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Fixed Indexed Annuity

American Equity IncomeShield 9

American Equity Investment Life Insurance Company

3.25%

Best Cap

10%

Free W/D

California

Only state

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 28, 2026, based on the latest AdvisorWorld scan of CANNEX data.

Lifetime withdrawal rate (GLWB rider)

8.65% lifetime payout

A nine-year-surrender income-led fixed indexed annuity from an A-rated carrier whose central feature is an optional Lifetime Income Benefit Rider (multiple variants, joint-life eligible) paired with a premium bonus on the income base, backed by a crediting menu of S&P 500, Nasdaq-100, Dow Jones, and proprietary volatility-controlled strategies across one-year and two-year terms.

1.1% annual rider feeAdvisorWorld + CANNEX data

Best fit

Buyers planning for retirement income who want a rider-led FIA with a choice between a higher-payout deferred Lifetime Income Benefit Rider and immediate-income or Wellbeing-enhanced variants, a premium bonus on the income base, and a nine-year deferral horizon — one year shorter than the ten-year IncomeShield 10 sibling but two years longer than the seven-year IncomeShield 7 sibling.

AM Best

A Excellent

Surrender period

9 years

Free withdrawal

10%/yr

Availability

California only

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

3.25% cap rate

S&P 500

S&P 500 Index

1.3% cap rate

S&P 500

S&P 500 Index

20% participation rate

S&P 500

S&P 500 Index

7% cap rate

S&P 500

S&P 500 Index

30% participation rate

Nasdaq-100

Nasdaq-100 Index

3.5% cap rate

Nasdaq-100

Nasdaq-100 Index

100% participation rate + 3.25% declared rate

Dow Jones

Dow Jones Industrial Average

3.25% cap rate

Dow Jones

Dow Jones Industrial Average

100% participation rate + 3% declared rate

Fixed Account

Fixed Account

2% declared rate

+ 6 volatility-controlled index options (S&P 500, BlackRock, Nasdaq Premier...)

Lifetime Income Riders

Income rider

Income Benefit Rider Option 2

Lifetime payout rate8.65% lifetime payout
Annual rider fee1.1% annual rider fee

Income rider

Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime payout rate7.85% lifetime payout
Annual rider fee1.2% annual rider fee

Income rider

Income Benefit Rider Option 1

Lifetime payout rate7.5% lifetime payout
Annual rider fee1.1% annual rider fee

Income rider

Income Benefit Rider with Wellbeing Benefit Option 4

Lifetime payout rate4% lifetime payout
Annual rider fee1.1% annual rider fee

Product analyst notes

How to think about this contract

Why it can stand out

  • Lifetime income is delivered through a real, optional GLWB rider (the Lifetime Income Benefit Rider) with multiple elections — Options 1, 2, and Wellbeing variants — so a buyer can choose between a higher payout rate after deferral and a lower-payout/immediate-income variant, each with its own published rider fee, and the lifetime withdrawal rate is contractually attached to the rider rather than embedded in a built-in chassis.
  • Contract includes a premium bonus credited up front to the income base used by the GLWB rider, which directly boosts the dollar amount of lifetime income a buyer can take once the rider is turned on — a feature commission-paid retail income FIAs use to make a longer deferral pay off.
  • Crediting menu spans recognizable benchmarks (S&P 500, Nasdaq-100, Dow Jones Industrial Average) and proprietary volatility-controlled indexes, across one-year and two-year terms, in both cap and participation-rate designs and a trigger (declared-rate) design — so the account value backing the rider has multiple shapes of equity exposure to choose from.
  • Surrender ladder runs nine years rather than the ten-year ladder common on income-led FIAs, with the schedule published on the page rather than gated behind a brochure.

What to confirm

  • The income story is a rider, not a base-contract guarantee — the lifetime withdrawal rate, the deferral schedule, and the rider fee are contractual terms of the rider, and the rider fee is deducted annually from the account value for as long as the rider is attached. Compare each rider variant's fee against its payout, not the headline rate alone.
  • The contract is filed in a very limited set of jurisdictions in the live feed — confirm availability for the buyer's state of residence with the carrier before assuming this contract can be issued, and check whether American Equity offers a sibling IncomeShield in the buyer's state instead.
  • Several crediting strategies use proprietary volatility-controlled indexes (S&P 500 Dividend Aristocrats Daily Risk Control 5% ER, BlackRock Adaptive US Equity 5% Index). Their participation rates look high in absolute terms but are not directly comparable to a plain S&P 500 cap — each strategy needs to be read on its own historical and forward behavior.
  • American Equity also files IncomeShield 7 (shorter surrender) and IncomeShield 10 / IncomeShield Bonus 10 (longer surrender, larger bonus) on the same income chassis — confirm with the carrier which IncomeShield variant the illustration is built against, because the surrender schedule, premium bonus size, and rider menu can vary across the family.

