Our Professional Opinion on the Oceanview Harbourview FIA 10 Annuity
Our opinion of the Oceanview Harbourview FIA 10 is that it is a good but middle-of-the-road accumulation annuity. We like Oceanview as an insurance company, and we like that Harbourview offers straightforward strategies tied to traditional indexes such as the S&P 500, Nasdaq-100, and Russell 2000.
That is better than an annuity that places most of its growth potential into complicated engineered indexes with limited live performance histories. Harbourview gives buyers several recognizable index choices along with a fixed-interest account.
Our main problem is that Harbourview does not lock its cap or participation rates for the entire surrender period. The applicable rate is declared at the beginning of a crediting period and can be changed when the next one- or two-year crediting period begins.
The fixed-interest rate can also change annually. That means a buyer can enter the contract when rates are attractive and later receive a lower cap, participation rate, or fixed rate while the money is still subject to surrender charges.
We do not love that setup. The insurance company retains control over the buyer’s future upside potential, but the buyer remains committed to a long surrender schedule.
For someone primarily seeking safe accumulation, we prefer the Oceanview CapLock fixed indexed annuity.
The CapLock product allows the applicable cap rate to be locked for the selected guarantee period and offers strategies tied to the traditional S&P 500, Nasdaq-100, and Russell 2000. Those are transparent, recognizable indexes rather than manufactured indexes that are difficult for the average buyer to understand or track.
That is a major advantage. With CapLock, you know the maximum amount of index-linked interest that can be credited when the selected index performs positively. Oceanview cannot simply lower the locked cap at the next annual anniversary during the applicable guarantee period.
Harbourview may still be worth considering when its current rates are materially stronger, the buyer wants access to its broader strategy menu, or the available CapLock terms do not fit the desired contract length. However, the difference must be large enough to justify taking renewal-rate risk.
Harbourview is also not designed for flexible guaranteed lifetime income. It does not include a guaranteed lifetime withdrawal benefit. The contract can provide lifetime income through traditional annuitization, but annuitization is generally permanent and ends normal access to the contract value.
Our bottom line: Harbourview FIA 10 is a decent accumulation annuity from a good insurance company, but the renewal-rate risk keeps us from calling it a great product. When safe growth is the main objective, we prefer Oceanview CapLock because the cap is locked for the applicable guarantee period and the buyer can choose among the traditional S&P 500, Nasdaq-100, and Russell 2000.
What We Like
- Traditional Index Choices: Harbourview includes strategies tied to the S&P 500, Nasdaq-100, and Russell 2000.
- Strong Insurance Company: Oceanview meets our A- or better minimum financial-strength standard.
- Annual Point-to-Point Options: Buyers are not required to use only complicated multi-year crediting methods.
- Principal Protection: Negative index performance does not directly reduce the contract value.
- No Annual Product Fee: The base annuity does not charge an annual contract fee merely to own it.
- Penalty-Free Withdrawals: After the first contract year, the owner can generally access a portion of the contract value annually without normal surrender charges or an MVA.
- Health-Related Waivers: Qualifying nursing-home confinement or terminal illness can provide additional access to the contract value.
- Standard Death Benefit: Beneficiaries generally receive the remaining contract value without surrender charges or an MVA.
What We Don’t Like
- Cap Rates Are Not Locked: Oceanview can change Harbourview’s caps when the applicable crediting period renews.
- Participation Rates Can Change: The participation rate is guaranteed only for the current one- or two-year crediting period.
- Fixed Rate Resets Annually: The fixed account does not provide the same multi-year certainty as a MYGA.
- Long Surrender Period: The 10-year version requires a lengthy commitment while renewal rates remain under the insurer’s control.
- No Bailout Provision: A future reduction in caps or participation rates does not automatically allow the owner to leave without surrender charges.
- No Return-of-Premium Feature: The owner cannot assume the original deposit will be available after an early surrender.
- Market Value Adjustment: Excess withdrawals during the surrender period may be increased or reduced by the MVA.
- No Guaranteed Lifetime Withdrawal Benefit: The product is designed for accumulation rather than flexible guaranteed lifetime income.
- Better Oceanview Alternative: For predictable accumulation, we prefer Oceanview CapLock because its locked-cap strategies use traditional indexes.
What Is The Oceanview Fixed Indexed Annuity?
The Oceanview Fixed Indexed Annuity (FIA) is a fixed indexed annuity designed to provide financial protection, tax-deferred growth, and a reliable income stream. Issued by Oceanview Life and Annuity, this annuity provides principal protection and growth based on selected indices, eliminating direct market investment risks. The financial strength of Oceanview Life and Annuity, supported by Bayview Asset Management, enhances the credibility and reliability of this product. The company has been rated “A-” (Excellent) by A.M. Best, reflecting its strong financial foundation.
