Our Clear Spring ClearFlex Annuity Review (Overall)
ClearFlex is a flexible-premium fixed indexed annuity from Clear Spring Life and Annuity Company. It is designed to help you add money over time and earn index-linked interest without exposing your account to losses from a falling index.
Our opinion: ClearFlex is just OK, and it would not be our first choice for growing retirement savings. We like that you can make additional deposits and access a portion of the money in the first year. But locking your money into a 10-year surrender schedule while the company can change future caps and participation rates is not a trade we love. We would compare it with a competitive annuity that locks its cap for multiple years.
- Issuer: Clear Spring Life and Annuity Company
- Type: Flexible-premium fixed indexed annuity
- Primary purpose: Accumulation through indexed and fixed interest options
- Surrender period: 10 years, subject to state variations
- Free withdrawals: Up to 10% of the initial premium in year one; generally up to 10% of the account value measured at the prior anniversary in later years
- Additional deposits: Available under the contract rules
Clear Spring ClearFlex Annuity Alternatives
We would compare ClearFlex with the best annuities before committing your money. Fill out the form below or call us at (770) 755-1565 for a free comparison.
Our Professional Opinion on the ClearFlex Annuity
ClearFlex does a couple of things well. You can add money over time instead of coming up with one large deposit, and you do not have to wait a full year to access a portion of your money without a surrender charge. That is useful flexibility.
But here is what we do not like: you are accepting a 10-year commitment without locking in the cap or participation rate for the entire period. Clear Spring can change the terms for a future crediting period within the contract guarantees. You could like the offer when you buy it, only to see the growth opportunity become less attractive while your money is still tied up. That stinks.
For pure accumulation, we would generally look first at an annuity that locks a competitive cap for several years. We would also compare a fixed-rate MYGA if knowing exactly what you will earn matters more than the possibility of indexed interest.
If you need a predictable paycheck for life, we would not buy ClearFlex just to withdraw interest and hope the account lasts. We would compare the actual guaranteed payments available from annuities with a lifetime withdrawal rider.
Clear Spring Life and Annuity Company is an OK annuity company with an A− (Excellent) AM Best rating. That meets our minimum for a long-term annuity, but we have concerns. In July 2026, AM Best affirmed the A− rating but changed its outlook from positive to negative. The change followed a reclassification of a significant portion of the group’s private-credit investments as affiliated assets, which reduced its risk-adjusted capital. AM Best also cited financial-reporting control concerns. The rating itself was not downgraded, but the negative outlook gives us pause when stronger-rated companies are available.
What We Like
- Add money over time: Flexible premiums are useful if you are building savings gradually.
- First-year access: You can generally take a limited free withdrawal in the first contract year.
- Protection from negative index credits: A falling index does not itself produce a negative interest credit.
- A familiar S&P 500 option: We would rather start with an index people recognize than choose a complicated index because the participation rate looks impressive.
- Health waivers: Qualifying nursing home confinement or terminal illness may allow broader access, subject to the contract rules.
What We Don’t Like
- Ten years is a long commitment: A high early surrender charge can hurt if plans change.
- Renewal rates can change: The company can reset caps and participation rates for later terms, within contractual limits.
- Additional deposits do not all work the same way: First-year deposits after the initial premium go to the fixed strategy until the contract anniversary.
- Complicated indexes: Some choices use volatility controls and rules that make them harder to understand than the S&P 500.
- Not our first pick for lifetime income: We would compare guaranteed lifetime withdrawals rather than rely on interest withdrawals from a growth-focused contract.
How ClearFlex Grows Your Money
You can choose among available indexed strategies and a fixed account. With a one-year point-to-point strategy, the index value is measured at the beginning and end of the term. The interest credited depends on the index result and the applicable cap or participation rate. You do not invest directly in the index or receive its dividends.
Here is an example. If an index rises 10% and your hypothetical cap is 7%, your credited interest is limited to 7%. If the index falls over the term, the index credit is generally zero. These are examples, not a current offer or a promise of future interest.
ClearFlex offers an S&P 500 option alongside other indexes that use additional rules or volatility controls. A huge participation rate on one of those other indexes does not mean you receive that percentage of the S&P 500’s return. We prefer understanding the index first, then comparing the terms.
For accumulation, compare Oceanview CapLock and Sagicor Sage Accumulator. We like their available multiyear cap locks because you know the cap will not be cut during the locked period. A locked cap does not guarantee that an index will earn interest.
