What will we cover in this annuity review?

In this review of the Nationwide Secure Growth 7 Annuity, we will be discussing:


  • Type of Annuity
  • Pros and cons to look out for
  • How this annuity might be presented to you by a financial advisor
  • Strategies where this annuity works well
  • Where the annuity might not be a very good fit

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

If you’re considering the purchase of an annuity to help you with increasing your nest egg, while at the same time keeping your money safe from market volatility, then the Secure Growth 7 annuity from Nationwide Life Insurance Company could be a good fit for you.

One big reason for this is because the Nationwide Secure Growth 7 annuity comes with some nice guarantees that are built directly into the contract. That way, you could essentially just “set it and forget it” and let the annuity do its job.

However, before you move forward with purchasing this – or any other annuity, for that matter – it is recommended that you first get a much more in-depth understanding of how the annuity works, and how it may or may not necessarily work for you and your specific financial goals.

Throughout the past several years, fixed annuities have become quite popular with those who are in retirement, as well as those who are preparing for this time in their lives. This is particularly the case with those who lost some (or all) of their retirement savings in the market downturn of 2008 – and the more recent 2020 COVID-19 outbreak (and corresponding market drop) – and who are now seeking safety for their principal.

Fixed annuities like the Secure Growth 7 from Nationwide Life can also provide you with a guaranteed lifetime income stream, which is nice because people are living longer these days, and it can be difficult to make your savings stretch for a multitude of years.

But, because annuities have grown so much in popularity, there has also been an increase in the number of insurance and financial advisors who are offering them. Unfortunately, these agents may not always be giving you the very best answers to the questions that you may have, but that you need to know in order to make a well-informed decision.

This lack of information isn’t always a purposeful thing. But because many insurance and financial advisors are not intimately familiar with annuities, they might unintentionally lead you down the wrong path. This, however, could significantly impact your retirement lifestyle.

Also, due in large part to the increased desire for annuities, the selection of annuity products has grown exponentially. Yet, while this variety of annuity options can certainly help you to “customize” the products to better fit your specific needs, it can also make annuities even more confusing, even for well-informed consumers.

Given that there are some key steps that you should consider that could help you in truly understanding what it is that you might be purchasing – especially as an annuity could realistically make up a large portion of your overall retirement income down the road.

Plus, since annuities can be pretty hard to get out of once you have gotten into one, it is important that you know why you are going with one annuity over another, as well as why you are even going with an annuity at all.

Annuity and Retirement Income Planning Information that You Can Trust

If you have never been on our Annuity Gator website, please allow us to officially welcome you here to AnnuityGator.com. We are a team of experienced annuity and retirement income planning specialists who focus on offering very comprehensive – and unbiased – annuity reviews.

We have been at this for quite some time now – and far longer than our competitors. And, because of the in-depth reviews that we provide on our website (for no cost), we have become a highly trusted source of annuity information online.

There are literally hundreds of annuities – fixed, indexed, and variable – that can be found in our comprehensive Annuity Review database, which is accessible from our website.

Over the past decade or so, however, there have also been a number of “copycat” websites that have popped up on the internet. While some of these sites can give you information about annuities, what you are much more likely to find is that they are oftentimes just reiterating what the information on our website already shows.

If you have been researching annuities on the Internet lately, it is likely that you also have run across some conflicting information regarding these financial vehicles. That really is not surprising, though, as there are many, many annuities out there in the marketplace, and just about everyone seems to have a differing opinion about them.

It could also be that you’ve recently attended an annuity seminar. Here, the presenter may have given you more in-depth details about the Nationwide Secure Growth 7 fixed annuity, or some other similar product. In fact, it may even have been your attendance at that seminar that has now led you here to our site in search of additional information on this annuity.

That being said, if you are looking for more in-depth information about the Secure Growth 7 annuity from Nationwide Life, then you are certainly in the right place. In fact, dare we say that our website is the only place online where you can get all of the key details about this annuity so that you can make a well-informed buying (or non-buying) decision.

It is important to note here, however, that in addition to providing you with all of the enticing benefits of this product, we are also going to lay out the product’s potential drawbacks. This is so that you will be in a better position to make a well-informed decision as to whether or not this is really the annuity for you.

We also want to be very clear in that we believe annuities are beneficial products – and they can be a great addition to a portfolio for some people – but this is the case only as long as the annuity fits with your overall financial objectives. This annuity review is here to provide you with what you need to know.

So, let’s go ahead and get started!