Key Features
- Durations: Available in 3-, 5-, 7-, and 10-year terms.
- Maximum Issue Ages: Up to age 89 + 364 days for 3 and 5-year terms; up to age 84 + 364 days for 7 and 10-year terms.
- Maturity Annuitization Age: 100 years.
- Minimum Single Premium: $20,000.
- Access to Funds: Up to 10% of the contract value can be accessed penalty-free each year after the first year.
- Wealth Transfer: At death, beneficiaries have access to full contract value without surrender charges or market value adjustments (MVAs).
- Guarantees: Guaranteed principal with selectable fixed interest rates declared annually.
- Waivers:
- Nursing Home Confinement Rider: Waives MVAs and surrender charges if the owner is confined to a nursing home.
- Terminal Illness Rider: Waives MVAs and surrender charges if the owner is diagnosed with a terminal illness.
- Crediting Strategies: Various options based on the S&P 500, Nasdaq-100, and Russell 2000 indices.
- Settlement Options: Includes Life Only, Life with 10-Year Period Certain, and Joint and Last Survivor with 10-Year Period Certain.
Types Of Retirement Accounts Accepted
- Non-Qualified
- IRA
- 401(K)
- IRA Transfer
- IRA Rollover
- SEP IRA
- IRA-Roth
- KEOGH Plan
- Profit Sharing Plan
- 1035 Exchange
- 403(B)
- TSP
- Inherited IRA
Comparing Guaranteed Income Payouts From Oceanview
Oceanview does not currently offer a GLWB rider. This means the only way to turn your contract into income is by annuitizing it—an irreversible decision that may offer lower monthly payouts than competitors offering income riders.
Many top carriers offer GLWB annuities that grow an income base at a guaranteed rate (often 5%–8% annually), which is then used to calculate a monthly lifetime withdrawal. These riders allow flexibility and the option to withdraw income without giving up control of your contract or losing your liquidity.
If your goal is to receive the highest guaranteed income each month, it’s essential to compare Oceanview’s annuitization payouts with the guaranteed income from other companies that offer GLWB riders.
Who needs this comparison:
- Retirees seeking guaranteed lifetime income
- Pre-retirees planning to defer income 5–10 years
- People using annuities to cover essential expenses
Who doesn’t:
- Savers who are only interested in principal protection
- Investors who don’t need guaranteed income streams
Use the calculator below to compare Oceanview’s monthly income payouts to those of top-rated GLWB annuities.
Who Oceanview Is Right For—and Who Should Look Elsewhere
You may benefit from Oceanview if you:
- Want a simple, no-risk place to earn fixed returns
- Are preparing for retirement and need predictable income
- Don’t need lifetime withdrawal benefits or complex rider features
You may want to look elsewhere if you:
- Prefer a long-term track record under one brand name
- Want to maximize guaranteed lifetime income
- Need flexible withdrawal options or liquidity
Final Thoughts
Oceanview Life and Annuity offers strong, simple options for retirees looking for fixed rates and principal protection—but they may not offer the highest monthly income or top fixed interest rates. With no income riders available, anyone seeking lifetime income should compare Oceanview’s payouts with GLWB annuities from other insurers.
Before you commit your money, use the calculators below to compare income payouts and interest rates side by side. Even a small difference in rates or monthly income can add up to thousands over your retirement.
Get the best deal before you buy. Contact The Annuity Expert for free quotes, side-by-side comparisons, and help choosing the best annuity for your needs.
Book A Free Consultation
Get help from a licensed financial professional. This service is free of charge.
Let Us Answer Your Questions
Not quite ready for a meeting, but you have a question that needs answering? We’re happy to help. Leave an inquiry below, and one of our staff will respond via email.
Related Reviews
- Is Brighthouse Shield® Level Annuities Any Good?
- Fidelity and Guaranty Safe Income Advantage Annuity
- Midland Income Planning Annuity
- Symetra Freedom Income Annuity
- Lincoln Financial Insured Income Annuity
- Is SILAC Multi-Year Guaranteed Annuity (MYGA) Any Good?
- Is The Americo Elite 5 Index Annuity Any Good?
- Is the Transamerica B-Share Variable Annuity Any Good?
- Allianz Benefit Control Annuity
- Is Jackson Fixed Annuities Any Good?
- Is The Accumulation Protector PlusSM Annuity Any Good?
- Is The Guardian SecureFuture Income AnnuitySM Any Good?
- Is The USAA Protected Retirement Income Annuity Any Good?