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Fixed Indexed Annuity

NWL Ultra Classic — National Western Life

National Western Life

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5.75%

Best S&P 500 Annual Cap

10%

Free W/D

36

Available jurisdictions

Product data status: October 2, 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 NWL Ultra Classic 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 2, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$244,283
Gross crediting illustration at age 80 (NWL Ultra Classic)
Excludes the 1% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH charge (income option; applicability depends on contract terms); 1% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH charge (income option; applicability depends on contract terms). This is not a net contract value.
5.75%
Best S&P 500 1-yr point-to-point cap

Gross crediting illustration for each line; excludes the 1% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH charge (income option; applicability depends on contract terms); 1% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH charge (income option; applicability depends on contract terms).

S&P 500 Index — 5.75% Cap (Annual Charge Included · 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 NWL Ultra Classic's published cap rate (5.75% 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% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH charge (income option; applicability depends on contract terms); 1% annual NWL Income Outlook NH charge (income option; applicability depends on contract terms); 1.5% annual NWL Income Outlook Plus 5 NH 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. Not a projection, quote, or guarantee. Live CANNEX rates as of October 2, 2026.

Free Comparison Report

Get a NWL Ultra Classic rate report

See how NWL Ultra Classic compares for your age, state, premium, and income goals alongside other National Western Life fixed indexed annuity options.

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rate data

Run numbers for NWL Ultra Classic

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

Live product data

Rates as of October 2, 2026, from AdvisorWorld and CANNEX.

Optional GLWB lifetime payout rate

7% lifetime payout + 5%/yr · compound · for up to 10 years roll-up

A long-surrender National Western FIA combining optional lifetime income with a recognizable annual S&P 500 cap.

1% annual rider feeRMD-friendly income ridersAdvisorWorld + CANNEX data

Best fit

Buyers prioritizing optional lifetime income who also want a plain S&P 500 cap available during deferral.

AM Best

A- Excellent

Surrender period

13 years

Free withdrawal

10%/yr

Availability

36 jurisdictions (restricted footprint)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

Annual Charge Included

5.75% cap rate

Rate effective Apr 1, 2026

Annual point-to-point

Strategy fee: 0.5%/yr

Requested state: TX

1-year term · 13-year surrender · Does not vary by premium

S&P 500

S&P 500 Index

Annual Charge Included

5.75% cap rate

Annual point-to-point

Requested state: TX

1-year term · 13-year surrender · Does not vary by premium

S&P 500

S&P 500 Index

monthly avg participation

67% participation rate + 0% spread

Rate effective Apr 1, 2026

Participation

Requested state: TX

1-year term · 13-year surrender · Does not vary by premium

Fixed Account

Fixed Account

3.1% declared rate

Rate effective Apr 1, 2026

Fixed account

Requested state: TX

1-year term · 13-year surrender · Does not vary by premium

+ 1 additional crediting option (S&P 500)

Lifetime Income Riders

Income rider

NWL Income Outlook NH

RMD friendly
Lifetime payout rate7% lifetime payout
Annual rider fee1% annual rider fee
Guaranteed roll-up5%/yr · compound · for up to 10 years

Income rider

NWL Income Outlook Plus 5 NH

RMD friendly
Lifetime payout rate7% lifetime payout
Annual rider fee1.5% annual rider fee
Guaranteed roll-up5%/yr · compound · for up to 10 years

Product analyst notes

How to think about this contract

Why it can stand out

  • The live filing offers optional lifetime-income elections alongside a recognizable S&P 500 annual point-to-point cap.
  • Nursing-home and terminal-illness waivers provide defined exceptions to the surrender schedule.

What to confirm

  • Rider fees reduce the accumulation value, and payout terms should be compared at the buyer's actual age and deferral period.
  • The Ultra Classic surrender commitment is unusually long, so ordinary liquidity needs should be planned outside the contract.

Not ideal for

Buyers needing short surrender terms, rider-free accumulation, or MYGA-style rate certainty.

Free Comparison Report

Get a NWL Ultra Classic rate report

See how NWL Ultra Classic compares for your age, state, premium, and income goals alongside other National Western Life fixed indexed annuity options.

