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Fixed Indexed Annuity

American Equity AssetShield 5

American Equity Investment Life Insurance Company

8%

Best Cap

10%

Free W/D

50

Jurisdictions

Product data status: May 29, 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.

Live product data

Rates as of May 29, 2026, based on the latest AdvisorWorld scan of CANNEX data.

S&P 500 annual cap rate

8% cap on S&P 500

A short-surrender (five-year) fixed indexed annuity from an A-rated carrier, structured for accumulation rather than guaranteed income — no GLWB rider, no Protected Income Value, with a cap-, participation-, and trigger-led index menu spanning S&P 500, Nasdaq-100, Dow Jones, and several proprietary volatility-controlled indexes, plus an optional fee-bearing 'Performance Rate Rider' enhancement on most strategies.

1-year termAdvisorWorld + CANNEX data

Best fit

Buyers who want index-linked accumulation on a short five-year surrender commitment, are comfortable choosing between a standard cap option and a fee-bearing Performance Rate Rider variant on the same index, and do not need a contractually guaranteed lifetime-income rider built into the contract.

AM Best

A Excellent

Surrender period

5 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

8% cap rate

S&P 500

S&P 500 Index

10.75% cap rate

S&P 500

S&P 500 Index

1.8% cap rate

S&P 500

S&P 500 Index

2.7% cap rate

S&P 500

S&P 500 Index

100% participation rate + 4.5% declared rate

S&P 500

S&P 500 Index

40% participation rate

S&P 500

S&P 500 Index

50% participation rate

Nasdaq-100

Nasdaq-100 Index

7% cap rate

Nasdaq-100

Nasdaq-100 Index

100% participation rate + 6.25% declared rate

Dow Jones

Dow Jones Industrial Average

6.75% cap rate

Dow Jones

Dow Jones Industrial Average

100% participation rate + 6% declared rate

Fixed Account

Fixed Account

3.55% declared rate

+ 17 volatility-controlled index options (S&P 500, BNP Paribas, NYSE Premier...)

Product analyst notes

How to think about this contract

Why it can stand out

  • Short five-year surrender term — unusually brief for an FIA with a recognizable S&P 500 cap option, which keeps the buyer's liquidity commitment well under the seven-to-ten year window typical of this category.
  • Index menu spans recognizable benchmarks (S&P 500, Nasdaq-100, Dow Jones Industrial Average) alongside several volatility-controlled and sector indexes (BNP Paribas Patriot Technology, NYSE Premier, Nasdaq Premier, BlackRock Adaptive US Equity, S&P 500 Dividend Aristocrats Daily Risk Control 5%), with cap, participation-rate, and performance-trigger crediting mechanics all available on a single contract.
  • Annual free-withdrawal allowance plus three surrender-charge waivers (bail-out provision, nursing-home waiver, terminal-illness waiver), so multiple penalty-free exit paths are written into the base contract.
  • Carrier financial-strength is rated by more than one independent agency (A.M. Best and S&P both at 'A'), so the strength view is not a single-source read.

What to confirm

  • This contract is NOT an income product. There is no optional GLWB rider attached and no Protected Income Value mechanism — the only optional features are surrender-charge waivers for nursing-home and terminal-illness events, which waive the penalty on withdrawals but do not guarantee a lifetime income stream. Buyers needing a contractually guaranteed lifetime withdrawal rate should look at American Equity's IncomeShield series instead.
  • Many of the publicly headlined rates are 'Performance Rate Rider' (PRR) variants — a fee-bearing enhancement that pays a higher cap or participation rate on the same index in exchange for an allocation charge against the account value. The PRR cap is NOT directly comparable to a standard cap on the same index, and the rider charge can materially reduce the realized credit in a flat-or-down index year — evaluate the standard strategy and the PRR variant as two distinct trades.
  • Several of the alternative indexes are proprietary, volatility-controlled, or sector-concentrated (BNP Paribas Patriot Technology, BlackRock Adaptive US Equity 15%, S&P 500 Dividend Aristocrats Daily Risk Control 5%, S&P 500 Advantage 15% VT TCA). Their participation rates look high in absolute terms but are not directly comparable to an S&P 500 cap — evaluate each strategy on its own merits.
  • The guaranteed-minimum cap floor and guaranteed-minimum declared rate are very low — caps and the fixed-account rate can reset down toward those floors at each renewal, and the buyer carries that renewal risk for the full five-year surrender term. The death benefit is the standard cash-surrender-value design with no roll-up or step-up.

Not ideal for

Buyers who need a contractually guaranteed lifetime withdrawal rate from a GLWB rider (look at the IncomeShield series instead), a premium bonus to offset a longer surrender term, a death-benefit roll-up beyond cash surrender value, or a contract written in New York — none of those are what this contract is built to deliver.

