North American Income Choice 10 Fixed Index Annuity


North American’s Income Choice 10 fixed indexed annuity is a retirement savings plan designed to provide you a guaranteed lifetime income. 

The North American Income Choice 10 is a deferred, flexible-premium, fixed index annuity designed to provide you guaranteed lifetime income with growth potential from index accounts linked to the stock market.


Benefits and Features

NAC IncomeChoice can never lose value due to market fluctuations and has the potential to grow in several ways – guarantees, a way to benefit from the market’s upside, and a GLWB bonus – that gives you the best of all worlds:

  • With multiple index account options available, you’ll also have the flexibility to choose a strategy that matches your preferred style.
  • Through the no-additional-fee guaranteed lifetime withdrawal benefit (GLWB) feature, the GLWB value – the basis for your lifetime payment amount – can grow.
  • Once you decide to begin taking lifetime payments, the GLWB value is multiplied by a lifetime payment percentage to calculate your lifetime payment amount.

The resulting lifetime payment amount provides guaranteed income you can’t outlive as long as you don’t take more than that amount in any year. 

How your annuity can grow.

With NAC IncomeChoice, there are several strategies from which to choose that can help your accumulation value and GLWB value grow.

At a high level, you can pick between fixed and index accounts.

On the index side, you can choose from a variety of strategies and index options based on your preferences.

While you’re not actually investing in the market, interest credits are based on market performance.

Lock-in interest credits

One advantage of fixed index annuities is a reset feature, which applies to this annuity no matter which crediting method you choose.

With the annual reset, any interest credits are added to your index accounts on each contract anniversary.

For the Two-Year Point-to-Point option, this reset happens at the end of each two-year term.

Once credits are added, they’re locked in.

That means they can’t be taken away due to negative index performance.

Also at that point, it’s added to your accumulation value, giving you the advantage of compounding interest in subsequent years.

By resetting your starting index value at the same time, this feature can help minimize your risk when the index experiences a severe downturn.

Without it, you’d have to wait for the index value to climb up to its original level before any interest credit could be realized.

Tax deferral improves growth potential.

Your money grows on a tax-deferred basis, meaning more of it is working for you.

Growing your money tax-deferred means you don’t owe taxes until you access your money, allowing more time for growth potential.

Work with your tax advisor to find out how this might work for you.

Provide a lasting legacy.

Your beneficiaries will get the remaining accumulation value of your annuity as a death benefit – either in an immediate lump sum or in installments.

And, because annuities may avoid the costs and delays of probate, they may not have to wait.

Please consult with and rely on your own legal or tax advisor.

North American Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.

Take advantage of flexible payout options.

Whether you need to start drawing income soon after purchasing your annuity or you’d prefer to wait and build your lifetime income potential, there’s an option for you. 

Lifetime payment amounts

After the first contract anniversary that is on or after your 50th birthday, when you’re ready to start lifetime income, you can choose monthly, quarterly, semi-annual or annual payments and have them start lower and automatically increase each year or remain level.

Payments can be started and stopped at any time.

Any excess withdrawals that you may choose to take from your annuity’s accumulation value will reduce your future lifetime payments by a proportional amount.

Thereafter, on each contract anniversary, your lifetime payment amount may increase based on the lifetime payment percentage that applies to the annuitant’s current age, lifetime payment amount option elected, and current GLWB value.

This may positively impact future lifetime payment amounts.

Future payments will not decrease so long as you don’t withdraw more than the available lifetime payment amount in any contract year.

Lifetime payment amount options

Your lifetime payment percentage is determined by the attained age of the annuitant and the lifetime payment amount option elected. For joint annuitants, your lifetime payment percent is based on the attained age of the youngest annuitant.

Level lifetime payments

This option provides a level payment amount for either the rest of your lifetime or the joint lifetime of you and your spouse.

Increasing lifetime payments

This option starts at a lower initial payment amount than the level payment option but has the possibility of increasing each year, based on an average of the interest credited to your fixed and index accounts.

Again, this option can apply for either the rest of your life or use the joint lifetime of you and your spouse.


Minimum Premium

Maximum Premium

Enhanced Benefits


Contract Length

Company Rating (A.M. Best)

Maximum Issue Age

Accepted Funds

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Insurance Company

Premium Type

Annuitization Required

Annual Penalty-Free Withdrawals

Death Benefit


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Annual Fees

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Cancellation Policy

Liquidity Options


Non-Qualified Annuity

Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you’ve earned will be taxed as ordinary income as you withdraw money.

Qualified Annuity

Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary income as you withdraw money.

Roth IRA Annuity

Withdrawals from Roth IRA annuities are tax-free as long as the IRS requirements are met.


If you withdraw money from your annuity before you turn age 59.5, you will receive a penalty of 10% plus ordinary income taxes from the IRS.


For more information:  How Are Annuities Taxed?


North American Income Choice 10 Fixed Indexed Annuity

Disclaimer*Brochures may vary by state.  For the most accurate information, please request info in the Request Quote form.

About North American

North American Company: Life & Annuities

Sammons Retirement Solutions
525 West Van Buren
Chicago, Illinois 60607
Policyholders: (800) 800-3656
Agents: (866) 322-7066


Financial Strength

  • A.M. Best: “A+” (Superior)
  • S&P: A+
  • Fitch: A+


Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

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