National Life Group Zenith Income 10 Fixed Indexed Annuity – Income Growth with Protection and Flexibility

National Life Group Zenith Income 10: Key Product Features at a Glance

Max Bonus vs. Split Bonus GLIR: The Decision That Shapes Everything

The choice between Max Bonus GLIR and Split Bonus GLIR is the most consequential product decision a Zenith Income 10 buyer makes, and it cannot be changed after contract issue. The two riders share the same 1.00% annual fee and the same core structure — guaranteed lifetime income that cannot be outlived — but they produce different outcomes based on how the income calculation is built and when the buyer needs maximum value. The Max Bonus GLIR is structured around the activation event: at the moment income is elected, the current accumulation value is multiplied by a scaling activation bonus and then by the age-based Guaranteed Withdrawal Percentage. The activation bonus scales upward based on years the policy has been in force before income election — which means the longer the deferral within the eligible window, the higher the activation multiplier. This structure rewards patience: a buyer who funds at age 60 and defers income to age 70 may achieve a materially higher activation bonus than one who activates at age 65, and if the accumulation value has grown through index crediting over those 10 years, the multiplication produces a high income base. The uncertainty is that the accumulation value at activation depends on index performance during the deferral period — which cannot be guaranteed. In strong index years, the outcome can be exceptional; in flat or zero-credit years, the accumulation value grows minimally and the activation multiplier works on a lower base. For a full explanation of how roll-up rates and activation-based payout structures compare in determining guaranteed income, reviewing that resource clarifies the trade-offs before running illustrations.

The Split Bonus GLIR introduces a fundamentally different approach. The 5% immediate interest credit on each premium payment in the first 8 policy years goes to the accumulation value — not to a shadow income base. This is a direct, certain boost to the contract’s real cash value from the moment each premium is deposited, regardless of index performance. For buyers who fund with a single premium at issue, this means 5% is added to the accumulation value in year one — the contract starts at 105% of premium before any index crediting. For buyers adding premiums over multiple years, each deposit in years 1 through 8 receives the 5% credit at the time of deposit. The Split Bonus GLIR then adds an activation bonus at income election on top of the grown accumulation value. The practical implication: Split Bonus buyers have more accumulation value available to access through free withdrawals during the deferral phase, and a higher floor for the income calculation base at election even in weak index environments, because the 5% immediate credits have compounded regardless of market performance. The trade-off is that the activation bonus at election may be lower than Max Bonus, and the total income amount at election may not reach the ceiling possible under a strong Max Bonus scenario. Understanding how income benefit bases differ from accumulation values — and why that distinction matters for both liquidity and income calculations — is the prerequisite for evaluating which GLIR design fits a specific retirement plan.

The Income Doubler: A Longevity and Care Planning Feature Worth Understanding

The GLIR Income Doubler is one of the more distinctive features of the Zenith Income 10 and warrants specific buyer attention. When the annuitant cannot perform 2 of 6 Activities of Daily Living permanently, the Doubler doubles the guaranteed lifetime income for up to 5 years. This is not a nursing home admission requirement — it is a functional impairment standard based on Activities of Daily Living, which can include bathing, dressing, toileting, transferring, continence, and eating. For buyers who experience qualifying ADL impairment, the income multiplier activates during what is often the highest-cost period of a long retirement — when care needs are elevated and income requirements are greatest. The conditions for the Doubler are specific: the policy must be in force at least 2 years, the account value must be greater than zero, income must have been elected on a single life basis, no excess withdrawals can have been taken in the current policy year, and the annuitant must reside in the United States. The Doubler ends at the earlier of 5 years after activation or depletion of the account value. Buyers who want broader or more comprehensive care coverage — covering a wider range of care settings and benefit periods than the Doubler provides — should evaluate how an annuity with a nursing home care rider compares to dedicated long-term care insurance alongside this feature.

