Our Professional Opinion on the SecurePlus Annuity Series
The SecurePlus series has some useful features, but the name covers very different annuities. We would not judge them all by the same bonus or income illustration. Paramount 5 and Flexura 5 offer immediate interest credits. Forte 5, Fortitude 10, and Fidelis 8 use a delayed bonus accumulation value. Reliance and Flexura Plus focus on a withdrawal-charge waiver for certain employment-related events. Gold is a simpler accumulation option.
Life Insurance Company of the Southwest is a great annuity company. Its A+ (Superior) AM Best rating exceeds our A- minimum. That strong rating is reassuring, but it does not make every SecurePlus contract a great deal.
Our biggest complaint is the long commitment. Most of these products use a 10-year surrender period, while Forte 5 has a 12-year schedule. We would want a meaningful benefit before tying up retirement savings for that long. An attractive bonus alone does not justify weaker crediting terms, rider costs, or money that cannot be accessed when needed.
The optional or required income riders on some versions can be worth reviewing, particularly when the contract guarantees benefit-base growth. We generally prefer a contractual roll-up for deferred income over a strategy that depends on projected index performance. The deciding number is the actual guaranteed lifetime payment for the owner’s age, premium, start date, and single- or joint-life choice.
Our verdict: Reliance and Flexura Plus have a useful niche when their employment-related waiver fits the owner. Paramount 5 and Flexura 5 deserve a close look when an immediate bonus solves a specific problem. We are less enthusiastic about waiting until years 11 through 15 for a bonus to become part of the account value. For an existing policy, review the current benefits and surrender value before replacing it.
What We Like
- A+ insurer: Life Insurance Company of the Southwest exceeds our minimum financial-strength standard.
- Flexible premium choices: Several contracts were designed for ongoing contributions, making them relevant to eligible workplace retirement plans.
- Traditional index options: Certain SecurePlus Gold and Paramount 5 contracts offer S&P 500 crediting rather than relying entirely on engineered indexes.
- Immediate interest credits: Paramount 5 and Flexura 5 apply a stated credit to qualifying premiums during their specified periods.
- Employment-related waiver: Reliance and Flexura Plus can waive withdrawal charges when their detailed eligibility conditions are met.
- Lifetime income choices: Some versions include or offer a rider that can provide lifetime withdrawals without annuitizing.
- Health-related waivers: Certain contracts include nursing care or terminal illness provisions, subject to the issued rider.
What We Don’t Like
- 10- and 12-year surrender periods: These are long commitments, especially if retirement plans or employers change.
- Delayed bonus vesting: Forte 5, Fortitude 10, and Fidelis 8 do not put their entire bonus accumulation value into the ordinary account upfront.
- Rider charges: Guaranteed lifetime income may cost extra, and Flexura 5 requires an income rider on the described version.
- Renewal-rate risk: On the described Gold and Paramount 5 strategies, caps and participation rates can change, so the first year’s terms should not be assumed for the entire contract.
- Waivers have rules: Reliance’s employment-related protection is not unrestricted access at retirement.
Product Overview
SecurePlus includes fixed indexed annuities issued by Life Insurance Company of the Southwest, a National Life Group company. The versions below differ in contribution structure, bonuses, surrender terms, and rider requirements. The terms of the individual policy control, including any state variation.
Key Features by SecurePlus Product
| Product | Main feature | Surrender period |
|---|---|---|
| Paramount 5 | 5% immediate interest credit on eligible premiums; income rider available | 10 years |
| Gold | Accumulation with an optional income rider | 10 years |
| Reliance | Employment-related withdrawal-charge waiver when conditions are met | 10 years |
| Flexura 5 | 5% immediate interest credit on eligible premiums; required income rider | 10 years |
| Flexura Plus | Employment-related withdrawal-charge waiver; optional income rider | 10 years |
| Forte 5 | 5% bonus accumulation value transferred to the account in years 11–15 | 12 years |
| Fortitude 10 / Fidelis 8 | 10% / 8% bonus accumulation value transferred in years 11–15 | 10 years |
The product names are easy to confuse. A “5” can describe an immediate credit on one contract and a delayed bonus accumulation value on another. Those benefits do not work the same way. Compare the different annuity values, because the displayed account value, surrender value, and income base can produce very different results.