Get my rate report

All crediting strategies

View rate listings (8 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: 120% + Spread: 0% · 1-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Excess Return Index

Point-to-point · 0% annual strategy fee

Requested state: TXRate effective Apr 1, 202613-yr surrenderDoes not vary by premium

Par: 120% + Spread: 0% · 1-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Excess Return Index

Point-to-point

Requested state: TX13-yr surrenderDoes not vary by premium

Par: 67% + Spread: 0% · 1-yr

S&P 500 Index

monthly_avg_participation · 0% annual strategy fee

Requested state: TXRate effective Apr 1, 202613-yr surrenderDoes not vary by premium

Par: 67% + Spread: 0% · 1-yr

S&P 500 Index

monthly_avg_participation

Requested state: TX13-yr surrenderDoes not vary by premium

Cap: 5.75% · 1-yr

S&P 500 Index

Annual Charge Included · Point-to-point · 0.5% annual strategy fee

Requested state: TXRate effective Apr 1, 202613-yr surrenderDoes not vary by premium

Cap: 5.75% · 1-yr

S&P 500 Index

Annual Charge Included · Point-to-point

Requested state: TX13-yr surrenderDoes not vary by premium

Fixed: 3.1% · 1-yr

Fixed Account

Fixed account · 0% annual strategy fee

Requested state: TXRate effective Apr 1, 202613-yr surrenderDoes not vary by premium

Fixed: 3.1% · 1-yr

Fixed Account

Fixed account

Requested state: TX13-yr surrenderDoes not vary by premium

Income riders

Income rider

NWL Income Outlook NH

RMD friendly
Lifetime withdrawal rate7%
Annual rider fee1%
Guaranteed roll-up5%/yr · compound · for up to 10 years
Deferral assumed0 years

GLWB

Income rider

NWL Income Outlook Plus 5 NH

RMD friendly
Lifetime withdrawal rate7%
Annual rider fee1.5%
Guaranteed roll-up5%/yr · compound · for up to 10 years
Deferral assumed0 years

GLWB

Income rider

NWL Income Outlook NH

RMD friendly
Lifetime withdrawal rate6%
Annual rider fee1%
Guaranteed roll-up5%/yr · compound · for up to 10 years
Deferral assumed0 years

GLWB

Income rider

NWL Income Outlook Plus 5 NH

RMD friendly
Lifetime withdrawal rate6%
Annual rider fee1.5%
Guaranteed roll-up5%/yr · compound · for up to 10 years
Deferral assumed0 years

GLWB

Common questions about NWL Ultra Classic

● Can I lose money in NWL Ultra Classic?

A negative index return by itself does not reduce the contract's account value: NWL Ultra Classic credits 0% — the floor — for that indexed period. The account value can still decrease from the published rider fee, published strategy fees, 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 NWL Income Outlook NH income rider worth the 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 (5%/yr · compound · for up to 10 years) and 7% 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 13 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 NWL Ultra Classic's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another available NWL Ultra Classic 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

Death benefit

Standard Death Benefit

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

Cap-rate floor

1.00%

Minimum guaranteed cap for cap-based indexed strategies.

Fixed account guarantee

2.45%

Guaranteed minimum interest rate for the fixed account.

Participation-rate floor

20.00%

Minimum guaranteed participation rate for participation-rate indexed strategies.

Maximum spread

6.00%

Maximum spread: 6.00%

Annuitization options

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

15%

Yr 2

14.75%

Yr 3

14%

Yr 4

13%

Yr 5

12.25%

Yr 6

11.25%

Yr 7

10.5%

Yr 8

9.75%

Yr 9

8.75%

Yr 10

8%

Yr 11

6%

Yr 12

4%

Yr 13

2%

After

0%

Nursing home waiver, Terminal illness waiver

Documents

brochure

SA-9930_NWL-Ultra-Classic-Consumer-Disclosure-Brochure.pdf

Confidence: highReviewed Apr 13, 2026

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

Carrier Ratings

AM BestA-
S&PA-

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

NWL Ultra Classic currently shows 8 indexed or fixed crediting options, including S&P 500 Index, with 2 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, renewal terms, and fee-bearing strategy variants are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 5.75% annual cap, 0.5% annual strategy fee
  • S&P 500 Index: 5.75% annual cap
  • S&P 500 Index: 67% monthly participation rate, 0% annual strategy fee
  • S&P 500 Index: 67% monthly participation rate

Income rider language

What to look for before treating the rider as income

NWL Income Outlook NH 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.

  • 7% withdrawal rate
  • 1% rider fee
  • RMD friendly

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
  • 13 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 SA-9930_NWL-Ultra-Classic-Consumer-Disclosure-Brochure.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 24, 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

Get a NWL Ultra Classic rate report

See how NWL Ultra Classic compares for your age, state, premium, and income goals alongside other National Western Life fixed indexed annuity options.

Get my rate report

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