A CFP®’s review of the
Oceanview Life Harbourview FIA 10 Annuity

By Scott Brooks, MBA, CFP® Editor

An Independent Review of the Harbourview FIA 10 from Oceanview Life

If you are considering the Harbourview FIA 10, this might be the most important message you will read.


Because when it comes to index annuities, it’s not what you know that gets you into trouble. It’s what you know for sure; that just isn’t true.

So you want to do your homework before buying!

Our goal is to be brutally honest with you about what to expect.

We want you to have realistic expectations so you won’t be disappointed later.

The Harbourview FIA 10 annuity is a fixed indexed annuity.

  • The Harbourview FIA 10 is a fixed indexed annuity. They are for investors who like safety and security. Gains are linked to a positive change in a market index. You receive some of the upside but none of the downside.
  • They might be suitable if you like bonds, bank CDs, and other safe investments. Read our index annuity article to learn the truth about index annuities.
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10 Tips You Should Know If You Are
Considering The Harbourview FIA 10

  1. This product has a 10 Years term. Make sure you are comfortable with committing your money for this period. Do not invest money you might need to live on.
  2. You can lose money in two ways. You will be charged surrender charges if you take excess withdrawals before the term ends. The product’s surrender schedule is below. You also might be charged a market value adjustment on early withdrawals. Look for products with a short surrender period and no MVA if you might need access to the money.
  3. Oceanview Life has the right to change the terms of their index annuity at any time. Participation rates, spreads, and crediting rates can be changed without your permission. Please choose your company wisely because they control the formula which determines the growth. Want our recommendation? Request a index annuity quote.
  4. The Harbourview FIA 10 competes with bank CDs, bonds, and other fixed-income products. It does NOT compete with the stock market. You earn a fixed-income type of return, not market-like returns. Do not trust anyone that tells you otherwise.
  5. You might be better off in a MYGA with a pre-determined rate of return vs. an index annuity where you might earn 1-3% more per year. Studies have shown that MYGA’s and index annuities' returns are similar. Looking for the highest guaranteed returns? Check out the highest fixed annuity (MYGA) rates.
  6. Do not buy an annuity solely for the bonus. If a company pays a bonus, they typically take away some of the upside potential by lowering the cap. They also extend the term or lower the renewal rates.  You don’t get something for nothing!
  7. Has a company sent you a proposal that seems “too good to be true?” Hypothetical illustrations are often the best-case scenario. You should also request a proposal for the worst-case scenario. Know the worst and best-case scenarios because you will likely earn something in the middle.
  8. Some index annuities have caps that limit their gains. Uncapped annuities have spreads or participation rates that limit their upside potential. Know how the return is calculated. Book a 15-minute phone call with one of our specialists, and they can help.
  9. Income riders cost real money and lower your principal balance. The fees are taken out of your account value. If you don’t need income later, DO NOT pay for an income rider. If you are looking for the most retirement income, request an income later quote. We can rank 150+ income riders and show you which products guarantee the most retirement income.
  10. Be extremely careful with custom or proprietary indexes because you don't know the underlying holdings. These fancy new indexes have not been tested in the real world. Established indexes are safer and more likely to generate better returns. Diversify your index annuity into a variety of indexes. It’s also a good idea to lock in the indexes at different times. The indexes available for the product are listed below.
  11. Bonus Tip - Watch our video titled "The 7 Biggest Mistakes Consumers Make When Buying An Annuity & How To Avoid Them"


  • “Earn a guaranteed 7-9% returns.” False. You don’t earn a guaranteed 7%-9% return when CDs, bonds, and fixed income earn less. The 7-9% refers to an income rider roll-up rate. It’s a fictional number that you can’t withdraw a lump sum, transfer out, or live on the interest. It’s NOT a real return. Your rate of return is calculated based on the accumulation value, not the income value. An agent might confuse you by discussing payout rates, withdrawal rates, or the income account value. Your accumulation value is what matters.
  • “You can earn market-like upside without the market downside.” This is a partial truth. You are not directly investing in the index. The annuity contract has a formula that decides how much of the gain of an index you receive. You receive some of the upside and none of the downside.
  • “I will show you a client’s statement who earned 14% without risk.” This is misleading because you will likely earn 2-6% per year over the product term. You could receive 15% for one year and 0% for two other years. Over time, the returns will average out to be in the 2-6% range. Spreads, caps, or participation rates limit how much of the return you receive. Index annuities are fixed annuities and generate fixed-income types of returns.
  • “Earn a 10-15% Bonus. It’s free money”. Here is the truth. If an insurance company gives you a bonus, they will reduce other contract benefits (ex., Cap rates, lower renewal rates, etc) and extend the term. You don’t get something for nothing. Do not buy an annuity solely for the bonus.


