Last updated: March 2026 | Reviewed by: AnnuityJournal Editorial Team
F&G has been on a tear. After Fidelity National Financial took a controlling stake, F&G significantly upgraded their product pricing and distribution — and the RetireShield is the result. It’s a no-nonsense FIA that consistently offers cap rates in the upper half of the market without the bonus-structure theater that makes some competitors hard to evaluate. For buyers who want competitive index exposure and don’t need a headline-grabbing 200%+ bonus promise, the RetireShield deserves a spot in your comparison set.
What Is the F&G RetireShield?
The F&G RetireShield is a fixed index annuity issued by Fidelity & Guaranty Life Insurance Company. Available in multiple surrender period lengths (typically 7 or 10 years), the RetireShield is designed for both accumulation and income. The product links to popular indexes with competitive cap rates and offers an optional lifetime income benefit for an additional annual fee.
Current Cap Rates and Crediting Strategies (2026)
| Index Strategy | Cap / Participation Rate | Crediting Method |
|---|---|---|
| S&P 500 Annual Point-to-Point | ~9.00–10.50% cap | Annual, with cap |
| S&P 500 2-Year Point-to-Point | ~17.00–19.00% cap | 2-year, with cap |
| S&P 500 Monthly Average | ~5.00–6.00% cap | Annual, monthly averaging |
| Bloomberg US Dynamic Balance II | ~130–155% participation | Annual, uncapped |
| Fixed Account | ~3.00–3.25% | Daily crediting |
Rates are approximate and as of early 2026. F&G can adjust rates at each contract anniversary, subject to minimum contractual floors.
Income Rider: F&G Prosperity Income Benefit
The optional income rider for the RetireShield provides guaranteed lifetime income with straightforward terms:
- Income Base Roll-Up: Typically 6–7% simple interest annually during deferral
- Rider Fee: Approximately 1.00% of income base annually
- Payout Rates: Age-based percentages applied to income base
- Lifetime Guarantee: Income continues for life regardless of account value depletion
- Joint Survivorship Option: Available for spousal coverage
Illustrative income on $150,000 deposit with 8-year deferral:
| Age at Income Start | Approximate Annual Income |
|---|---|
| 65 | ~$10,000–$12,000/year |
| 70 | ~$12,500–$14,500/year |
| 75 | ~$15,000–$17,000/year |
F&G Financial Strength
- AM Best: A- (Excellent)
- S&P: BBB+ (Good)
- Parent Company: Fidelity National Financial (NYSE: FNF) — Fortune 500
- Total Assets: Approximately $50+ billion
- FIA Market Position: Top 10 FIA issuer in the U.S.
F&G’s A- AM Best rating is one step below the A/A+ tier of Athene, Allianz, Nationwide, and North American. The parent company backing from Fidelity National Financial (a Fortune 500 title company) provides additional financial stability context. For buyers staying within state guaranty association limits, F&G is a solid choice. See our state guaranty guide for your state’s coverage limits.
F&G RetireShield Pros and Cons
Pros
- Competitive cap rates: Often in the upper range of mid-tier FIA carriers
- Clean, simple product design: No confusing bonus structures — straightforward accumulation
- Monthly averaging option: Provides smoother, more consistent crediting in volatile markets
- Fortune 500 parent company: F&G backed by Fidelity National Financial
- Multiple surrender period options: Typically available in 7 or 10-year versions
- Competitive 2-year cap: Strong 2-year point-to-point option
Cons
- A- vs. A+ for top carriers: One to two notches below the highest-rated carriers
- Less recognized brand: F&G isn’t as well-known as Nationwide or Allianz, which can create resale/transfer hesitation
- Income rider competitive but not leading: If income is your primary goal, A+ carriers like Allianz or Nationwide may offer better rider terms
- Cap rates subject to annual adjustment: Standard industry risk, but worth noting
Who Is the F&G RetireShield Best For?
- Ages 55–68 who want a clean FIA with competitive cap rates without complex bonus structures
- Buyers who want a balance of accumulation potential and optional income security
- Those comfortable with A- carrier strength in exchange for competitive cap rates
- Buyers with $50K–$300K to invest who value simplicity over maximum feature complexity
- Those who appreciate the backing of a Fortune 500 parent company
Compare the RetireShield against the American Equity AssetShield (similar tier, 7-year option) and the North American BenefitSolutions 10 (A+ carrier, strong income rider). See our full list of best annuity companies for broader comparison.
How to Buy the F&G RetireShield
F&G products are sold exclusively through licensed insurance agents — not direct from F&G. Independent agents can compare the RetireShield against competing products. Always request a written illustration that shows:
- Current S&P 500 annual point-to-point cap and contractual minimum
- 2-year point-to-point cap for comparison
- Income rider roll-up rate and payout percentages at your age
- Full surrender charge schedule
- Side-by-side comparison with MYGA rates at equivalent terms
Frequently Asked Questions
Is F&G the same as Fidelity?
No. F&G (Fidelity & Guaranty Life) is a life insurance and annuity company. It is a subsidiary of Fidelity National Financial, which is a title insurance company. It is not affiliated with Fidelity Investments (the brokerage), despite the similar name. Always clarify this with your agent to avoid confusion.
What does “monthly averaging” mean for the S&P 500 strategy?
Monthly averaging calculates your interest credit based on the average of the S&P 500’s value at the end of each month during the crediting year, compared to the starting value. In a volatile market, this smooths out the peaks and valleys — you might earn less in a strong bull year but more than 0% in a year that ends down but had strong months along the way.
How does the RetireShield handle nursing home or care situations?
Most F&G FIAs include a confinement waiver allowing penalty-free withdrawals if you are confined to a qualifying care facility for a specified period. Confirm this feature is in your specific contract version and state.
What is the minimum deposit?
Minimum initial premium is typically $10,000. Most retirement-focused buyers deposit $100,000 or more.
How does the RetireShield compare to other FIAs?
The RetireShield occupies the middle tier of the FIA market — better cap rates than the lowest-cost commodity FIAs, but below the ultra-high caps of the Athene Agility 10. Its strength is simplicity and a Fortune 500-backed carrier at a competitive price. For a complete guide to evaluating FIAs, see our fixed index annuity overview and best FIA companies list.