Paramount 5 and Flexura 5: Immediate Interest Credits
Paramount 5 and Flexura 5 offer a 5% immediate interest credit on qualifying flexible premiums paid during the first seven policy years. The described contracts limit qualifying lump-sum premiums to the first five years. The credit is added to the premium account; it is not merely a number used to calculate a future income payment.
For example, a qualifying $10,000 premium receiving a 5% credit would add $500 to the premium account before subsequent interest, withdrawals, or charges. That can give the contract a head start. It does not establish that the owner can immediately surrender the full amount without a charge, or that the bonus contract will outperform a no-bonus annuity over ten years.
We like an immediate credit better than a bonus that must wait 15 years to vest, but the comparison cannot stop at the bonus. Compare the available caps, participation rates, rider charges, withdrawal rules, and actual surrender value with an annuity without a bonus. A premium bonus is most useful when the full contract improves the outcome, such as a properly evaluated replacement where it helps offset an existing charge.
Flexura 5’s described design requires an income rider at additional cost. Paramount 5’s rider requirements have varied by policy version; an older version required the rider for certain single-sum applications. Check the issued rider rather than assuming either contract is always a no-fee accumulation product.
Forte 5, Fortitude 10, and Fidelis 8: Bonuses That Vest Later
These products use a bonus accumulation value, not the same upfront interest credit described above. Forte 5 provides a 5% bonus accumulation value. Fortitude 10 and Fidelis 8 provide 10% and 8%, respectively. Under the described design, the bonus amount is calculated separately during years one through ten, then portions are transferred to the accumulation value in policy years 11 through 15.
Waiting that long for the full bonus is a real drawback. A person issued the policy at age 65 would be around 80 when the full scheduled transfer is complete. Forte 5 also has a 12-year surrender period and was designed for the 403(b) and 457(b) markets. The owner must be comfortable with both the surrender schedule and the bonus’s separate vesting rules.
The bonus accumulation value can also affect the death benefit. Under the described design, death benefit calculations can include the accumulation value plus the bonus accumulation value, subject to the policy’s terms. Fortitude 10 and Fidelis 8 also describe an enhanced death-benefit option connected to the income rider when lifetime income has not been activated. Do not assume the income calculation base is an unrestricted cash benefit or that every bonus product has the same death treatment.
Our opinion is straightforward: compare what you can actually withdraw and what your beneficiaries would receive at each date. A large bonus displayed on an illustration is not the same as money fully available in year one. We would compare a simpler accumulation FIA or MYGA before accepting a delayed bonus structure.
Reliance and Flexura Plus: Employment-Related Withdrawal Waivers
Reliance and Flexura Plus can waive withdrawal charges for certain employment-related events. The described benefit generally requires the annuitant to be at least 55, the policy to have been in force for five policy years, no outstanding loans, and an eligible event such as separation from service, disability, or a qualifying reservist’s call to active duty.
This is a useful feature for the right employee, but it is not a general return-of-premium guarantee. Leaving a job before meeting the age or policy-year requirement does not automatically satisfy the waiver. Confirm the event definition, plan rules, and issued rider before relying on it. A waiver of withdrawal charges also should not automatically be assumed to waive every other adjustment.
Index Options, Caps, and Renewal Rates
SecurePlus Gold has offered annual S&P 500 point-to-point, S&P 500 daily-average, and declared-rate approaches. Paramount 5 has also offered S&P 500 and Russell 2000 strategies. The exact menu and rate terms depend on the issued contract. Owners do not buy index shares or receive stock dividends through these crediting methods.
On an annual point-to-point strategy, interest depends on the index change over the contract’s measurement period, subject to the applicable cap, participation rate, and policy floor. A daily-average strategy uses an average of index values during the term; it may credit less after a late market rally, although the result depends on the path of the index.
