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Fixed Indexed Annuity

Highlander

Clear Spring Life

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7.25%

Best S&P 500 Annual Cap

10%

Free W/D

50

Jurisdictions

Product data status: July 12, 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. Index losses credit 0% — the floor — so a down market never reduces your value.

Product analyzer
Illustrative — live CANNEX rates as of July 12, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$309,380
Est. value at age 80 (Highlander)
10%
Premium bonus offered
S&P 500 Index — 7.25% Cap (Annual)
✦
How crediting works: the cap limits positive index returns; a down year credits 0%, never a loss. 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. 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 July 12, 2026.

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

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Live rate data

Run live numbers for Highlander

Current rates, riders, crediting strategies, state availability, and contract facts stay scoped to this Clear Spring Life product.

Live product data

Rates as of July 11, 2026, based on the latest AdvisorWorld scan of CANNEX data.

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 no lifetime-income rider in the design.

1-year term10-year surrenderAdvisorWorld + 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

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

7.25% cap rate

Annual cap

1-year term · 10-year surrender · Premium band not shown

S&P 500

S&P 500 Index

45% participation rate

Participation

1-year term · 10-year surrender · Premium band not shown

Fixed Account

Fixed Account

3.6% declared rate

Fixed account

1-year term · 10-year surrender · Premium band not shown

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

Lifetime Income Riders

Income rider

Withdrawal Rider

Lifetime payout rate6.5% lifetime payout
Annual rider fee1.1% annual rider fee
Guaranteed roll-up8%/yr

Product analyst notes

How to think about this contract

Why it can stand out

  • A published premium bonus is credited to account value over an eleven-year vesting schedule that ramps to its full headline level by year two and then holds level — material extra principal in the early years of the contract, visible on the page rather than buried in a brochure.
  • 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

  • There is no lifetime-income rider on this contract in the live data. Do not pitch Highlander as a guaranteed lifetime-withdrawal product — its job is bonus-enhanced index-linked accumulation over the ten-year term, not income.
  • The premium bonus vests over eleven years on a year-by-year schedule rather than crediting all at once. A surrender before the schedule completes returns less of the bonus than the headline figure suggests; treat the bonus as a long-term inducement to hold the contract, not as immediate principal.
  • 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 lockup runs the full ten years. The death benefit on this contract is the standard contract value rather than a rolled-up or stepped-up income base, and the filing is not available in New York — confirm state availability before recommending to a New York buyer, and look elsewhere if a death-benefit roll-up is the priority.

Not ideal for

Buyers who need a contractually guaranteed lifetime-withdrawal rate from a GLWB rider, expect the premium bonus to credit immediately rather than vesting over eleven years, want a stepped-up or rollup-enhanced death benefit, need shorter-than-ten-year liquidity, or live in New York — the filing is not available in NY and none of those features are what this contract is built to deliver.

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All crediting strategies

View rate listings (5 rows)

These are the current crediting strategy listings returned for this product. Use the filters to narrow by index, term, premium band, or rate type.

Par: 170% · 1-yr

S&P MARC 5% Excess Return

participation

10-yr surrender

Par: 55% · 1-yr

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

participation

10-yr surrender

Par: 45% · 1-yr

S&P 500 Index

participation

10-yr surrender

Cap: 7.25% · 1-yr

S&P 500 Index

cap

10-yr surrender

Fixed: 3.6% · 1-yr

Fixed Account

fixed

10-yr surrender

Income riders

Income rider

Lifetime Withdrawal Rider

Lifetime withdrawal rate6.5%
Annual rider fee1.1%
Guaranteed roll-up8%/yr

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 applicable rider fees, Performance Rate Rider or other strategy charges, administrative charges, withdrawals, surrender charges, or 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 8% roll-up 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 surrender period runs 10 years; after that you reach full liquidity. 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 current 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

Single and joint

Contract conversion options should be confirmed before purchase.

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, Surrender waivers

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 5 distinct indexed or fixed crediting choices across 10 current rate listings, including S&P 500 Index and Fixed Account, with 2 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, renewal terms, and fee-bearing rider variants are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 7.25% annual cap
  • S&P 500 Index: 45% annual participation rate
  • Fixed Account: 3.6% fixed account rate

Income rider language

What to look for before treating the rider as income

Lifetime Withdrawal Rider is the main income-rider entry returned 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

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

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