Adding Money to ClearFlex
ClearFlex is flexible premium, so you can make additional deposits under the contract rules. That can be a nice feature if you want to save over time rather than fund the annuity all at once.
One detail matters: additional premiums received during the first contract year are placed in the one-year fixed strategy and may be reallocated at the end of that year. Do not assume every new deposit immediately starts earning interest in your selected index strategy. Deposit minimums and availability apply.
Withdrawals and Surrender Charges
In the first contract year, ClearFlex generally allows a free withdrawal of up to 10% of your initial premium. After that, the allowance is generally up to 10% of the account value calculated at the previous contract anniversary. Surrender charges and the market value adjustment are waived on the eligible free amount.
Taking more than the free allowance during the surrender period can trigger a surrender charge. The standard schedule begins at 10% and declines each year until it reaches zero after year 10. State and contract variations can apply. If you may need most of this money soon, this is a lousy place to put it.
| Contract year | Surrender charge |
|---|---|
| 1 | 10% |
| 2 | 9% |
| 3 | 8% |
| 4 | 7% |
| 5 | 6% |
| 6 | 5% |
| 7 | 4% |
| 8 | 3% |
| 9 | 2% |
| 10 | 1% |
| 11 and later | 0% |
Market Value Adjustment
An applicable market value adjustment (MVA) can increase or decrease what you receive on an amount subject to a surrender charge. Rising interest rates can generally reduce the payout; falling rates can increase it. The free withdrawal amount is not subject to the MVA, and the MVA is waived at death under the contract terms.
Nursing Home and Terminal Illness Waivers
ClearFlex offers provisions that may allow access to the full account without a surrender charge or MVA after a qualifying nursing home confinement or terminal illness. Waiting periods, eligibility requirements and state availability apply; the nursing home provision has an issue-age restriction. These health waivers can be helpful, but they give you access to your own money. They do not provide a separate pool of long-term care insurance benefits.
What Happens When You Die?
ClearFlex provides a death benefit generally equal to the greater of the account value or surrender value, subject to the contract terms. The market value adjustment is waived at death. Withdrawals reduce the money remaining for your beneficiaries.
If your spouse is your beneficiary, ask whether spousal continuation is available and how continuing the contract would affect the account and withdrawal provisions.
Can ClearFlex Provide Lifetime Income?
ClearFlex offers annuitization options, including lifetime payments. Annuitization converts your annuity into a payment stream, with access to the converted money and payments to beneficiaries depending on the option you select. It is a major decision.
If you want lifetime income while retaining an account value, compare a fixed indexed annuity with a guaranteed lifetime withdrawal benefit. Ask us for a free income heat map based on your age, state, deposit, and when you want income to begin. We would compare the actual guaranteed dollars, not just the rider’s advertised growth rate.
ClearFlex Pros and Cons Compared With Other Annuities
- Compared with a MYGA: A MYGA guarantees a stated interest rate for its term. ClearFlex offers index-linked potential and flexible deposits, but the interest it will credit is uncertain.
- Compared with other fixed indexed annuities: We like the first-year access and flexible premiums. We prefer a competitive multiyear cap lock when growth is the main goal, and we would compare those options before choosing ClearFlex.
- Compared with a RILA: A registered index-linked annuity can expose your account to market losses beyond its buffer or floor. ClearFlex does not credit negative interest just because its index falls, though early-exit charges can reduce what you receive.
- Compared with a variable annuity: A variable annuity gives you investment choices that can rise or fall with the market. ClearFlex limits index-linked interest in exchange for protection against negative index credits.
Who Might Consider ClearFlex?
Someone who wants to add money over time, values access to a portion in the first year, and can comfortably leave the rest in place for the surrender period might consider it. Even then, we would compare the actual growth terms and company strength with other annuities first.
Who Should Look Elsewhere?
If you want the certainty of a fixed interest rate, a competitive cap locked for several years, or guaranteed lifetime withdrawals, we would start elsewhere. The same goes for money you may need in a hurry: the first-year allowance is useful, but it does not make the entire account liquid.
What We Recommend
ClearFlex has useful flexibility, but we would not choose a 10-year annuity based on an attractive rate that can change at renewal. Compare cap-lock annuities for growth, MYGAs for a guaranteed interest rate, and lifetime income riders if you need a paycheck you cannot outlive.
Contact The Annuity Expert for a free, no-obligation comparison. We will help you compare the options based on what you need your money to do. Call (770) 755-1565 or use the form below.
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