Guaranty Income Life Review
Guaranty Income Life Insurance (GILICO) Ratings
Guaranty Income Life Insurance Company (GILICO) is rated B++ by A.M. Best and is and is based in Baton Rouge, LA.
Since its inception in 1926, they have been creating wealth solutions that generate income and peace of mind for individuals and families. Their primary focus is on fixed annuity products, including long term care annuities.
Knowing that one policy does not fit all, they offer several products spanning these two types of plans. In 2016, Guaranty Income Life Insurance Company became a subsidiary of Kuvare US Holdings.
|Guaranty Income Life Insurance Company||Ratings|
|Mailing Address|| 2638 S Sherwood Forest Blvd, Suite 200
Baton Rouge, LA 70816
|Group Affiliation||Kuvare US Group|
|A.M. Best Rating||B++|
|State of Domicile||Iowa|
|NAIC Company Code||64238|
|Assets to Liabilities Ratio||134.15%|
Guaranty Income Life Contact Information
Guaranty Income Life Mailing Address
Guaranty Income Life Insurance Company
2638 S. Sherwood Forest Blvd., Ste. 200
Baton Rouge, LA 70816-3404
Guaranty Income Life Insurance Company
P.O. Box 2231
Baton Rouge, LA 70821-2231
Guaranty Income Life Company History
In 1926, George A. Foster founded GILICO, growing it into one of the premier life insurance companies in the United States. He did so by methodically building the company’s insurance and annuity expertise, and by creating a place where employees were proud to work.
Many employees stayed with GILICO for decades, fostering stable and reliable relationships with their customers. Mr. Foster’s son, George A. Foster, Jr., took over the business, successfully expanding it and continuing his father’s legacy of innovation, commitment, and service.
In a Press Release issued July, 31st 2019 AM Best announced they have placed GILICO under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Guaranty Income Life Insurance Company (GILIC) (Cedar Rapids, IA).
The Credit Rating (rating) actions follow the recent announcement that GILIC has entered into a definitive agreement to acquire Lincoln Benefit Life Company and its affiliates (collectively referred to as LBL). GILIC is a wholly owned subsidiary of Kuvare US Holdings, Inc. (Kuvare).
The transaction is expected to close by year-end 2019, and is subject to regulatory approval, after which point LBL will be a subsidiary of GILIC. Kuvare anticipates operational and capital synergies for its organizations on a post-acquisition basis. AM Best will continue to monitor the progress of the acquisition and will take further rating action as more information develops.
A subsequent Press Release issued by AM Best on February 21, 2020 announced they have removed the from under review with developing implications and affirmed the B++ Financial Rating.
A Kuvare Company
Guaranty Income Life Insurance Company is a subsidiary of Kuvare US Holdings, Inc. Kuvare is a life and annuity business focused on delivering value-oriented solutions to the middle market.
Kuvare is committed to a sustainable growth strategy, backed by a consortium of stable capital firms collectively managing more than $20 billion. Kuvare has pro forma consolidated assets of more than $3.5 billion.
Kuvare is the holding company for United Life, Guaranty Income Life and Lincoln Benefit Life. In 2019 they reported new sales of about $800 million, an increase of 85% over 2018, said CEO Dhiren Jhaveri. The year before, volume soared 97%, according to data from S&P Global Market Intelligence.
Guaranty Income Life Annuity Products
Traditional Fixed Annuity Products
- FlexPlus 5
- FlexPlus 7
- FlexPlus 10
Multi-Year Guaranteed Annuity Products
- Guaranty 4
- Guaranty 6
- Guaranty 8
Annuity with Long Term Care Rider (Single Premium)
- AnnuiCare 4
- AnnuiCare 6
- AnnuiCare 8
Annuity with Long Term Care Rider (Flexible Premium)
- AnnuiCare 5
- AnnuiCare 7
- AnnuiCare 10
Free Annuity Quotes
My Annuity Store is an online annuity store providing American’s free access to current fixed annuity rates, fixed index annuity rates, long term care annuities and income annuity quotes.
There is a lack of access to annuity educational materials and information. My Annuity Store’s mission is to provide Independent, Unbiased and Transparent resources to help individuals make wise financial decisions regarding their retirement.
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Financial Data for the year ending December 31, 2019. Assets and Liabilities totals do not include amounts allocated to Separate Accounts. All ratings shown are current as of May 15, 2020