SILAC Insurance Company, formerly known as聽Equitable Life & Casualty Insurance Company, is one of the oldest life insurance providers in the state of Utah. The company is headquartered in Salt Lake City, and it was founded back in 1935. The company has historically offered life insurance, Medicare supplement insurance and health insurance, but it also has fixed and fixed indexed annuities for sale. SILAC is licensed to operate in 47 states and Washington, D.C.
If you are shopping for an annuity and find the options overwhelming, a financial advisor can help you determine the best one for your sings goals or income needs.
Annuity Fees Annuity Type Minimum Initial Premium More Information Secure Sings Find an Advisor
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No annual fees Fixed annuity $10,000 Annuity TypeFixed annuity Minimum Initial Premium$10,000 Secure Sings Elite Find an AdvisorRead Review
No annual fees Fixed annuity $10,000 Annuity TypeFixed annuity Minimum Initial Premium$10,000 Teton Series Find an AdvisorRead Review
No annual fees Fixed indexed annuity $10,000 Annuity TypeFixed indexed annuity Minimum Initial Premium$10,000 Teton Bonus Series Find an AdvisorRead Review
No annual fees Fixed indexed annuity $10,000 Annuity TypeFixed indexed annuity Minimum Initial Premium$10,000As of Nov.聽2020, A.M. Best ge SILAC Life a B+ rating (on a scale of A to D) for financial strength. This is an upgrade from the company's past rating. In total, SILAC Insurance Company has an unaudited $2.572 billion in admitted assets.
Secure Sings Find an Advisor Fees No annual fees Annuity TypeFixed annuity
Minimum Initial Premium$10,000
The Secure Sings annuity is a single premium fixed annuity. This means that you fund it with one payment and聽SILAC will pay a set interest rate for the guarantee period you choose - either two or five years. After the guarantee period, you can renew the contract, transfer to a difference contract, cash out or turn your balance into a regular income stream by annuitizing.聽
Also called a multi-year guarantee annuity (MYGA), the Secure Sings annuity includes a death benefit. If you die before the annuity matures and you hen鈥檛 annuitized, your beneficiary will receive your full account value as a lump sum. There鈥檚 also a required minimum distribution (RMD) rider that allows you to withdraw your RMD (if you are over 70.5 years old) penalty free even if the RMD is larger than the 5% that鈥檚 allowed.
The minimum amount for this annuity is $10,000, and the maximum age is 90 years.
FeesThis annuity has no front-end or annual charges. But there are surrender charges for any withdrawals during the guarantee period that exceed the allowed annual amount of up to 5% or your RMD. These fees start at 9% and decline 1% every year of the guarantee period.
Withdrawals before age 59.5 may incur a 10% IRS penalty, plus ordinary income taxes.
Realistic Return ExpectationsAccording to Blueprint Income, this annuity offers a 1.75% interest rate on a two-year contract and a 2.70% interest rate on a five-year contract, as of Feb. 2021. Of course, if you decide to renew at the end of your guarantee period, these rates will likely be different.
Secure Sings Elite Find an Advisor Fees No annual fees Annuity TypeFixed annuity
Minimum Initial Premium$10,000
The Secure Sings Elite annuity is also a fixed annuity, otherwise known as a multi-year guarantee annuity (MYGA). The difference between it and the Secure Sings annuity is that the former offers a higher interest rate in exchange for less liquidity. This annuity is ailable for two- or five-year contracts, with the longer contract receiving the better rate.
This contract comes with a few liquidity riders that you can add. More specifically, you can make your annuity more liquid by purchasing an accumulated interest rider, required distribution (RMD) rider or 5% penalty-free withdrawal rider. This annuity has no extra death benefit options, so if you die before the contract matures, your beneficiary will receive the cash surrender value of your annuity, minus fees and withdrawals.
The minimum premium for this contract is $10,000. In addition, the maximum issue age is 90.
FeesAs with the non-elite version, there are no front-end or annual charges with this annuity. If you need to tap your money during the guarantee period, you鈥檒l he to pay a surrender charge if you exceed a certain amount. The fee starts at 9% and declines 1% every year of the guarantee period. Also, withdrawals before age 59.5 may incur a 10% IRS penalty plus ordinary income tax.
