Fidelity & Guaranty Life Insurance Company
4.7
based on complex data
Annuity Educator Rating
Annuity review

Prosperity Elite 7 Protection

Prosperity Elite 7 Protection annuity is a real gem for retirees worried about their financial future. It offers a comforting blend of growth, safety, and income potentials you rarely see. The growth potential comes from diverse lucrative market-linked options.

This annuity goes a step further to protect your hard-earned money. Its downside market protection is an assurance you won't lose your money. Comfort, security, and peace of mind - it doesn't get any better. Prosperity Elite 7 Protection is truly a smart choice for those wanting to secure their sunset years.

Prosperity Elite 7 Protection-brochure Prosperity Elite 7 Protection-brochure

Prosperity Elite 7 Protection

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About Product

Type
Fixed Index
Purpose
Lifetime Income
Premium Bonus
7%
Term
7 Years
Surrender schedule
10%
9%
8%
7%
6%
5%
4%
Fee withdrawal:
10%
Flexible premium
Product Life
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$10,000
Maximum Contribution
$1,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP
Launch Date
04/22/2011
Prosperity Elite 7 Protection
The Prosperity Elite 7 Protection is a flexible premium deferred annuity with a 7-year surrender charge period offering multiple index options and one fixed interest rate option. It is designed to be a long-term retirement savings tool with a variety of options to help you achieve the standard of living you want during your retirement. 
Available in states: AL, AK, AZ, AR, CA, CO, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
3.75% Fixed
1-Year Gold PTP Cap
Point to Point
Annual
9.5% Cap
1-Year S&P 500 PTP Monthly Average Cap
Point to Point
Annual
Monthly average
7.5% Cap
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.3% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
7.25% Cap
2-Year Barclays Trailblazer Sectors 5 PTP Participation Rate with Spread
Point to Point
Biennial
230% Participation
1-Year CIBC Balanced Asset 5 PTP Participation Rate
Point to Point
Annual
165% Participation
2-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread
Point to Point
Biennial
235% Participation
2-Year CIBC Balanced Asset 5 PTP Participation Rate
Point to Point
Biennial
275% Participation
1-Year GS Global Factor PTP Participation Rate
Point to Point
Annual
170% Participation
2-Year GS Global Factor PTP Participation Rate with Spread
Point to Point
Biennial
250% Participation
2-Year GS Global Factor PTP Participation Rate
Point to Point
Biennial
290% Participation
1-Year S&P 500 Performance Trigger
Performance Triggered
Annual
5.5% Performance triggered

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 10% 9% 8% 7% 6% 5% 4%

Hypothetical Projection

Comparison against S&P 500 using current rates
indexed chart
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Riders

Name Inbuilt Fee
Prosperity Elite Protection Package Yes 0.35% annually (1.00% max)
Prosperity Elite Protection Package (HI, IL) Yes 0.35% annually (1.00% max)

Waivers

Nursing Home

Unavailable in states: MA, and SD

Confinement must begin at least 1 year after contract effective date. Must be confined to nursing home for at least 60 days. Home Health Care is an acceptable option.

Terminal Illness

Diagnosis must be made at least 1 year after contract effective date and certified by licensed physician. Life expectancy must be less than 1 year.

ADL

Unavailable in states: FL, MA, SD, and WI

Care must begin at least 1 year after contract effective date. Must be unable to perform at least 2 of 6 activities of daily living (for at least 60 days and expected to continue for at least 90 days after requesting withdrawal).

Premium Notes

Flexible Premium
Any additional premium (the amount of money you may at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $1,000,000.
The minimum Allocation to any account is $2,000 per contract year.

Note: TSP funds have to be rolled into an IRA.

Withdrawal Provisions

All GMDB Rider values are reduced proportionately by withdrawals previously taken. If there are joint annuitants, the GMDB Rider benefit is only available upon the death of the first owner. Annuitization You must begin receiving annuity payments no later than the maturity date. The maturity date is fixed at contract issue and is no later than the contract anniversary following the annuitant’s (or the oldest annuitant’s if a second annuitant is named) 100th birthday. If annuity payments begin before the 5th contract anniversary, annuity payments are based on the surrender value. If annuity payments begin after the 5th contract anniversary, annuity payments are based on the greater of the account value and the MGSV. An annuity option may be changed any time before annuity payments begin. If your annuity was issued in connection with a tax-qualified plan, you may be required to take minimum distributions beginning at age 72½. Free Withdrawals Each contract year, after the end of the first contract year, the free partial surrender of up to 10% of the vested account value as of the prior anniversary. 

Company Founded: 1959
Excellent Rated Company
Fidelity & Guaranty Life Insurance Company
Company Ratings
4
  • A.M. Best A
  • Fitch A-
  • S&P A-
  • Moody's A3
  • Comdex 70
Assets: $47,616,107,572
Iowa

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