CL Life and Annuity Insurance Company Review (2026)

Is CL Life and Annuity Insurance Company a Good Choice for MYGAs?

CL Life and Annuity Insurance Company is a Fort Worth, Texas-based carrier backed by Crestline Investors, a Dallas-based alternative asset manager. Acquired and rebranded by Crestline in 2022 from its original 1978 charter, CL Life has built a focused MYGA and fixed annuity product lineup with a B++ (Good) AM Best rating. It operates in 24 states as of early 2026 with plans to expand. For buyers comfortable with B++ financial strength who want competitive MYGA rates with a unique bailout feature, CL Life’s Sundance and Tarrant Trail products are worth considering.

Note: CL Life is rated B++ by AM Best, which falls below the A- threshold. Buyers placing large amounts or seeking long-term contracts should carefully consider carrier financial strength relative to alternatives.

CL Life at a Glance

CL Life’s History and Ownership Structure

CL Life and Annuity Insurance Company was originally chartered in 1978 as a Texas-based life insurance company. The carrier operated in relative obscurity until 2022, when Crestline Investors – a Fort Worth, Texas alternative investment manager with deep roots in credit and structured finance – acquired and rebranded the company as CL Life and Annuity. Crestline then built out a focused MYGA product platform, launching the Sundance MYGA and Tarrant Trail bailout annuity to compete in the independent broker market.

Crestline Investors manages capital across credit, hedged equity, and customized separate account strategies. The firm’s investment expertise in credit-oriented strategies is the foundation for CL Life’s ability to offer competitive MYGA rates – Crestline manages the underlying investment portfolio to generate the spread needed to fund competitive credited rates. This is the same model used by other alternative-asset-manager-backed carriers such as Axonic (backed by Axonic Capital) and Knighthead Life (backed by Knighthead Capital).

The trade-off inherent in this model is worth understanding. Alternative-asset-manager-backed carriers often achieve competitive rates by investing in higher-yielding but less liquid credit instruments. That can generate better near-term rate performance but may introduce asset-liability or liquidity risks that traditional insurance carriers manage more conservatively. CL Life’s B++ rating reflects its shorter track record under current ownership and its modest asset base relative to established national carriers. Verify the current AM Best rating at ambest.com before finalizing any contract.

CL Life Financial Strength Ratings

B++ indicates a financially stable carrier – not a distressed one – but one with a narrower surplus cushion than A-rated issuers. For buyers placing modest sums (under $75,000) over short to medium terms (2-5 years), B++ is generally manageable. For buyers placing larger amounts or wanting longer commitments, A- or better rated carriers provide a meaningful additional margin of safety. State guaranty associations provide backstop protection up to state-specific limits. Learn about guaranty association coverage in your state, or visit NOLHGA.com for a national overview.

What Annuity Products Does CL Life Offer?

CL Life’s product lineup is deliberately focused: two core products targeting the accumulation and flexible-protection segments of the MYGA market.

• CL Sundance MYGA (ICC22-MYGA-1002) – CL Life’s primary MYGA product, available in 2-, 3-, and 5-year guarantee period options. Single premium, tax-deferred fixed interest with compound interest crediting. The rate is guaranteed for the full selected term. Standard 10% annual free withdrawal provision beginning in year two. Accepts both IRA and non-qualified money. This is CL Life’s most commonly cited product in MYGA rate comparison tables, where it frequently appears near the top of the 3- and 5-year columns. Surrender charges apply during the guarantee period on amounts above the free withdrawal limit.
• CL Tarrant Trail – A 5-year single premium tax-deferred fixed annuity with a key distinguishing feature: the bailout interest rate waiver. The Tarrant Trail guarantees an interest rate for the first policy year, then resets the rate on each subsequent anniversary. If the renewal rate falls below the stated bailout rate in the contract, the surrender charges and market value adjustment are waived for partial or full surrenders requested within 30 days of that anniversary. This gives the buyer an exit option without penalty if CL Life’s renewal rates become uncompetitive. The product also includes a first-year interest bonus. Appropriate for buyers who want competitive rates but are concerned about being locked into a carrier whose renewal rates might disappoint.