The Nationwide Secure Growth 7 One-Year Annuity at a Glance

Program NameNew York State Blind Annuity Program (for Veterans)
Type of ProgramAnnuity / Retirement Income Program
Phone Number(888) 838-7697

Opening Thoughts on the Secure Growth 7 Fixed Annuity from Nationwide Life

Nationwide has a history of strength that has lasted for over 90 years. Today, this company is one of the largest insurance and financial services companies around the globe. The company specializes in annuities, as well as mutual funds, retirement plans, and life insurance coverage for both individuals and businesses.

There are many Nationwide affiliate companies, too, that are located throughout the United States, including those that specialize in property and casualty insurance, life insurance, financial services, and strategic investments.

Nationwide Life and Annuity Insurance Company has earned some high ratings from the insurer rating agencies, including a(n):

  •  A+ from A.M. Best Company
  •  A+ from S&P
  •  A1 from Moody’s

Nationwide does a lot of television advertising, so the company is familiar to many people. With Peyton Manning as one of its spokespeople, you may have even found yourself humming the famous Nationwide Life Insurance Company’s jingle, “Nationwide is on Your Side.”

Financial and insurance companies recognize that many of the key events in peoples’ lives involve money. This certainly goes for retirement – which is perhaps the biggie when it comes to your finances. The main reason for this is because the decisions you make today about the allocation of your funds will likely affect tomorrow’s financial security.

The demand for annuities – which grow on a tax-deferred basis, and are backed by the financial strength and stability of the insurance carriers that offer them – has been increasing as more and more Baby Boomers reach retirement age.

In fact, it is estimated that there are roughly 10,000 Boomers in the U.S. who turn age 65 each and every day – and their need to create income is essential, especially as most companies have done away with the traditional pension plan, and an annuity allows you to turn your money into an income stream.

Yet, while the demand for fixed, tax-advantaged annuities has definitely picked up, it is also important to keep in mind that there can still be some risks to their owners (such as low return and lost opportunity cost), so these products need to be reviewed very carefully before purchasing in order to determine whether or not they will really be the right fit for an investor.

Before we get into the gritty details, there are some required legal disclosures here…..

This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Nationwide Life Insurance Company has not endorsed this annuity 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.

For additional information on how to compare annuities so that you can decide which may be the best one for you, contact us using our secure contact form.

How Nationwide Describes the Secure Growth 7 Annuity

Nationwide’s website describes the Secure Growth 7 fixed annuity as a product that can offer you the safety of traditional fixed-rate products, but also the added growth to meet your future planning needs.

This annuity, which is primarily designed for long-term savings, offers the following key features:

  •  A guaranteed rate of return that is locked in for seven full years
  •  Tax-deferred growth in the account
  •  Income protection – possibly even for the rest of your lifetime
  •  An efficient way to pass on your legacy

There is also a way to access up to 10% of the contract’s value penalty-free, even during the annuity’s 7-year surrender period. In addition, both the principal and interest rates are guaranteed with this annuity, provided that you do not make withdrawals before the end of the selected surrender period.

The Secure Growth 7 fixed annuity also offers a return of purchase payment guarantee option that provides a return of your principal contributions – less any fees, taxes, or prior withdrawals – if the contract is surrendered.

You can view the full Secure Growth annuity product guide here.

How an Insurance or Financial Advisor Might “Pitch” this Annuity

Because so many people today are concerned about keeping their money safe, it is likely that a financial or insurance advisor would pitch the Nationwide Secure Growth 7 fixed annuity based on its safety features, along with its guaranteed growth. Tax-deferral is also oftentimes an added bonus that is highlighted by advisors.

But, even though these may sound appealing, there is always going to be some kind of “trade off” for the upside on a financial product. In this case, it is that the return can be painfully low – so low, in fact, that it may not even come close to meeting – much less beating – inflation.

Added to that is the fact that the guaranteed rate on this annuity will only last for a set amount of time, after which you take the chance that it could go down. So much for guaranteed interest rates!

Given that, it is highly likely that there are some better alternatives out there for you – especially if you are seeking safety of your principal, as well as the opportunity to earn a higher rate of return.

So, unless you are 100 percent convinced that the Nationwide Secure Growth 7 fixed annuity is for you, it could be quite beneficial to take a look around at some alternative options. It can also be helpful if you first run the numbers based on your particular situation via our annuity calculator.

That way, rather than ending up with a “hypothetical” scenario that is based on how this annuity may perform in general for an anonymous investor, you can plug in some actual numbers that relate to you.

