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Fixed Indexed Annuity

Ultra Advantage

Mutual of Omaha

8.5%

Best Cap

10%

Free W/D

51

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

8.5% cap on S&P 500

A short-surrender (four-year) accumulation-focused fixed indexed annuity from A+ rated Mutual of Omaha, built around an S&P 500 annual point-to-point cap with fixed-trigger and participation alternatives on the same index plus a proprietary volatility-controlled participation strategy, with no lifetime-income rider in the design.

1-year termAdvisorWorld + CANNEX data

Best fit

Buyers who want tax-deferred index-linked accumulation from an A+ mutual carrier, value a short four-year surrender commitment, want the flexibility to choose between cap, trigger, and participation mechanics on the same S&P 500 exposure, and do not need a guaranteed lifetime-income rider built into the contract.

AM Best

A+ Superior

Surrender period

4 years

Free withdrawal

10%/yr

Availability

51 jurisdictions (excl. California, New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

8.5% cap rate

S&P 500

S&P 500 Index

100% participation rate + 6.5% declared rate

S&P 500

S&P 500 Index

50% participation rate

Fixed Account

Fixed Account

3.65% declared rate

+ 1 volatility-controlled index option (BofA U.S.)

Product analyst notes

How to think about this contract

Why it can stand out

  • A+ AM Best (Superior) and AA- S&P (Very Strong) carrier financial-strength ratings, so the carrier-credit view is corroborated by more than a single agency.
  • Short four-year surrender schedule is unusually liquid for an FIA, so a buyer who wants index-linked accumulation but is not ready to commit to a seven-to-ten-year deferral has a real choice here instead of being forced into a long-surrender chassis.
  • Three crediting designs are offered on the S&P 500 alone — annual point-to-point cap, fixed-rate trigger, and participation rate — so a buyer can pick the mechanic that best matches their view of the index rather than being locked into a single style.
  • Standard accumulation-liquidity package is all present — an annual free-withdrawal allowance plus a deep set of waivers (disability, nursing home, terminal illness, unemployment) — and the underlying carrier is the Mutual of Omaha mutual rather than a stock-held issuer.

What to confirm

  • There is no lifetime-income rider on this contract — the live feed shows an empty income-rider list, and there is no built-in Protected Income Value mechanism. Do not pitch Ultra Advantage as a guaranteed lifetime payout product; it is an accumulation chassis.
  • Strategy-guarantee floors on this filing are very low — the guaranteed minimum cap on the indexed strategies sits at or near zero — so caps and participation rates can renew downward over the surrender term, and the buyer carries that renewal risk for the full length of the contract.
  • The BofA U.S. Agility participation strategy posts a high headline participation rate, but it sits on a proprietary volatility-controlled index, not on an uncontrolled benchmark. That participation rate is not directly comparable to an S&P 500 cap and should be evaluated on its own index methodology and historical behavior.
  • Filed in 49 US jurisdictions (48 states plus the District of Columbia) — California and New York residents cannot buy this filing. The product is also filed in Guam and Puerto Rico, which is why the page header may show a higher state count than the 49-jurisdiction US footprint.

Not ideal for

Buyers who need a contractually guaranteed lifetime withdrawal rate (no rider here), a premium bonus or a death-benefit roll-up, an extended surrender commitment with higher caps in exchange, or residency in California or New York where this filing is not available.

All crediting strategies

View rate listings (10 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: 165% · 1-yr

BofA U.S. Agility Index

participation

4-yr surrender

Par: 100% + Fixed: 6.5% · 1-yr

S&P 500 Index

trigger

4-yr surrender

Par: 50% · 1-yr

S&P 500 Index

participation

4-yr surrender

Cap: 8.5% · 1-yr

S&P 500 Index

cap

4-yr surrender

Fixed: 3.65% · 1-yr

Fixed Account

fixed

4-yr surrender

Par: 165% · 1-yr

BofA U.S. Agility Index

Par: 100% + Fixed: 6.5% · 1-yr

S&P 500 Index

Par: 50% · 1-yr

S&P 500 Index

Cap: 8.5% · 1-yr

S&P 500 Index

Fixed: 3.65% · 1-yr

Fixed Account

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

7

Disability waiver, Damage to residence, Death of a spouse or minor dependant, Nursing home waiver, Terminal illness waiver, Transplant surgery, Unemployment waiver

Death benefit

Standard Death Benefit

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

Strategy guarantee

Minimum guaranteed cap: 0.00%

Strategy guarantee

Minimum guaranteed declared rate: 1.00%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 0.05%

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%

Yr 2

9%

Yr 3

8%

Yr 4

7%

After

0%

Disability waiver, Nursing home waiver, Terminal illness waiver, Unemployment waiver, Surrender waivers

Documents

brochure

6863e18ea9584c1b9a9bf9be.pdf

Confidence: highReviewed Apr 5, 2026

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

Carrier Ratings

AM BestA+
S&PA1
S&PAA-

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Ultra Advantage currently shows 5 distinct indexed or fixed crediting choices across 10 current rate listings, including S&P 500 Index and Fixed Account, with 1 volatility-controlled index option 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: 8.5% cap
  • S&P 500 Index: 100% participation
  • S&P 500 Index: 50% participation

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
  • 4 surrender years
  • Disability waiver
  • Nursing home waiver
  • Terminal illness waiver

Verification note

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

Carrier materials such as 6863e18ea9584c1b9a9bf9be.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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