  1. In our opinion, you could earn slightly less than what fixed annuities pay to slightly more.
  2. Expect to earn 1-2% more than the average rate of a 1-year fixed annuity.
  3. This would be 2-6% in today’s market. I would not expect anything more than this over a more extended period. This assumes you find one of the better products on the market.
  4. Uncapped index annuities might earn 3-7% (1-2% more) than capped annuities. Uncapped annuities outperform when stock markets are strong. Capped annuities will likely outperform uncapped products when the stock market is weaker.
  5. Request a index annuity quote, and we will send you what we feel are the best capped and uncapped index annuities on the market today.
  6. If someone promises you significantly higher returns than we disclosed, it's a red flag. You’ve worked hard for your savings and need it to work hard for you.
  7. If you want the highest guaranteed returns, consider a multiple-year guarantee annuity (MYGA) because the rates are guaranteed for the entire term. Here's where you can find the fixed annuities (MYGAs) with the highest rates.

important information

term10 Years
surrender schedule
9%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 1%
market value adjustmentYes
agent commission3.50 - 7.0%

what we like

  • Percentage of Balance Withdrawals
  • RMD Friendly

what we don’t like

  • $20,000 min investment
  • Possible market value adjustment on withdrawals
  • 10-year surrender charge (make sure you don’t need access)

index options

The interest credited to the Harbourview FIA 10 annuity is linked to the performance of the indexes you choose. You may choose a combination of the following indexes.

  • S&P 500


  • Do you like bank CDs, bonds, and other types of fixed income?
  • Are you a conservative investor who wants to protect your principal?
  • Is the pain of losing money greater than the pleasure of winning?
  • Are you looking for a conservative alternative to bonds?

Index annuities are an excellent fit for conservative investors looking for an alternative to bank CDs and bonds.

Other reasons to consider an indexed annuity:

  1. Tax-Deferred Growth - Your money grows faster due to the triple compounding of interest. This is because you earn interest on the money generally lost to taxes.
  2. Guaranteed Retirement Income - (via annuitization or an income rider).
  3. Reasonable Returns - Index annuities are an alternative to CD’s, MYGA’s, and bonds. They offer the potential for higher returns.
  4. Flexible Contributions - You can add money over time to most index annuities.
  5. Avoid Probate - Index annuities pass by beneficiary designation, not probate. In some states, probate can be costly and time-consuming.
  6. Creditor Protection - Many states offer creditor protection to assets inside an annuity.
  7. No fees unless you choose an income rider.
  8. Favorable tax treatments for retirement income if you annuitize.

How Does This Product Compare To The Best On The Market?

  • Would you like to know how the Harbourview FIA 10 compares to the best Index annuities on the market? Request an index annuity proposal.
  • If you request an index annuity proposal, we will send you information on what we feel are the best products available. Don’t take a company's word for it. Get independent advice.

Company description

Oceanview Life and Annuity Company traces its roots back to 1965. The company changes it's name from Longevity Insurance to Oceanview Life in 2019. Oceanview life was created to offer competitive fixed annuity products with high yields. They are developing a suite of products to be sold it's network of insurance agents, brokers, and broker-deals in certain states. They plan on marketing MYGA's and index annuities to meet the needs of retirees.

Surrender Charge Schedule

Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.

percentage charged to withdrawal


market-value adjustment (MVA)

  • A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.
  • They allow companies to pay a higher rate and make longer-term investments.
  • MVA’s only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.

Company information

company NameOceanview Life
phone number(833) 656-7455
LOGIN FORoceanviewlife.com
am best ratingA Excellent (3rd of 13 ratings)

product information


Index annuities are for conservative investors who like safety. They were introduced in 1995 to compete with bank CDs.

Index annuities are fixed annuities that deliver fixed income type of returns.

They don’t have the upside or downside of the market. They compete with bonds, CDs, and other safer investments.

They allow you to capture some of the growth of a market index while having 100% downside protection. Returns are linked to a positive performance in an external index.

You are not directly participating in the market. You are watching the market, and a formula decides how much gain of the index you receive.

Product nameHarbourview FIA 10
Product typeFixed Indexed
premium typeSingle Premium
Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b).
not available inCA, CT, NY, PR, VI, VT

other Oceanview Life reviews

We have reviewed other products from Oceanview Life. Here are some links if you would like to review them as well.

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