What will you learn in this annuity review?

In this annuity review, we will be discussing the following information in-depth with regard to the Great American Index Protector 7 annuity:

  • Type of annuityGreat American Life AssurancePlus 7
  • Benefits and features
  • Fees and other potential drawbacks
  • Where the annuity may work best
  • Where this annuity may not fare so well

Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.

If you have been thinking about purchasing a fixed indexed annuity because of the index-linked (and tax-deferred) growth you can obtain without any worry about market-related losses, then the new Great American Index Protector 7 fixed index annuity could be a good option for you.

That’s because fixed index annuities can offer you the opportunity for both accumulation and principal protection, along with an ongoing, guaranteed lifetime income that you can count on when you retire.

In fact, index annuities have become extremely popular with investors who are tired of worrying about stock market losses (like the correction during the COVID-19 outbreak), and who want to know that their money will be there when they need it – for as long as they need it.

But, before you run out and purchase this – or any – annuity, it is important that you first have a good understanding of how the product works, so that you can anticipate any of the fees that you may incur, as well as knowing the ins and outs of the crediting of returns. That way, you won’t be disappointed if the annuity does not perform the way you anticipated that it would.

Annuity and Retirement Income Planning Information that You Can Trust

If you have never been to our website before, then please allow us to officially welcome you here to Annuity Gator.

Who exactly is Annuity Gator?

We are a team of experienced financial and annuity professionals who focus on providing in-depth, and unbiased, annuity reviews on the Internet. We have been at this for quite a while now – far longer than our competitors have – even though there are now a number of “copycat” websites that are popping up. (Imitation is a form of flattery, isn’t it?!)

It is our mission to provide in-depth information and reviews about annuities to consumers – as well as to financial professionals – so that they know exactly what they may (or may not!) be getting into when considering and/or selling an annuity.

These financial products can be highly complex, so it helps to have someone who is adept in how annuities work, and who can pare down the massive amount of “fine print” into something that is more easily understood.

That’s where Annuity Gator comes in!

When looking for annuity information online, it is essential that you know who is trying to provide education on the products, and who is simply trying to sell you something… regardless of whether or not it is the right financial vehicle for you. It’s easy to be lulled into some of the other websites out there in cyberspace – especially when they make bold claims, like:

  •  Lowest fees
  •  High income
  •  Top-rated annuity carriers
  •  Income stream for life

Does this look familiar?

In addition, the more “bells and whistles” an annuity has, the more “small print” you are likely to come across that “explains” to you how it works. Not that it’s a bad thing – the more information, the better – but it can make shopping for the right annuity much more cumbersome.

That being said, if you have landed here on our website in search of more details on the Great American Index Protector 7 annuity, then you are definitely in the right place. In fact, we dare say that this is the only website where you can find all of the information you need.

This includes an honest review of the good, the bad, and yes, even the ugly about this annuity. But that way, you will be able to make a much better decision regarding whether or not this is truly the best annuity for you.

So, if you’re ready to get started, let’s dive right in!

The Great American Index Protector 7 Annuity at a Glance

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Opening Thoughts on the Great American Index Protector 7 Annuity

Headquartered in Cincinnati, Ohio, Great American Life traces its roots all the way back to the year 1872. The company has a key focus on annuities, and it offers a wide array of products that can help grow funds and generate income when it is needed.

Today, Great American Life Insurance Company is a member of Great American Insurance Group and a subsidiary of American Financial Group, Inc. The company has earned high ratings from the insurer rating agencies, including an A (Excellent) from A.M. Best for more than forty consecutive years. It is also rated an A+ by Standard & Poor’s.

Great American offers a long list of different types of annuities, including fixed, fixed indexed, variable, and variable indexed – the latter being an annuity where you can grow your account based on the performance of an external index, and also choose a level of protection from market declines.

Over the past decade or so, with so many employers getting rid of their defined benefit pension plans, it has really become the responsibility of individuals to make sure that they convert their savings over into an income stream – and that the income continues to last throughout the remainder of their lifetime.

A fixed indexed annuity can provide individuals with a “personal pension” of sorts, that offers tax-advantaged growth, along with a lifetime income stream that will last as long as it is needed. This can help to create a worry-free retirement, knowing that income will continue to flow in.

Before we get into the in-depth details, we have some legal disclosures to present…

This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Great American Insurance Group has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners.

Want to know more about how annuities really work? to receive our updated annuity report.

How Great American Describes the Index Protector 7 Annuity

In its consumer brochure, Great American describes the Index Protector 7 annuity as a fixed indexed product that provides:

  •  Growth opportunity
  •  Protection from stock market losses
  •  Guaranteed retirement income

In this case, you can allocate your money to interest strategies that may help you to accumulate more assets for retirement. Yet, regardless of market conditions, you won’t lose the money you contribute to the annuity (unless you take a withdrawal or surrender your contract during the surrender period).

