Index annuity cap rates for November 2026 moved both ways in California, with more going up than down. Since my October 26 update, 17 products raised their S&P 500 annual point-to-point cap and 6 lowered it. Another 32 products joined my list and none dropped off. The top cap held at 16.00%. For every California S&P 500 cap, see my California fixed index annuity rates page.
What Changed This Update
The biggest increases came from National Life Group, led by Growth Driver 10 and Growth Driver 7, each up 2.00 points. Oxford Life had the biggest cuts, with Select 10 and Royal Select down 0.75 points.
| Carrier | Product | Surrender | Old cap → New cap | Change |
|---|---|---|---|---|
| National Life Group | Growth Driver 10 | 10 yrs | 6.00% → 8.00% | +2.00 |
| National Life Group | Growth Driver 7 | 7 yrs | 5.75% → 7.75% | +2.00 |
| Nassau Life and Annuity Company | Nassau Athos Annuity Bonus Group C | 10 yrs | 6.00% → 6.50% | +0.50 |
| Nassau Life and Annuity Company | Nassau Athos Annuity Non-Bonus Group C | 10 yrs | 9.00% → 9.50% | +0.50 |
| National Life Group | Flex Secure Growth 5 | 5 yrs | 7.00% → 7.50% | +0.50 |
| The Standard | Enhanced Choice Index Plus 5 | 5 yrs | 9.25% → 9.75% | +0.50 |
| Athene IA | Agility 10 CA | 10 yrs | 5.50% → 5.75% | +0.25 |
| Athene IA | Agility 7 CA | 7 yrs | 5.25% → 5.50% | +0.25 |
| Delaware Life | Retirement Stages Select 5 | 5 yrs | 10.90% → 11.15% | +0.25 |
| Delaware Life | Target Growth 10 | 10 yrs | 12.00% → 12.25% | +0.25 |
| National Life Group | Flex Secure Growth 10 | 10 yrs | 7.75% → 8.00% | +0.25 |
| National Life Group | Flex Secure Growth 10 Bonus | 10 yrs | 6.50% → 6.75% | +0.25 |
| National Life Group | Flex Secure Growth 7 | 7 yrs | 7.50% → 7.75% | +0.25 |
| National Life Group | Zenith Income 10 – Max Bonus | 10 yrs | 8.00% → 8.25% | +0.25 |
| National Life Group | Zenith Income 10 – Split Bonus | 10 yrs | 8.00% → 8.25% | +0.25 |
| National Life Group | Zenith Income 7 – Max Bonus | 7 yrs | 7.75% → 8.00% | +0.25 |
| National Life Group | Zenith Income 7 – Split Bonus | 7 yrs | 7.75% → 8.00% | +0.25 |
| Oxford Life Insurance Company | Select 3 | 3 yrs | 9.70% → 9.50% | −0.20 |
| Delaware Life | Retirement Stages Select 7 | 7 yrs | 11.65% → 11.40% | −0.25 |
| Oxford Life Insurance Company | Select 5 | 5 yrs | 10.70% → 10.15% | −0.55 |
| Oxford Life Insurance Company | Select 7 | 7 yrs | 10.90% → 10.35% | −0.55 |
| Oxford Life Insurance Company | Royal Select | 10 yrs | 9.50% → 8.75% | −0.75 |
| Oxford Life Insurance Company | Select 10 | 10 yrs | 11.50% → 10.75% | −0.75 |
Products Added to the List
Most of these 32 products aren’t new annuities. They come from carriers that were missing from my October 26 tables while they had rate changes scheduled, so they have no earlier cap to compare here. The strongest additions by carrier:
Allianz 222 and Allianz Benefit Control now appear as Allianz 222 + and Allianz Benefit Control +, with the same caps as last time.
Best Cap by Surrender Period
Talcott’s EverGuard Aspire still leads at 5, 7 and 10 years. The real movement is just below it.
| Surrender period | Best cap, Oct 26 | Best cap, Nov 4 | Next-best cap, Oct 26 | Next-best cap, Nov 4 |
|---|---|---|---|---|
| 3 years | 9.70% | 9.50% (Oxford Life Select 3) | 8.00% | 8.00% |
| 5 years | 16.00% | 16.00% (EverGuard Aspire 5) | 11.40% | 11.50% (Symetra Edge Elite 5 2026) |
| 7 years | 16.00% | 16.00% (EverGuard Aspire 7) | 11.65% | 12.00% (Symetra Edge Elite 7 2026) |
| 10 years | 16.00% | 16.00% (EverGuard Aspire 10) | 12.00% | 12.25% (Delaware Life Target Growth 10) |
What This Means If You’re Deciding Now
A cap is a ceiling, not a rate you’re promised. Your credited interest in a year can be anywhere from 0% up to the cap, and the cap itself is guaranteed only for the first contract year. A MYGA rate works differently: it’s a guaranteed rate for the whole term. If you want a known number, compare the two side by side before you chase the highest cap.
Renewal risk matters too. Delaware Life’s Target Growth 10 has the second-highest cap at 10 years, but its guaranteed minimum cap is 0.25%. Symetra Edge Elite 7 2026 has a lower cap at 12.00% and a 3.00% minimum. After year one, each carrier can reset the cap as low as that minimum, so the minimum and the carrier’s renewal history deserve as much attention as today’s number.
Rate Changes Coming Up
Fidelity & Guaranty Life has changes set for November 6. FG AccumulatorPlus 10 goes from 10.50% to 10.00%, FG AccumulatorPlus 7 from 10.25% to 9.75%, Flex Accumulator from 9.75% to 9.25% and Performance Pro with GMWB from 6.25% to 6.00%. Heartland National and Nationwide have changes scheduled for November 9. If one of these products fits your plans, ask me about the carrier’s rate-lock rules before the effective date.
Get a Cap Rate Quote
I’m an independent California annuity agent, so I can compare these products across carriers for your goals. Request a free annuity quote and I’ll send you a side-by-side comparison, or see every California S&P 500 cap first.
Frequently Asked Questions
Source: AnnuityRateWatch.com carrier data via AIP Marketing Alliance, retrieved November 4, 2026. Shows S&P 500 annual point-to-point cap strategies with a 0% floor, no strategy fee and a stated guaranteed minimum cap; products sold only through fee-based advisory accounts are excluded. Caps, availability, and features change without notice and must be verified with the issuing carrier at application.
Kevin Edwards, Integrity Now Insurance Brokers. California Insurance License #0D42517. Fixed index annuities are insurance products, not bank deposits, not FDIC insured, and not a direct investment in the stock market or any index. Index-linked interest is subject to caps the insurer may change annually, subject to the guaranteed minimum. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Withdrawals before the end of the surrender period may be subject to surrender charges and market value adjustments; withdrawals of taxable amounts may be subject to ordinary income tax and, if taken before age 59½, a 10% federal tax penalty. This post is for educational purposes and is not tax or legal advice. Product availability and features vary by state. S&P 500® is a registered trademark of Standard & Poor’s Financial Services LLC.
