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Independent Review of the Eagle Life Eagle Select 10 Fixed Indexed Annuity

What We Will Cover in this Annuity Review

In this annuity review, we will be going over the details regarding the Eagle Life Eagle Select fixed indexed annuity, such as:
  • Product TypeIndependent Review of the Eagle Life Eagle Select 10 Fixed Indexed Annuity
  • Fees
  • Current Rates
  • Realistic long-term return expectations
  • How it is used
  • How it is most poorly used

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

If you’ve been considering the purchase of an annuity because you want your money to grow on a tax-deferred basis, and you want to ensure that you have an income for life, then the Eagle Life Eagle Select fixed indexed annuity could be a good option for you – especially if you also want to make sure that your principal is safe, while at the same time having the opportunity to attain a nice, index-based, return. But, before you make a long-term commitment to this, or any other, annuity, it is important that you have a good idea regarding how the product works, and how it could work for you. Otherwise, if you find that the annuity is not all it was initially cracked up to be, it could be difficult and costly to get out of it. Over the past few years – in large part due to the constant volatility of the stock market – the demand for fixed indexed annuities has risen dramatically. Because of this increased demand, the number of insurance and financial advisors who are offering these products to their clients has also gone up. This, however, is not necessarily a positive thing. For instance, as there are so many “new and improved” annuity products that are being put out into the market, a large number of them include more bells and whistles – which in turn, tend to make them more confusing, not just for consumers, but also for many financial pros, too! Give that, unless you work with an insurance or financial rep who really knows their stuff about annuities, it is highly recommended that you do some research on your own in order to determine whether or not the annuity you are being presented will really make sense for you.

Annuity and Retirement Income Planning Advice that Can Be TrustedIndependent Review of the Eagle Life Eagle Select 10 Fixed Indexed Annuity

If this is your very first visit to our website, then please allow us to personally welcome you to We are a team of annuity professionals who focus on offering comprehensive, and unbiased, annuity reviews. We have been at this for quite a long time now – far longer than our competitors, who tend to “follow in our footsteps” when it comes to annuity reviews online. So, while they may be copycats, we think that imitation is the highest form of flattery! If you have already been researching annuities via the Internet for a period of time now, then you may have noticed that there are a lot of conflicting details about these products online. This, however, it not entirely shocking, as there are a lot of annuities out there, and it seems that there are just as many differing opinions! You may also have recently attended an annuity seminar where, in return for a free dinner or lunch, the presenter went into in-depth details about the Eagle Life Eagle Select 10 fixed indexed annuity, or some other similar product. If you made a follow-up appointment with that presenter in order to discuss whether or not the annuity in question is right for you, then it is possible that you’ve landed here on our website in order to gather more details. In any case, we’re glad you’re here. As you’ve been researching annuities online, you may also have noticed that there are many other websites that offer annuity products, and in trying to “lure” you into giving them your contact information, they will oftentimes present some pretty bold claims, such as:
  • Guaranteed lifetime income
  • Lowest Fees
  • Top-Rated Annuity Companies
  • Highest Income Payouts
  • Fast, Easy Annuity Quotes
Does this look familiar? But, even though these claims may sound great initially, the reality is that they may not all be true. So, it is absolutely essential that you verify these claims before moving forward with the purchase of an annuity – just like you would likely do before you commit to any high-dollar product or service. If you’re in need of more detail on the Eagle Life Eagle Select 10 fixed indexed annuity, you are definitely in the right place now. In fact, dare we state that the website you are currently viewing is the only place where you will be able to obtain all of the key details that you need. Admittedly, this will not only include the good things about this annuity, but also items that could be considered as drawbacks. Giving you the whole picture, however, is the only way that you will be able to make a well-informed decision. In order to be perfectly clear, here, we do want to state that we feel that annuities can offer a wide array of benefits to investors – provided that the annuity fits in with the investor’s overall short- and long-term financial goals. With that being said, this annuity review is here to help you learn all that you need to know about the Eagle Select 10 fixed indexed annuity from Eagle Life. So, if you’re ready to get started, let’s dive right in!