National Life Group’s Carrier Profile: A+ Strength and the Reinsurance Disclosure

National Life Group’s AM Best A+ (Superior) rating — the second highest of 13 AM Best rating categories — is one of the strongest in the annuity market, placing LSW in the same financial strength tier as Athene Annuity (A+), Protective Life (A+), and a small number of other A+ carriers. The mutual ownership structure under NLV Financial Corporation means there are no outside shareholders and profits flow back to the organization rather than to equity investors — a structural characteristic that some buyers view favorably as aligning the carrier’s incentives with long-term policyholder commitments. National Life Group recorded $3.4 billion in annuity sales in 2024, a record, and Q1 2025 set the highest single-quarter total in company history. One item that sophisticated buyers should understand before purchase: in 2024, LSW completed a $4.9 billion reinsurance transaction with 26North Re, a private equity-backed reinsurer, transferring a seasoned block of MYGA and FIA policies. Reinsurance is a standard, common industry practice — Athene/Apollo and Global Atlantic/KKR use similar structures — and this transaction does not affect policyholder guarantees, which remain backed by LSW’s own claims-paying ability. But buyers who want to fully understand their contract’s counterparty chain should ask about this structure before signing. For a full carrier evaluation covering financial history, complaint data, and how National Life Group compares to peers, the resource on whether National Life Group is a good insurance company is already linked above — first and only use on this page.

Income Sequencing, Social Security Coordination, and Where the Zenith Income 10 Fits

The most compelling use case for the Zenith Income 10 is as part of a layered retirement income strategy where the annuity covers a defined portion of baseline expenses — the fixed bills that cannot be deferred or reduced — while other assets handle discretionary spending, growth, and legacy. This structure directly addresses sequence of returns risk: when a guaranteed income floor covers essential expenses, the portfolio does not need to fund withdrawals during market downturns, preserving recovery potential for the remaining invested assets. The Zenith Income 10’s income activation timing creates a specific planning lever. For buyers who are also coordinating Social Security claiming, the income start date from the annuity can be sequenced to fill the gap between retirement and delayed Social Security claiming — providing contractual income during the bridge years while Social Security credits grow toward a higher claiming age. For buyers who have already begun Social Security, the annuity income supplements it with a private guaranteed stream that is not subject to means testing, COLAs, or political risk. The comparison between annuity income and other approaches — including whether to annuitize versus use the GLIR structure — is covered in our resource on whether to annuitize or use an income rider. For buyers also comparing the Zenith Income 10 against other income FIAs from competitors — including the Athene Agility, North American Income Pay Pro, or the Midland National Index Builder — the income rider design differences across carriers are not superficial. Payout percentages, deferral bonus structures, ADL multipliers, and how each product treats excess withdrawals during the income phase produce meaningfully different outcomes at different ages and premium amounts.

Tax Deferral, Non-Qualified Advantages, and 403(b)/457(b) Buyers

Non-qualified buyers — those funding with after-tax dollars outside an IRA — receive a specific set of advantages from the Zenith Income 10 that qualified buyers do not. Non-qualified annuities have no RMDs, no IRS-mandated contribution limits, and no 10% early distribution penalties on the original investment amounts (though gains are taxed as ordinary income on withdrawal). For buyers who have already maxed out 401(k), IRA, and other qualified accounts and want continued tax-deferred accumulation, the Zenith Income 10 provides a structure with no annual contribution ceiling. Income from a non-qualified annuity is also partially tax-free in that the original post-tax contribution comes back without taxation — only the earnings component is taxable on each withdrawal, through the exclusion ratio. Coordinating annuity income with Social Security, RMDs from qualified accounts, and other taxable income sources is a key tax planning component that affects the net value of any retirement income strategy. Reviewing how annuities are taxed before committing to any product ensures the income illustrations reflect net-of-tax expectations rather than gross income projections. LSW also has a significant presence in 403(b) and 457(b) employer-sponsored plan markets, making it one of the few FIA carriers with established infrastructure for non-profit organization plan participants — a differentiated distribution channel not shared by most competing income FIA carriers. For buyers evaluating the Zenith Income 10 against a broader framework of how annuities compare to other retirement vehicles, our resource on whether annuities are worth it provides the decision framework. And for buyers whose priority is identifying the best available guaranteed payout across all income FIAs rather than evaluating any single product, reviewing which annuities offer the highest guaranteed payout provides that competitive context before any commitment. Death benefit and legacy considerations are also straightforward: at death, named beneficiaries receive the account value with surrender charges waived. For some GLIR versions, beneficiaries may have the option to receive the Benefit Calculation Base rather than the account value, depending on the contract terms. Reviewing annuity beneficiary death benefits across product types clarifies these options and how to structure beneficiary designations for maximum flexibility. For buyers comparing the Zenith Income 10 to the American Equity AssetShield 10 or other accumulation-focused FIAs, the critical structural distinction is that the AssetShield has no mandatory income rider and no annual rider fee — it is the right product when accumulation without income commitment is the goal; the Zenith Income 10 is the right product when a contractual income guarantee is the primary objective and the 1.00% annual rider fee is justified by that guarantee.