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Guaranty Income Life Review

Guaranty Income Life Ratings and Review

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 CompanyRatings
Mailing Address 2638 S Sherwood Forest Blvd, Suite 200
Baton Rouge, LA 70816
Group AffiliationKuvare US Group
A.M. Best RatingB++
State of DomicileIowa
NAIC Company Code 64238
Assets$1,790,698,511
Liabilities$1,334,805,081
Assets to Liabilities Ratio134.15%
Websitehttps://www.gilico.com/

GILICO Contact Information

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 Annuity Login

 

Guaranty Income Life Telephone Numbers

Local: 225-383-0355
Toll Free: 800-535-8110

GILICO 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.

GILICO Annuities

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

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Annuities are distributed by My Annuity Store, Inc. Guarantees are subject to the claims-paying ability of the insurer. My Annuity Store, Inc. does not advise clients on the purchase of non-fixed annuity products. The information presented here is not of tax or legal nature and is not intended to be a recommendation to purchase a fixed annuity, fixed index annuity, variable annuity contract, registered index linked annuity (RILA), immediate annuity (SPIA), longevity annuity, or Qualified Longevity Annuity Contract (QLAC). 

The contract features described may not be current and may not apply in the state in which you reside. Annuities are issued by Insurance companies and contracts are ‘state-specific’. Insurance companies also change their products and information often and without notice. Annuities are subject to the terms and conditions of the specific contract issued by the insurer, are not FDIC or NCUA insured, are not bank guaranteed, may lose value, and are not a deposit. Please call (855) 583-1104 if you have any questions or concerns. 

The information presented here is not a representation regarding the suitability of any concept or product(s) for an individual and it does not provide tax, accounting or legal advice. It is important to read the prospectus carefully and consider your objectives, risks, fees and charges associated with the contract. You should always consult your own financial planning, tax, and legal counsel to determine if a fixed annuity, immediate annuity, longevity annuity, or Qualified Longevity Annuity Contract are suitable in your financial situation.

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