All crediting strategies

View rate listings (58 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 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return

Performance Rate Rider · participation

5-yr surrender

Par: 135% · 1-yr

BNP Paribas Patriot Technology Index

Performance Rate Rider · participation

5-yr surrender

Par: 100% + Fixed: 7.75% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

trigger

5-yr surrender

Par: 100% + Fixed: 4.5% · 1-yr

S&P 500 Index

trigger

5-yr surrender

Par: 100% + Fixed: 6% · 1-yr

Dow Jones Industrial Average

trigger

5-yr surrender

Par: 100% + Fixed: 6.25% · 1-yr

Nasdaq-100 Index

trigger

5-yr surrender

Par: 100% + Fixed: 7.75% · 1-yr

Nasdaq Premier Index

trigger

5-yr surrender

Par: 95% · 1-yr

S&P 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return

participation

5-yr surrender

Par: 85% · 1-yr

BNP Paribas Patriot Technology Index

participation

5-yr surrender

Par: 75% · 1-yr

NYSE Premier Index

Performance Rate Rider · participation

5-yr surrender

Par: 75% · 1-yr

Nasdaq Premier Index

Performance Rate Rider · participation

5-yr surrender

Par: 75% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

Performance Rate Rider · participation

5-yr surrender

Par: 70% · 1-yr

BlackRock Adaptive US Equity 15% Index

Performance Rate Rider · participation

5-yr surrender

Par: 55% · 1-yr

NYSE Premier Index

participation

5-yr surrender

Par: 55% · 1-yr

Nasdaq Premier Index

participation

5-yr surrender

Par: 55% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

participation

5-yr surrender

Par: 50% · 1-yr

S&P 500 Index

Performance Rate Rider · participation

5-yr surrender

Par: 45% · 1-yr

BlackRock Adaptive US Equity 15% Index

participation

5-yr surrender

Par: 40% · 1-yr

S&P 500 Index

participation

5-yr surrender

Cap: 10.75% · 1-yr

S&P 500 Index

Performance Rate Rider · cap

5-yr surrender

Cap: 10% · 1-yr

NYSE Premier Index

cap

5-yr surrender

Cap: 10% · 1-yr

Nasdaq Premier Index

cap

5-yr surrender

Cap: 10% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

cap

5-yr surrender

Cap: 8% · 1-yr

S&P 500 Index

cap

5-yr surrender

Cap: 7% · 1-yr

Nasdaq-100 Index

cap

5-yr surrender

Cap: 6.75% · 1-yr

Dow Jones Industrial Average

cap

5-yr surrender

Fixed: 3.55% · 1-yr

Fixed Account

fixed

5-yr surrender

Cap: 2.7% · 1-yr

S&P 500 Index

Monthly Point to Point with Performance Rate Rider · monthly_sum_cap

5-yr surrender

Cap: 1.8% · 1-yr

S&P 500 Index

Monthly Point to Point · monthly_sum_cap

5-yr surrender

Par: 170% · 1-yr

S&P 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return

Performance Rate Rider

Par: 135% · 1-yr

BNP Paribas Patriot Technology Index

Performance Rate Rider

Par: 100% + Fixed: 7.75% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

Par: 100% + Fixed: 4.5% · 1-yr

S&P 500 Index

Par: 100% + Fixed: 6% · 1-yr

Dow Jones Industrial Average

Par: 100% + Fixed: 6.25% · 1-yr

Nasdaq-100 Index

Par: 100% + Fixed: 7.75% · 1-yr

Nasdaq Premier Index

Par: 95% · 1-yr

S&P 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return

Par: 85% · 1-yr

BNP Paribas Patriot Technology Index

Par: 75% · 1-yr

NYSE Premier Index

Performance Rate Rider

Par: 75% · 1-yr

Nasdaq Premier Index

Performance Rate Rider

Par: 75% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

Performance Rate Rider

Par: 70% · 1-yr

BlackRock Adaptive US Equity 15% Index

Performance Rate Rider

Par: 55% · 1-yr

NYSE Premier Index

Par: 55% · 1-yr

Nasdaq Premier Index

Par: 55% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

Par: 50% · 1-yr

S&P 500 Index

Performance Rate Rider

Par: 45% · 1-yr

BlackRock Adaptive US Equity 15% Index

Par: 40% · 1-yr

S&P 500 Index

Cap: 10.75% · 1-yr

S&P 500 Index

Performance Rate Rider

Cap: 10% · 1-yr

NYSE Premier Index

Cap: 10% · 1-yr

Nasdaq Premier Index

Cap: 10% · 1-yr

S&P 500 Advantage 15% VT TCA Index (USD) ER

Cap: 8% · 1-yr

S&P 500 Index

Cap: 7% · 1-yr

Nasdaq-100 Index

Cap: 6.75% · 1-yr

Dow Jones Industrial Average

Fixed: 3.55% · 1-yr

Fixed Account

Cap: 2.7% · 1-yr

S&P 500 Index

Monthly Point to Point with Performance Rate Rider

Cap: 1.8% · 1-yr

S&P 500 Index

Monthly Point to Point

Income riders

Accumulation-focused — no income rider

This contract is designed for tax-deferred accumulation, not guaranteed lifetime income. No GLWB rider was returned because none is part of the contract design — compare against other accumulation FIAs on cap, participation rate, and surrender terms rather than lifetime income.

Key Features

Free withdrawal

10%/yr

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

Surrender waivers

3

Bail out provisions, Nursing home waiver, Terminal illness waiver

Death benefit

Standard Death Benefit

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

Strategy guarantee

Minimum guaranteed cap: 0.50%

Strategy guarantee

Minimum guaranteed declared rate: 1.00%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 0.50%

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

9.2%

Yr 2

9%

Yr 3

8%

Yr 4

7%

Yr 5

6%

After

0%

Nursing home waiver, Terminal illness waiver, Surrender waivers

Documents

brochure

American Equity AssetShield 5 Sales Brochure.pdf

Confidence: highReviewed Apr 1, 2026

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

Carrier Ratings

AM BestA
S&PA
S&PA

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

American Equity AssetShield 5 currently shows 29 distinct indexed or fixed crediting choices across 58 current rate listings, including S&P 500 Index, with 15 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: 8% cap
  • S&P 500 Index: 10.75% cap
  • S&P 500 Index: 1.8% cap

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
  • 5 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 American Equity AssetShield 5 Sales Brochure.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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