Eagle Life Eagle Select 10 Fixed Indexed Annuity at a Glance

Product NameEagle Select 10
IssuerEagle Life Insurance Company
Type of ProductFixed Indexed Annuity
A.M. Best RatingA- (Excellent)
Phone Number(866) 526-0995

Opening Thoughts on the Eagle Life Eagle Select 10 Fixed Indexed Annuity

Eagle Life Insurance Company is a relative newcomer to the life insurance industry, initially opening its doors in 2008. However, its parent company, American Equity Investment Life Insurance Company, as a long-term, well-established name in the marketplace, and is financially stable with more than $48 billion in assets. Headquartered in West Des Moines, Iowa, Eagle Life has a focus on the broker-dealer and bank distribution channels. So, it may be that you have been presented the Eagle Select 10 fixed indexed annuity from a bank or your stock broker. The company also has a key focus on offering annuities – primarily its Eagle Select Series of fixed indexed annuities. Eagle Life Insurance Company is also considered financial stable, with an A- (Excellent) rating from A.M. Best Company. Over the past several years, fixed index annuities have become much more sought after by consumers as a way to obtain a guaranteed income for life, as well as an opportunity to keep principal safe regardless of what the market does. But, even though this all might sound completely enticing, the reality is that when something sounds too good to be true, it probably is – and in this case, you probably need a bit more information in order to discover the whole story. This is particularly the case if your decision about an annuity could ultimately result in you committing a large chunk of your hard-earned retirement savings.

Before we get into the gritty details, here are some necessary legal disclosures…

This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Eagle Life Insurance Company 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 out perspective when breaking down the positives and the negatives of this particular annuity. Before purchasing any type of insurance and/or investment product, it is important that you do your own due diligence, and that you consult a properly licensed professional if you should have any specific questions that relate to your individual situation. All of the names, marks, and materials that were used for this annuity review are the property of their respective owners. For more information on how to compare annuities in order to determine which one may be the best for you and your financial circumstances, click here to obtain our free annuity report.

How Eagle Life Describes the Eagle Select 10 Fixed Indexed Annuity

Eagle Life Insurance Company describes the Eagle Select 10 fixed indexed annuity as a contract between you and Eagle Life where the potential interest earned is linked to an external equity index. The two common indices that are tracked with this annuity are the S&P 500, and the S&P 500 Dividend Aristocrats Daily Risk Control 5% Index. The annuity also has an additional Lifetime Income Benefit Rider, which allows you to take a guaranteed lifetime income from the annuity without losing control of your retirement assets. In addition, you can take out some of the funds from this annuity contract penalty-free if either diagnosed with a terminal illness or confined to a nursing home. The Lifetime Income Benefit Rider is available to those who are between the age of 50 and 80 at contract issue. There is also a spousal income benefit available with this rider. This lifetime income option offers two choices (and the option must be chosen at the time of contract issue). These include either the:
  • Lifetime Income Benefit Rider only – This lifetime income option offers a compounding IAV (income account value) period of seven years – and, if you reset on the seventh anniversary, your IAV could grow for up to 14 years.
  • Lifetime Income Benefit and Wellbeing Rider – This lifetime income option offers a compounding IAV rate of 6.0%. The IAV period with this option is seven years, and if you reset on the seventh anniversary, your IAV could grow for up to 14 years.

How an Insurance or Financial Advisor Might Pitch this Annuity

Being that the Eagle Select 10 is a fixed indexed annuity, it is likely that an insurance or financial advisor would focus in on the “best of all worlds” scenario. This refers to the annuity’s ability to obtain market index-linked returns, while at the same time keeping principal safe, no matter what occurs in the stock market. Also, when the time comes to convert the annuity into an income stream, you (as well as your spouse, if applicable) can receive an income stream for the remainder of your life, regardless of how long that may be. However, although the benefits on the Eagle Select 10 may sound very enticing, it is important to keep in mind any of the potential tradeoffs that may need to be made in order to get these great and wonderful things. For example, like with many other fixed indexed annuities, there is a cap rate associated with the upward return you will receive, based on the performance of the underlying index. And, while this cap rate can never be less than 1% on this annuity, it could substantially reduce the opportunity for gain – especially if the underlying index has a stellar upward performance in a given year. In addition, if you’ve chosen to go with the optional wellbeing benefit, there are some criteria that you must meet first in order to actually have access to the enhanced withdrawal feature. In this case, there is a waiting period of two years. You (or your spouse, if applicable) must also meet certain health-related factors, such as being unable to perform at least two of six basic daily living activities. (These include bathing, dressing, feeding, continence, toileting, and/or transferring). There must be a statement from a licensed doctor claiming that this is the case. If you do qualify, the lifetime income benefit will be increased 200% for single life or 150% for joint Life for the duration of the enhanced benefit period – which is currently up to 5 years. After that, the lifetime income benefit period will return to the original amount that was being paid. Also, many people – both consumers and financial advisors alike – can sometimes get tripped up when it comes to the value of your overall annuity contract and the account value as it relates to an income rider. Here, for instance, the income account value calculation is a value that is used for the sole purpose of determining the amount of income you will receive under the Lifetime Income Benefit. In other words, this value simply serves are a measuring value tool for purposes of the rider only, and not the annuity as a whole or a part of the contract value as defined in the base contract. (i.e., this is not part of the cash surrender value and it cannot be accessed by surrender or withdrawal). In addition, if you take a closer look at the “fine print”, “All LIB payments are considered a withdrawal from the contract value. Any withdrawal is subject to income taxation as outlined by the Internal Revenue Code. Additionally, the taxable portion of any withdrawal taken prior to age 59 1/2 may be subject to a 10% penalty by the Internal Revenue Service for early withdrawal of deferred interest.” In other words, look out for taxes – which could ultimately reduce the amount you put in your pocket by quite a bit. There are also various fees and charges to contend with…