We prefer the plain S&P 500 annual point-to-point option as a starting point when its terms are competitive. The concern is renewal: the described Gold and Paramount 5 caps and participation rates can reset annually. A favorable illustration based on unchanged initial terms does not guarantee the same terms for the entire surrender period. Compare contracts with locked S&P 500 caps when accumulation is the primary goal.
Lifetime Income Riders
Some SecurePlus contracts offer a guaranteed lifetime income rider; Flexura 5’s described rider is required. Depending on the rider, a separate income calculation base can grow under a contractual formula and determine future lifetime withdrawals. That calculation base is not the same as the account value you can surrender or leave to beneficiaries.
An income-base bonus or roll-up can increase the number used to calculate payments without adding the same amount of cash to your account. That is the important difference between an income bonus and a premium bonus. Rider charges can reduce actual accumulation value. Ask whether the rider’s rate is fixed for the full roll-up period or subject to renewal, what happens to the income after permitted withdrawals exhaust the account, and what an excess withdrawal does to the guarantee.
Do not pay for a rider unless the income it guarantees solves your problem. For two spouses, compare the actual joint-life payment and continuation terms. A rider with an impressive benefit base can still lose to a competitor offering a higher guaranteed payment for the same premium and income start date.
Liquidity, Surrender Charges, and Waivers
The SecurePlus contracts described generally allow up to 10% of accumulation value without a normal withdrawal charge after the first policy year, subject to the contract and applicable rules. That is an access limit, not a promise of 10% interest. Withdrawing more can trigger surrender charges; the policy may also apply a market value adjustment where included.
Most versions in this review have ten-year declining schedules, while Forte 5 has a 12-year schedule. Exact percentages and state variations should be checked in the policy. Some 403(b) or 457(b) contracts can permit loans if the employer’s plan allows them. A loan is not the same as a free withdrawal and can interfere with the Reliance or Flexura Plus waiver because those provisions require no outstanding loan.
Nursing care and terminal illness waivers vary by version. These health waivers can make existing policy value easier to access, but they do not create a separate pool of care benefits. Someone who needs coverage for extended care should compare long-term care insurance separately.
Death Benefits and Spousal Continuation
The death benefit depends on the specific SecurePlus policy, rider, and whether lifetime income or annuity payments have begun. The described bonus accumulation value can affect the amount payable on some contracts, while a lifetime-income calculation base does not automatically become a lump-sum inheritance. Prior withdrawals and any benefit elections can change what remains.
An eligible surviving spouse may be able to continue the contract if its terms permit. Spousal continuation and any joint-income rider continuation are separate questions: confirm the owner’s and beneficiary’s eligibility and the actual rider terms. If leaving a particular sum is the priority, compare the contract’s death benefit with appropriately priced life insurance.
Who Should Consider a SecurePlus Contract?
Best for:
- An existing owner who wants to understand the policy’s bonus, income rider, waiver, and current surrender value.
- An employee whose Reliance or Flexura Plus policy meets the employment-related waiver conditions.
- A long-term saver or income buyer whose specific contractual benefits remain competitive after charges and restrictions.
Not recommended for:
- Anyone who may need substantial access during a 10- or 12-year surrender period.
- Someone choosing Forte 5, Fortitude 10, or Fidelis 8 while expecting the entire bonus to be immediately available.
- An income buyer paying a rider fee without comparing the actual guaranteed lifetime payment.
Final Verdict
SecurePlus is a mixed bag from a great insurance company. The immediate credits and employment-related waivers can be useful, but a 10- or 12-year surrender period and delayed bonus vesting are serious tradeoffs. We would review the actual policy’s available value, current crediting terms, rider charges, and lifetime-income guarantee before deciding whether to keep it or compare alternatives.
Contact The Annuity Expert for a free policy review and free quotes. We can compare your SecurePlus benefits with suitable accumulation and lifetime-income annuities before you make a decision.
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