evaluate each on its own forward characteristics rather than the headline participation number alone.
  • Surrender charges apply during the published surrender period. The standard contract-value death benefit is separate from an income-rider benefit base; review the beneficiary terms if leaving a death benefit is a priority.

Not ideal for

Buyers who need access to the full premium during the surrender period, expect to retain an unvested premium bonus after an early surrender, or require a stepped-up death benefit.

Free Comparison Report

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All crediting strategies

View rate listings (10 strategies)

These listings show published strategy details and any available rates. Use the filters to narrow by index, term, premium band, or rate type.

Par: 170% · 1-yr

S&P MARC 5% Excess Return

Point-to-point · 0% annual strategy fee

Requested state: TXRate effective May 1, 202610-yr surrenderDoes not vary by premium

Par: 170% · 1-yr

S&P MARC 5% Excess Return

Point-to-point

Requested state: TX10-yr surrenderDoes not vary by premium

Par: 55% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Point-to-point · 0% annual strategy fee

Requested state: TXRate effective May 1, 202610-yr surrenderDoes not vary by premium

Par: 55% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Point-to-point

Requested state: TX10-yr surrenderDoes not vary by premium

Par: 45% · 1-yr

S&P 500 Index

Point-to-point · 0% annual strategy fee

Requested state: TXRate effective May 1, 202610-yr surrenderDoes not vary by premium

Par: 45% · 1-yr

S&P 500 Index

Point-to-point

Requested state: TX10-yr surrenderDoes not vary by premium

Cap: 7.25% · 1-yr

S&P 500 Index

Point-to-point · 0% annual strategy fee

Requested state: TXRate effective May 1, 202610-yr surrenderDoes not vary by premium

Cap: 7.25% · 1-yr

S&P 500 Index

Point-to-point

Requested state: TX10-yr surrenderDoes not vary by premium

Fixed: 3.6% · 1-yr

Fixed Account

Fixed account · 0% annual strategy fee

Requested state: TXRate effective May 1, 202610-yr surrenderDoes not vary by premium

Fixed: 3.6% · 1-yr

Fixed Account

Fixed account

Requested state: TX10-yr surrenderDoes not vary by premium

Income riders

Income rider

Lifetime Withdrawal Rider

RMD friendly
Lifetime withdrawal rate6.5%
Annual rider fee1.1%
Guaranteed roll-up8%/yr · simple · for up to 12 years
Deferral assumed0 years
Issue age50 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Withdrawal Rider

RMD friendly
Lifetime withdrawal rate6%
Annual rider fee1.1%
Guaranteed roll-up8%/yr · simple · for up to 12 years
Deferral assumed0 years
Issue age50 — 80
Joint availabilityJoint life

GLWB

Linked review

Highlander review notes

Learn about the Clear Spring Highlander Fixed Indexed Annuity Review, offering tax-deferred growth, downside protection, and lifetime income options.

3.8/5Read review
Review rating details3.8/5
Financial strength4/5
Return potential4/5
Income and benefits4/5
Free benefits, liquidity, and costs3/5
Transparency and service4/5

CFA take

“In my view, the Clear Spring Highlander is designed for investors who want a combination of upfront account enhancement, moderate accumulation potential, and optional lifetime income flexibility within a relatively simple FIA structure. The 10% premium bonus provides an immediate boost to account value, which can be attractive for long-term investors who plan to hold the contract through the full surrender period. Combined with reasonably competitive S&P 500 cap strategies and a relatively low-cost optional income rider, the product offers a fairly balanced mix of growth and retirement income planning features. At the same time, investors should understand the trade-offs behind the bonus structure. The enhanced upfront value comes at the expense of somewhat lower long-term crediting rates compared to non-bonus products like the Clear Spring Highlander 7. The product also offers limited indexing diversification, with heavy reliance on the S&P MARC 5% volatility-controlled index outside the traditional S&P 500 options. While the optional income rider is reasonably priced, the overall accumulation potential still remains moderate relative to stronger growth-focused FIAs. Overall, I would view Highlander as a reasonable fit for conservative retirees seeking principal protection, a meaningful upfront bonus, and optional guaranteed lifetime income without excessive product complexity.”

Nikhil Bhauwala

Common questions about Highlander

● Can I lose money in Highlander?