Not ideal for

Buyers who need a no-rider PIV-style built-in income mechanism, want the longer ten-year deferral and larger bonus of IncomeShield Bonus 10, need a plain MYGA-style declared rate without a crediting menu, or live outside the limited set of states this contract is filed in — none of those are what this contract is built to deliver.

All crediting strategies

View rate listings (32 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: 100% + Fixed: 3% · 1-yr

Dow Jones Industrial Average

trigger

9-yr surrender

Par: 100% + Fixed: 3.25% · 1-yr

Nasdaq-100 Index

trigger

9-yr surrender

Par: 100% + Fixed: 4% · 1-yr

Nasdaq Premier Index

trigger

9-yr surrender

Par: 95% · 1-yr

BlackRock Adaptive US Equity 5% Index

participation

9-yr surrender

Par: 85% · 1-yr

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

participation

9-yr surrender

Par: 20% · 1-yr

S&P 500 Index

participation

9-yr surrender

Cap: 7.5% · 1-yr

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

cap

9-yr surrender

Cap: 3.5% · 1-yr

Nasdaq-100 Index

cap

9-yr surrender

Cap: 3.25% · 1-yr

S&P 500 Index

cap

9-yr surrender

Cap: 3.25% · 1-yr

Dow Jones Industrial Average

cap

9-yr surrender

Fixed: 2% · 1-yr

Fixed Account

fixed

9-yr surrender

Cap: 1.3% · 1-yr

S&P 500 Index

Monthly Point to Point · monthly_sum_cap

9-yr surrender

Par: 145% · 2-yr

BlackRock Adaptive US Equity 5% Index

participation

9-yr surrender

Par: 125% · 2-yr

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

participation

9-yr surrender

Par: 30% · 2-yr

S&P 500 Index

participation

9-yr surrender

Cap: 7% · 2-yr

S&P 500 Index

cap

9-yr surrender

Par: 100% + Fixed: 3% · 1-yr

Dow Jones Industrial Average

Par: 100% + Fixed: 3.25% · 1-yr

Nasdaq-100 Index

Par: 100% + Fixed: 4% · 1-yr

Nasdaq Premier Index

Par: 95% · 1-yr

BlackRock Adaptive US Equity 5% Index

Par: 85% · 1-yr

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

Par: 20% · 1-yr

S&P 500 Index

Cap: 7.5% · 1-yr

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

Cap: 3.5% · 1-yr

Nasdaq-100 Index

Cap: 3.25% · 1-yr

S&P 500 Index

Cap: 3.25% · 1-yr

Dow Jones Industrial Average

Fixed: 2% · 1-yr

Fixed Account

Cap: 1.3% · 1-yr

S&P 500 Index

Monthly Point to Point

Par: 145% · 2-yr

BlackRock Adaptive US Equity 5% Index

Par: 125% · 2-yr

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

Par: 30% · 2-yr

S&P 500 Index

Cap: 7% · 2-yr

S&P 500 Index

Income riders

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate8.65%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate8.65%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate7.85%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate7.85%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate7.5%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate7.5%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate7%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate7%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate6.75%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate6.75%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate5.95%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate5.95%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate5.65%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate5.65%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate5.2%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate5.2%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate5.15%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 1

Lifetime withdrawal rate5.15%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate4.7%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate4.7%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed10 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate4.05%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider Option 2

Lifetime withdrawal rate4.05%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 4

Lifetime withdrawal rate4%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 4

Lifetime withdrawal rate4%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate3.55%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 3

Lifetime withdrawal rate3.55%
Annual rider fee1.2%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 4

Lifetime withdrawal rate3.5%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age40 — 80
Joint availabilityJoint life

GLWB

Income rider

Lifetime Income Benefit Rider with Wellbeing Benefit Option 4

Lifetime withdrawal rate3.5%
Annual rider fee1.1%
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120
Joint availabilityJoint life

GLWB

Key Features

Free withdrawal

10%/yr

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

Premium bonus

14%

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.

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

7.35%

Yr 2

7.35%

Yr 3

7.25%

Yr 4

6.2%

Yr 5

5.1%

Yr 6

3.95%

Yr 7

2.75%

Yr 8

1.55%

Yr 9

0.8%

After

0%

Documents

product guide

American Equity IncomeShield 9 Sales Brochures - CA.pdf

Confidence: highReviewed Apr 2, 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 IncomeShield 9 currently shows 16 distinct indexed or fixed crediting choices across 32 current rate listings, including S&P 500 Index and S&P 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return, with 3 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: 3.25% cap
  • S&P 500 Dividend Aristocrats Daily Risk Control 5% Index (USD) Excess Return: 7.5% cap
  • S&P 500 Index: 1.3% cap

Income rider language

What to look for before treating the rider as income

Lifetime Income Benefit Rider Option 2 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.

  • 8.65% withdrawal rate
  • 1.1% rider fee
  • 10 deferral years
  • Joint life availability

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
  • 9 surrender years

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as American Equity IncomeShield 9 Sales Brochures - CA.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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