Current fixed annuity rates from CL Life are shown below and update automatically:

The bailout feature on the Tarrant Trail deserves specific attention. Most MYGA contracts lock you in for the full guarantee period with surrender charges on any exit beyond the free withdrawal – there is no escape hatch if the carrier’s renewal rates are low. The Tarrant Trail’s bailout provision creates a contractual protection: if CL Life drops the renewal rate below the bailout threshold, you can walk away without a surrender penalty. This is a meaningful consumer protection for buyers who are rate-sensitive and uncertain about CL Life’s long-term competitive positioning. Learn more about how MYGAs work and when a bailout feature matters.

CL Life Pros and Cons

Pros

• Competitive MYGA rates – CL Life’s Sundance MYGA frequently appears near the top of 3- and 5-year rate comparison tables
• Bailout protection on Tarrant Trail – contractual right to exit without surrender penalty if renewal rates fall below the bailout threshold
• Crestline Investors backing – established Texas-based alternative asset manager with credit investment expertise
• Simple product lineup – two well-defined products; no complex crediting strategies or proprietary indexes
• First-year bonus on Tarrant Trail – additional interest in year one beyond the base rate
• Compound interest structure – Sundance MYGA credits compound interest, not simple interest
• Expanding state availability – 24 states as of early 2026, growing

Cons

• B++ AM Best rating – falls below the A- threshold preferred for large contracts or long-term commitments
• Current ownership since 2022 – Crestline has operated CL Life for less than four years; limited track record under current ownership
• Only 24 states licensed – not available nationwide; confirm state availability before applying
• Alternative asset manager backing – investment strategy may carry more credit or liquidity risk than traditional insurance company portfolios
• Tarrant Trail resets annually – after the first year, the rate can change at each anniversary (subject to the bailout floor); this is not the same as a fixed multi-year rate guarantee
• Only AM Best rated – no S&P, Moody’s, or Fitch rating for independent cross-verification

Who Is CL Life Best For?

CL Life’s Sundance MYGA is best for buyers who are placing a moderate amount – $25,000 to $75,000 – in a 3- or 5-year fixed annuity and want a top-of-market rate with a straightforward product. The B++ rating is a reasonable trade-off for a short-to-medium term contract at that amount, particularly if the buyer is also holding other annuities with top annuity companies and is using CL Life as one piece of a diversified strategy rather than a single large allocation.

The Tarrant Trail is best for buyers who want competitive current-year rates but are genuinely uncertain whether CL Life’s renewal rates will remain competitive over a 5-year period. The bailout provision is a meaningful safety valve: if CL Life’s renewal rates disappoint, the buyer can exit without surrender penalty rather than being trapped in a below-market contract. That feature has real value for rate-conscious buyers who are skeptical about newer carriers’ long-term pricing discipline.

CL Life is not appropriate for buyers placing $150,000 or more with a single carrier, buyers who require A-rated financial strength, or buyers in states where CL Life is not yet licensed. In those situations, the rate premium over A- alternatives does not justify the additional financial strength trade-off. Compare annuity companies across all rating tiers and current rates before deciding. For buyers considering other alternative-asset-manager-backed carriers, it is worth comparing CL Life against similar B++-rated MYGA issuers to see where rates and features stack up.

How to Buy a CL Life Annuity

CL Life products are available through independent licensed insurance agents appointed with CL Life and Annuity. Before starting the application, confirm that CL Life is licensed in your state – as of early 2026, the company is available in 24 states with expansion ongoing. The application process for the Sundance MYGA is standard: confirm the term, current rate, and minimum premium; complete the application with beneficiary designations and funding instructions; and submit.

For the Tarrant Trail, pay close attention to the bailout rate stated in the contract – this is the threshold below which the surrender waiver activates. Confirm what that rate is before signing, as it determines how protected you are from future rate resets. The free look period (10-30 days after delivery depending on state) gives you time to review the full contract terms and cancel without penalty if anything is unclear.

My Annuity Store can compare CL Life’s current rates against 20-plus MYGA carriers across all rating tiers. Request a free quote or use our live rate comparison tool to see where CL Life ranks today.

Other Annuity Companies to Consider

• Ceres Life Insurance Company – also B++ rated, MYGA-focused, with a different private equity backer and compound-interest structure
• Compare all annuity companies by rating, product type, and current rates