Realistic Return ExpectationsAccording to Blueprint Income, this annuity offers a 2.15% interest rate on a two-year contract and a 2.95% interest rate on a five-year contract, as of Feb. 2021. Rates are subject to change over time, so your renewed rate will likely not be the same.
Teton Series Find an Advisor Fees No annual fees Annuity TypeFixed indexed annuity
Minimum Initial Premium$10,000
Annuities in the Teton Series are single premium and fixed indexed. Your options for growing your sings are one fixed interest rate and a handful of index crediting strategies linked to the S&P 500 Index. You can choose one or more of the options and rebalance at the end of each crediting term. The indexed rates are limited at the top and bottom so your earnings are capped and your loss, at most, can be that you didn鈥檛 earn anything during the term.
If you die before the contract matures and you hen鈥檛 annuitized, your beneficiary will receive your account鈥檚 full value. If your beneficiary is your spouse, they can choose to continue the policy. At no additional cost, you can add a nursing home benefit, terminal illness benefit or home health benefit. These benefits take effect after the first year, and allow you to withdraw up to 100% of your account if you enter a qualified care facility and meet eligibility requirement, are diagnosed with a terminal illness and he less than 12 months to live and you require home health care and meet requirements, respectively.
This annuity is ailable as a 7-, 10- or 14-year contract. The maximum issue ages are 90, 85 and 80, respectively. To buy a policy, you need at least $10,000, with extra payments being allowed for up to the first year.
FeesThis annuity has no front-end or annual charges. There are surrender charges should you need to withdraw more money than is allowed for free during the guarantee period. The surrender fees kick in for any withdrawals in the first year and for those thereafter during the guarantee period that exceed the 5% that鈥檚 allowed and aren鈥檛 covered by a rider.
Also, withdrawals before age 59.5 may incur a 10% IRS penalty plus ordinary income tax.
Realistic Return ExpectationsYour earnings from indexed crediting strategies are capped. So during a soaring bull market, you won鈥檛 see the high returns that investors in the stock market will. That said, when the market is heading for a downturn, your principal won鈥檛 take a hit. Only your gains will. If you opt for the fixed interest rate, you'll want to ensure that you keep steady with inflation. Unfortunately, SILAC does not release the fixed rates associated with this contract.
Teton Bonus Series Find an Advisor Fees No annual fees Annuity TypeFixed indexed annuity
Minimum Initial Premium$10,000
Annuities in the Teton Bonus Series are just like the Teton Series, except they pay an immediate bonus. This annuity is ailable as a 7-year, 10-year or 14-year contract. Each term's bonus is 10% for 14-year contracts, 7% for 10-year contracts and 5% for 7-year contracts.
Otherwise, this fixed indexed annuity comes with the same automatic death benefit and spousal benefit as the standard Teton Series annuities. It also allows you to add a nursing home benefit, terminal illness benefit and/or home health benefit at no additional cost.
The maximum issue ages for each term are 90 (7-year contract), 85 (10-year contract) and 80 (14-year contract). To purchase a policy, you need at least $10,000 for a premium payment.
FeesWith this annuity, there are no front-end or annual fees. You will, however, pay surrender charges if you withdraw more money than is allowed for free during the guarantee period. The surrender fees kick in for any withdrawals in the first year and for those thereafter during the guarantee period that exceed the 5% that鈥檚 allowed and aren鈥檛 covered by a rider. Additionally, you will forfeit all or part of the premium bonus, depending on which policy year you make the withdrawal.
Additionally, you鈥檒l owe the IRS a 10% penalty and possibly income tax if your withdrawal is made before age 59.5.
Realistic Return ExpectationsMoney that earns the fixed interest rate may keep apace with inflation. Unfortunately, SILAC does not publicly disclose the fixed rate currently associated with this annuity. If you opt for indexed crediting strategies, your earnings are capped on both ends. So during a raging bull market, you won鈥檛 see soaring returns. But during a market downturn, neither will you see your principal take a hit. At worst, you won鈥檛 he any gains.
Tips for Retirement Planning Not sure which annuity with which riders to purchase - or even if an annuity is right for you? A financial advisor can help you decide. To find one, use SmartAsset鈥檚 free matching tool. It鈥檒l connect you with up to three advisors based on your preferences and needs. If you鈥檙e counting on Social Security benefits in retirement, it鈥檚 important to know how much you can expect. Get an estimate using our Social Security calculator.All information is accurate as of the writing of this article.