When you are ready to turn the money into an income stream, you can then select from a variety of different payout options – including an income stream that will last for the remainder of your lifetime, regardless of how long that may be.

There are some added benefits with that annuity, too, such as protection for your loved ones in case of the unexpected. So, if you own this annuity and you pass away, a death benefit is paid directly to your named beneficiary(ies). This direct payment can allow them to receive the funds without the money having to go through probate.

You can take a look at the full 16-page Index Protector 7 annuity brochure by going HERE

How an Insurance or Financial Salesperson Might “Pitch” this Annuity to You

Because people are living so much longer today than ever before, having enough income in retirement has become a top concern for many retirees, as well as those who are approaching retirement. In other words, people don’t want to run out of money before they “run out of time.”

With that in mind, the guaranteed income concept of the Great American Index Protector 7 annuity is most likely where an insurance or financial advisor would focus when presenting this product to clients or prospects.

In addition, the tax-deferred growth of your money inside of the contract can also be a bonus – and it could even allow for an additional option for tax-advantaged accumulation, even if you have “maxed out” other alternatives like an IRA and/or employer-sponsored retirement plan.

However, returns can also be limited due to the cap or participation rate. These are common with fixed indexed annuities, and they can help with the “tradeoff” of limited returns versus no loss in a downward moving market.

A cap is defined as the maximum interest rate that will be credited for a one-year term. For instance, if the annuity has a cap of 5%, and the underlying index has a return of 8% in a given year, you would still only get the 5%. This can be particularly limiting in times when the index performs in the double-digits.

Likewise, a participation rate is the percentage of a positive index change that will be credited for a one-year term. In this case, if the annuity has a participation rate of 80%, and the underlying index has a return of 10% in a given year, the return credited to your annuity would be 8%, because 80% of 10% is 8%.

So, it is important to be mindful of the difference between projected and actual performance. Plus, as with other annuities, if you need access to more than 10% of your funds in the contract during the first seven years of owning this annuity, you could be hit with a surrender fee, in addition to any taxes that are due.

Plus, if you are under the age of 59 ½ when/if you access these funds, you could also incur an additional 10% “early withdrawal” penalty from Uncle Sam. With that in mind, it is essential that you only use money that you won’t need in the near future for emergencies or other obligations.

Surrender/Early Withdrawal Charge Schedule for the Great American Index Protector 7 Annuity

The Annuity Gator’s End Take on the Great American Index Protector 7 Fixed Index Annuity

Where it works the best:

Even with all of its enticing features, the Index Protector 7 annuity may or may not be right to everyone. But it will typically work the best for those who are seeking the following attributes:

  •  Safety of principal
  •  Tax-deferred growth
  •  The opportunity for additional, index-linked growth, which can provide a higher return than a regular fixed annuity
  •  Guaranteed income for life

Where it works the worst:

Conversely, there are some areas where this particular annuity may not be the best option. That may be for people who:

  •  Will need access to their funds within the annuity’s 7-year surrender charge period
  •  Do not intend to use the lifetime income feature

If you are still considering the purchase of the Index Protector 7 annuity from Great American Insurance Group, but you’re currently on the proverbial fence regarding whether or not it will be right for you, we can help you to “test” it, based on your specific scenario, at no cost or obligation.

Just simply let us know if this is something that you are interested in doing, and we’ll get on the case right away!

In Summary

While there are many factors that need to be taken into consideration when you are buying an indexed annuity, one of the biggest concerns is making sure that the annuity is truly right for what you want – and need – it to do.

With regard to the Index Protector 7 annuity from Great American Insurance Group, you can rest assured that you will have an income for life. But at the same time, depending on your other goals and needs, this product may still fall a bit short – and there, quite frankly, could very well be something else out there that is a better fit for you.

If you have any additional questions on this, or other income-related products, we are here to help. We can also run side by side annuity comparisons in order to determine how various annuities might perform. So please feel free to contact us directly via our secure online contact form here.

Do You Have Any Additional Questions About this Annuity? Did You Happen to Notice Any Mistakes in this Review?

We realize that this annuity review may have run a bit long. But quite frankly, we would much rather that you have “too much” information on this annuity than to not have enough. So, if you found this information on the Index Protector 7 annuity to be beneficial, then please feel free to pass it on and share it with other people who could also find value in it. (And, if you found it to be confusing, please also let us know that, too.)

In addition, we are aware that information regarding annuities can, and often does, change. So, if you happened to notice anything in this review that should be updated or revised, let us know and we will be happy to make the necessary edits.

Are there any other annuities that you would like to learn more about?

If so, just give us a shout and let us know, and our team will get to working on them right away.


The Annuity Gator.

P.S. If you would like to read more of our Great American annuity reviews here are some links to check out:


Independent Review of the Great American Index Protector 7 Annuity