As experts in the annuity arena, we at Annuity Gator can also offer you help with any additional questions or concerns that you may have – so please feel free to reach out to us at any time via our secure contact form here.

Knowing everything that you need to know about the Nationwide Secure Growth 7 One-Year annuity – or any other annuity, for that matter – could end up saving you a great deal of money and frustration, as knowing more of the details can help you avoid products that do not truly fit your needs. Otherwise, getting into the wrong annuity could cost a great deal in surrender charges if you change your mind soon after purchasing one and want to get out of it.

In addition to that, if you would like some additional tips on what you need to know before you buy an annuity, you can also Invalid shortcode attributes to immediately access our free report on shopping for annuities.

Fees Associated with the Nationwide Secure Growth 7 Fixed Annuity

For many years, annuities have been avoided by some people because of their fees. The Secure Growth 7 annuity from Nationwide Life is no exception. In this case, even though you technically have access to your funds, if you take out more than 10% of the contract’s value in a given year during the surrender period (which is also referred to as the CDSC, or contingent deferred sales charge period), then you could incur a penalty.

For instance, with the one-year rate guarantee period on this annuity, your money could still be locked up for seven years. Similar to determining how your interest is calculated, the sales charge options are also somewhat confusing. But basically, just know that at minimum, your money could be locked in for 7 years.

For the full Secure Growth annuity product guide, go here.

The Annuity Gator’s End Take on the Nationwide Secure Growth 7 One-Year Annuity

Where it works best:

  •  Principal protection
  •  Guaranteed lifetime income stream
  •  Guaranteed interest rate protection (for a set period of time)

Where it works worst:

  •  For those seeking the opportunity to get a higher rate of return
  •  If you need your money out before the 7 year surrender period has elapsed
  •  For those seeking a longer-term interest rate guarantee
  •  For those who do not intend to use the guaranteed lifetime income feature

In Summary

If you’ve been thinking seriously about purchasing a fixed annuity like the Secure Growth 7 annuity from Nationwide, but you’ve been a bit leery about moving forward, then you may need to get a more in-depth understanding of how these products work, how they can work for you, and why they may or may not actually be the ideal financial option for you.

In any case, though, you should always consider any type of annuity product to be a longer-term financial endeavor – especially because these products will typically impose multiple years of surrender charges if you want to take out more than just 10% of your contract value.

The good news is that, if you are considering going with a fixed annuity, you can be assured that you will have principal protection and safety, as well as a set, ongoing income stream for life that you can count on.

With that in mind, when it comes to the Nationwide Secure Growth 7 annuity, there are some nice features that are offered. Yet, this particular annuity could also fall somewhat short – especially if you’re hoping for a higher return on your retirement savings.

If you have any questions about whether or not this annuity would fit into your financial plan – or, even if you just have a general question about annuities and how they work – please feel free to contact us. Our annuity geek team will be happy to help.

Need Additional Info on the Secure Growth 7 Annuity from Nationwide?

While we know that this review of the Secure Growth 7 annuity from Nationwide Life was a bit on the lengthy side, our feeling is that we would rather give you too much information about annuity options versus not enough. So, if you do feel that you gained some good insight about the Secure Growth 7 annuity here, please feel free to forward this review to anyone else who you think may benefit from it.

Also, we know that the information about annuities can, and often does, change over time. So, there may be some details here that require updating. With that in mind, if you happened to notice anything at all in this review that needs revising, please let us know here via our secure online contact form.

Likewise, if you would like to see any other annuities reviewed that you can access via our secure and no-cost annuity review database, please let us know that too, as we are always looking for suggestions on products to review.

In addition, if you are interested in seeing personalized figures plugged into the Nationwide Secure Growth 7 fixed annuity or a similar annuity option, we would be happy to run a spreadsheet and share the information with you, at no charge.

We look forward to helping you with any questions that you may have.


The Annuity Gator

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

  • Nationwide Destination C Variable Annuity
  • Nationwide New Heights 12 Annuity
  • Nationwide Summit Fixed Indexed Annuity
  • Nationwide New Heights 9 Fixed Indexed Annuity
  • Nationwide Life Destination Architect 2.0 Variable Annuity
  • Nationwide Life MarketFlex Advisor Variable Annuity
  • Nationwide Best of America Future Venue Variable Annuity
  • Nationwide Advisory Solutions Single Premium Immediate Annuity
  • Nationwide INCOME Promise Select Single Premium Immediate Annuity