What About the Fees on the Eagle Select 10 Annuity from Eagle Life?

As with most any other annuity, you need to be mindful of the various charges and fees that you can incur, as these could end up negatively impacting the overall return you end up with on this product. On the base contract there are no fees, though if you choose the “volatility controlled Index” they will deduct a spread when the index ends the year positive. There are also rider fees. If, for example, you opt to go with one of the riders that are available on the Eagle Select 10, you will be charged for these on an annual basis. For example, there is a rider fee of 0.90% on the lifetime income benefit rider. This 0.90% is based on your contract value, and it is deducted from the annuity’s contract value on the contract anniversary each year. Here, you have the option to reset the IAV period. At that time, Eagle Life Insurance Company could change the rider fee. Likewise, there is a fee charged on the lifetime income benefit and wellbeing rider. This rider fee is 1.00%, based on the contract value. The fee will be deducted from the annuity’s contract value on each contract anniversary. Like the lifetime income benefit rider, you can reset your IAV period here, too, and at that time, the rider fee could be changed by Eagle Life. Just like most other annuities, the Eagle Life Eagle Select 10 fixed indexed annuity has surrender charges. This means that if you withdraw more than 10% of the contract value within the first several years, you will incur a penalty for that withdrawal.

The Annuity Gator’s End Take on the Eagle Life Select 10 Fixed Indexed Annuity

Where it works the best: This particular annuity will usually work the best for those who are looking for:
  • The opportunity to obtain a higher rate of growth as versus a regular fixed annuity
  • Safety of principal
  • Guaranteed lifetime income
Where it works worst: Conversely, this particular annuity may not fare so well for those who:
  • Want to fully participate in market gains
  • Want or need to access their funds penalty-free within the first several years of purchasing the annuity
  • Do not intend to use the guaranteed lifetime income feature

In Summary

There are many factors that should ideally be taken into consideration if you are thinking about purchasing an annuity. These should include – but they are not limited to – how the annuity can produce a return, how safe your money will be, how the income will pay out, and whether or not there are any other optional features that may be added to the annuity (as well as any added fees or charges for these options). If you are still considering the purchase of a fixed index annuity, then you can be assured that your principal will be safe, regardless of what occurs in the stock market, or even the economy as a whole. These annuities will also provide you with an opportunity to grow your retirement funds, and to receive a guaranteed income in the future for as long as you need it. But even with all of the seemingly nice features that are included (or that can be added to) with the Eagle Life Insurance Company Eagle Select 10 annuity, there may still be a better alternative out there for you. In fact, the only real way to know how this annuity – or for that matter, any annuity – may perform for you specifically is to have it tested. We can do this for you by running the figures through our annuity calculator. If you would like to see the figures as they relate to your particular situation, just contact us through our secure online form here.

Have Any Additional Questions? Did You Happen to See Any Mistakes in this Review?

We certainly realize that this annuity review was a bit on the long side. So for that, we thank you for staying with us. Our feeling is, though, that we would much rather provide you with “too much” detail than not nearly enough. Therefore, if you found that this annuity review was helpful for you, then please feel free to forward it on to anyone else that you think may benefit from it. Alternatively, if this review led you to have even more questions, then please let us know that, too. Are there any other annuities that you would like to see reviewed? We’ll get on it! If you would like to see reviews on any other annuity, our team of annuity geeks will get on the ball and get them on our website. Just click here to let us know which products you are interested in seeing. And, be sure to check back soon. Best, The Annuity Gator Independent Review of the Eagle Life Eagle Select 10 Fixed Indexed Annuity    

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