A negative index return by itself does not reduce the contract's account value: Highlander credits 0% — the floor — for that indexed period. The account value can still decrease from the published rider fee, withdrawals, surrender charges, other contract-specific deductions. In years with no credited interest, those deductions can reduce the account value. Up to 10% of your value can be withdrawn each year without a charge; withdrawals above the penalty-free amount during the surrender period can incur a surrender charge.

● Is the Lifetime Withdrawal Rider income rider worth the 1.1% fee?

It depends on whether you will use the guaranteed income. If you are accumulating only, you can skip it. If you want guaranteed lifetime income later, the published roll-up (8%/yr · simple · for up to 12 years) and 6.5% withdrawal rate can make it worthwhile — model it in the Income tab of the analyzer above.

● When can I access my money without a surrender charge?

Up to 10% of your account value each year is penalty-free. The scheduled surrender charges run 10 years; after that the surrender-charge schedule ends. Bonus vesting, market value adjustments when applicable, and other contract rules can still affect the amount available. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Highlander's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another available Highlander strategy on the same premium, age, years, and hypothetical index path. The control labels the strategy type, rate, index, and context so caps, participation rates, triggers, spreads, and fixed-account choices are not treated as interchangeable.

Key Features

Free withdrawal

10%/yr

Annual amount that may be available without surrender charges, subject to contract terms.

Surrender waivers

2

Nursing home waiver, Terminal illness waiver

Premium bonus

10%

Bonus terms can vary by state, premium band, and rider election.

Death benefit

Standard Death Benefit

Beneficiary value depends on contract terms, withdrawals, and rider elections.

Cap-rate floor

10.00%

Minimum guaranteed cap for cap-based indexed strategies.

Fixed account guarantee

1.00%

Guaranteed minimum interest rate for the fixed account.

Participation-rate floor

10.00%

Minimum guaranteed participation rate for participation-rate indexed strategies.

Annuitization options

Certain period, Joint life, Single life

Published payout options from the normalized contract facts.

Fund types

Non-qualified, Qualified

Availability can vary by state and product terms.

Surrender schedule

Yr 1

9%

Yr 2

9%

Yr 3

8%

Yr 4

7%

Yr 5

6%

Yr 6

5%

Yr 7

4%

Yr 8

3%

Yr 9

2%

Yr 10

1%

After

0%

Nursing home waiver, Terminal illness waiver

Documents

brochure

Clear Spring Life and Annuity Company – Highlander® Fixed Indexed Annuity – Brochure (Consumer Brochure).pdf.pdf

Confidence: highReviewed Apr 7, 2026

Direct link not published — request the document from the carrier.

Carrier Ratings

AM BestA-

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Highlander currently shows 10 indexed or fixed crediting options, including S&P 500 Index, with 4 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, and renewal terms are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 7.25% annual cap, 0% annual strategy fee
  • S&P 500 Index: 7.25% annual cap
  • S&P 500 Index: 45% annual participation rate, 0% annual strategy fee
  • S&P 500 Index: 45% annual participation rate

Income rider language

What to look for before treating the rider as income

Lifetime Withdrawal Rider is the main income rider listed for this product. Rider terms can affect the tradeoff between future lifetime withdrawals, contract value, beneficiary value, and cost, so the exact state version and rider election should be confirmed before comparing it to annuitization or income-only contracts.

  • 6.5% withdrawal rate
  • 1.1% rider fee
  • RMD friendly
  • Joint life availability

Liquidity terms

Why access rules deserve as much attention as rates

A fixed indexed annuity can preserve more control than an income-only contract, but access is still governed by the surrender schedule, free-withdrawal terms, and waiver language. Those details are where many product comparisons become more meaningful than a simple rate list.

  • 10%/yr free withdrawal
  • 10 surrender years
  • Nursing home waiver
  • Terminal illness waiver

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as Clear Spring Life and Annuity Company – Highlander® Fixed Indexed Annuity – Brochure (Consumer Brochure).pdf.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 8, 2026. For the current brochure, rate sheet, or specimen contract, confirm the state-specific version with the carrier or a licensed financial professional.

  • Rates and rider terms can vary by state and issue age
  • Carrier guarantees depend on claims-paying ability
  • Current contract forms should be confirmed before purchase

Free Comparison Report

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See how Highlander compares for your age, state, premium, and income goals alongside other Clearspring fixed indexed annuity options.

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