In This Gainbridge Annuity Review
Gainbridge Annuity Ratings
|Insurer||Guggenheim Life and Annuity|
|Mailing Address||401 Pennsylvania Parkway, Suite 300 Indianapolis, IN 46280|
|Group Affiliation||Sammons Enterprises Group|
|A.M. Best Rating||B++|
|State of Domicile||Deleware
|NAIC Company Code||83607|
Group 1001 is a family of insurance companies offering accumulation and protection solutions and investing in social programs to drive positive change for U.S. communities. Led by a team with a record of building successful businesses, Group1001 combines fresh thinking and a can-do culture with insurance, technology, and investment management expertise to make a real difference in people’s lives.
In addition to Gainbridge they also own:
- Delaware Life Insurance Company
- Clear Spring Insurance
- Clear Spring Health
Gainbridge Contact Information
Gainbridge Annuity Product Highlights
Gainbridge offers two types of annuities:
- MYGAs and
- Single Premium Immediate Annuities
These happen to be the simplest of all annuity types which lend themselves nicely to being sold online rather than in person by a financial advisor.
Gainbridge Multi Year Guarantee Annuity
A multi year guaranteed annuity pays a fixed rate for the term of the annuity contract, anywhere from 3 to 10 years depending on the option you purchase.
After the original annuity contract term has ended the owner has the option to withdraw all of their annuity account value in a single lump sum.
However, if you do not liquidate your annuity during a 30 day window it will automatically renew for another 5 year period at whatever the current new money rate are at that time.
Liquidity: 10% free withdrawals annually beginning contract year 2.
Minimum Premium: $10,000
Premium Type: Single Premium, does not accept additional deposits.
Fees: No Annual Fees
The Gainbridge SPIA (Single-Premium Immediate Annuity) is a financial planning tool designed to convert an initial investment into a stable stream of fixed monthly payouts over a specified investment period. You can select a Guaranteed Period (investment period) from 3 to 10 years while earning interest.
The Gainbridge SPIA will make fixed monthly payouts during the Guaranteed Period. Each Payout Amount is based on the amount of your initial investment when you purchase your SPIA. One note of interest is that they currently do not offer lifetime payout options which are the most common type of immediate annuity payment option.
Their SPIA does offer a Commutation option during the guarantee period which happens to be a nice feature that is not offered in many single premium immediate annuity products.
Your Payout Amounts are calculated with the expectation that you will maintain your Gainbridge SPIA for the entire Guaranteed Period. If you choose to commute your contract prior to the end of the Guaranteed Period, a 4% commutation charge is applied when calculating the Commutation Value you will receive.
Gainbridge Annuity State Availability
Currently, the Gainbridge Annuity is available for purchase in 22 states listed below.
- North Carolina
- New Jersey
Gainbridge Annuity Surrender Charge Schedule
|Your Term Length||Year 1||Year 2||Year 3||Year 4||Year 5||Year 6||Year 7||Year 8||Year 9||Year 10|
Gainbridge Annuity Rates: Historical Rate of Return
With Gainbridge Multi Year Guarantee Annuity you know exactly what your rate of return will be because they guarantee the interest rate for the length of the contract term. At the time this was written on October 12, 2020, the Gainbridge 5 multi year guaranteed annuity was paying 3.10%.
Gainbridge Annuity Fees
There are no fees associated with the Gainbridge MYGA unless you surrender your annuity contract pre-maturely. In which case you can refer to the surrender schedule table above and see what the early surrender fees would be for each year of the contract.
Final Thoughts on Gainbridge Annuities
Gainbridge Annuity is very young in the annuity market space compared to most insurance companies. Given the fact they are issued by a company rated B++ by A.M. Best they would need to have a noticeably higher interest rate than an Insurer with higher financial ratings.
If two companies are paying the same, or very similar interest rates, we always lean toward the insure with greater financial strength. With that said, if you do not have a financial advisor and are the type of investor who is comfortable doing business online – Gainbridge Annuities do offer a convenient platform with a simple application process.
Rates Change Frequently -
Sign Up for Monthly Rate Updates
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 intended to be a recommendation to purchase a fixed annuity, fixed index annuity, variable annuity, 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. Insurance companies often issue contracts which 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 or legal advice. You should always consult your own financial planning, tax, and legal advisors to determine if a fixed annuity, immediate annuity, longevity annuity, or Qualified Longevity Annuity Contract are suitable in your financial situation.