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In This Gainbridge Annuity Review

An Independent & Unbiased Gainbridge Annuity Review

In this Gainbridge Annuity Review we will cover:

    • Gainbridge Life’s Financial Ratings
    • Gainbridge Parent Company
    • Product Highlights
    • Fees
    • Indexes/ Crediting Strategies
    • Historical Rate of Returns
    • Final Thoughts

Gainbridge Annuity Ratings

Gainbridge Annuities are issued by Guggenheim Life and Annuity Company who is a part of a larger organization called Group1001. 

Group One Thousand One, LLC (“Group1001”) is an insurance holding company in the United States, with current combined assets under management of approximately $37 billion as of December 31, 2017, and a mission to make insurance and retirement products more useful, intuitive, and accessible so everyone can get the most value from their money. 

Guggenheim Life and Annuity Company is rated B++ by AM Best. Prior to being Guggenheim Life and Annuity the company was called Standard Life of Indiana.

InsurerGuggenheim Life and Annuity
Mailing Address401 Pennsylvania Parkway, Suite 300 Indianapolis, IN 46280
Group AffiliationSammons Enterprises Group
A.M. Best RatingB++
State of DomicileDeleware
NAIC Company Code 83607
Assets$11,688,959,539
Liabilities$10,974,895,598
WebsiteHttps://guggenheimlife.com

Gainbridge Contact Information

Gainbridge Phone Number:

Gainbridge does not list a phone number on their website; the only method listed for contacting Gainbridge available is via chat. If you have questions regarding Gainbridge Annuity, or any other annuity, CALL US: (855)-583-1104. We are open Monday through Friday 8:30 AM to 5:30 PM EST, and on Saturday 9:00 AM to 12:00 PM EST.

Gainbridge Annuity Website:

Gainbridge.life/

Gainbridge Policyholder Login: 

Gainbridge.life/sign-in

What is a Multi- Year Guaranteed Annuity?

Annuity Sales in the United States have continued to rise the past few years. However, they still get a lot of criticism in the media and even by some financial advisors as for being complicated. In reality, annuities are much less complicated than most other investment products.

However, there are many different types of annuities, each of which is designed to achieve a certain goal. Once you’ve learned which types of annuities are best suited for a particular goal they are much easier to understand. We’ll try to our best to make the Gainbridge Multi Year Guaranteed Annuity easy to understand today.

multi-year guaranteed annuity (MYGA) is a type of deferred annuity. It also happens to be the most simple of all types of annuities. MYGA’s are often referred to as a CD Type annuity because they are essentially a CD that is issued by an insurance company rather than a bank. MYGA’s pay a specified interest rate for a set number of years.

 

Retired couple looking at sunset in classic car

Gainbridge Annuity Product Highlights

The Gainbridge 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.

The Gainbridge annuity allows contract owners to withdraw up to 10% annually beginning contract year 2.  Withdrawals above the free withdrawal amount result in a surrender charge. Below is a schedule showing what the charge is for taking excessive withdrawals above the free withdrawal amount.

Minimum Premium: $10,000

Premium Type: Single Premium, does not accept additional deposits.

Fees: No Annual Fees

Gainbridge Annuity State Availability

Currently, the Gainbridge Annuity is available for purchase in 22 states listed below.

  • Arizona
  • Connecticut
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Massachusetts
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • North Carolina
  • New Jersey
  • Nevada
  • Ohio
  • Oregon
  • Pennsylvania
  • Tennessee
  • Texas
  • Virginia
  • Washington
  • Wisconsin

Gainbridge Annuity Surrender Charge Schedule

Your Term LengthYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3-Year3%2%1%       
4-Year3%3%2%1%      
5-Year3%3%3%2%1%     
6-Year3%3%3%3%2%1%    
7-Year3%3%3%3%3%2%1%   
8-Year3%3%3%3%3%3%2%1%  
9-Year3%3%3%3%3%3%3%2%1% 
10-Year3%3%3%3%3%3%3%3%2%1%

Gainbridge Annuity Rates: Realistic ROR

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 AM Best. They would need to have a higher rate than an Insurer with A or A+ AM Best Rating.

If two companies are paying the same annuity rate we typically recommend the company with higher financial ratings.

If it were me purchasing the annuity or if you were my client, my recommendation would be to go with the more highly rated Fidelity & Guaranty Life product for only 30 basis points less.

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.