Independent SILAC Denali 14 Annuity Review
In this SILAC Denali Review, I will explain the contract specifics, withdrawal features, fees, lifetime income rider, pros and cons, and historical rate of returns.
I believe it is important to evaluate the financial strength of issuing insurance company’s when reviewing an annuity, so before I dive into the DENALI specifics I’ll provide a quick overview of SILAC Insurance Financial Ratings.
Is SILAC Insurance a Good Company?
SILAC Insurance Company, formerly known as Equitable Life & Casualty Insurance Company, is one of the oldest life insurance providers in the state of Utah.
SILAC is headquartered in Salt Lake City, and it was founded back in 1935. The company has historically offered life insurance, Medicare supplement insurance and health insurance, but it also has fixed and fixed indexed annuities for sale. SILAC is licensed to operate in 47 states and Washington, D.C.
SILAC Insurance is rated B+ by AM Best which is the 6th highest rating out of 15.
Assets & Liabilities
Capital and Surplus: $121,287,905
Assets to Liability Ratio: 108.01%
* NOTE * Inherited IRAs with a date of death in 2019 or earlier will not be allowed on the Denali line.
Additional Deposits: Allowed in the 1st Year
Minimum additional: $2,000
Types of funds: Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, Stretch IRA, Inherited IRA
Owner 0 – 80
Annuitant 0 – 80
Death benefit: Accumulation Value
Market value: adjustment Yes
Return of premium: No
Bail out: No
ADL (Activities of Daily Living): Up to 100% of the Account Value can be withdrawn if the Owner is unable to perform 2 of the 6 Activities of Daily
Living without the physical assistance of another person and meets eligibility requirements. Available after the 1st Policy Year. Please see the Certificate of Disclosure for more information.
Nursing Home: Up to 100% of the Account Value can be withdrawn if the Owner is confined to a nursing home for at least 90 consecutive days and meets the eligibility requirement. Available after the 1st Policy Year. Please see the
Certificate of Disclosure for more information.
Terminal Illness: Up to 100% of the Account Value can be withdrawn if the Owner is diagnosed with a Terminal Illness that results in the Owner having a life expectancy of 12 months or less and eligibility requirements are met. Available after the 1st Policy Year. Please see the Certificate of Disclosure for more information
- The Lifetime Withdrawal Benefit is included automatically and is designed to provide a lifetime income stream while still maintaining access to the account value.
- Lifetime Withdrawals are available anytime after the first policy year.
- They are equal to the current Account Value multiplied by the applicable Lifetime Withdrawal Percentage. Future Lifetime Withdrawals may increase with Step-Ups and will not decrease unless a withdrawal greater than the Lifetime Withdrawal is taken.
- Wellness Withdrawals. A person for whom Lifetime Withdrawals are based cannot perform 2 of 6 Activities of Daily Living, certified by a qualified physician. The impairment began after the policy was issued and is expected to be permanent. Maximum Wellness Period – 5 policy years. Single Lifetime Withdrawals: 2.0. Joint Lifetime Withdrawals: 1.5
Available in: AL, AZ, AR, CO, CT, DC, FL, GA, IL, IN, IA, KS, KY, LA, ME, MI, MS, NE, NH, NM, NC, ND, OK, RI, SD, TN, VT, WV, WI, WY
Simplify Your Retirement with these Benefits
The Denali™ Series allows you to create your own pension. You can begin taking Lifetime Withdrawals after 1 year. Your lifetime withdrawal amount depends on your current Account Value and your age when you start lifetime withdrawals.
Withdrawals are guaranteed for life as long as you don’t take any excess withdrawals – even if your account value falls to zero. An excess withdrawal will lead to a recalculation of the lifetime withdrawal.
COVERAGE AVAILABLE FOR YOU AND YOUR SPOUSE
When you begin lifetime withdrawals, you can decide if the withdrawals will last for your life (single) or as long as you or your spouse is alive (joint). Withdrawals can be taken monthly, quarterly, semiannually or annually.
PROTECTION WHEN YOU NEED IT THE MOST
Wellness Withdrawals are automatically included with your annuity. After the 2nd policy year, you can receive a wellness withdrawal if you cannot perform two of six Activities of Daily Living. If you elected single lifetime withdrawals, then the wellness withdrawal will be double the amount of the lifetime withdrawal. Wellness withdrawals can last for five years.
Denali 14 Historical Rate of Returns
The tables below show the hypothetical rate of return for the top two DENALI 14 indexes and crediting methods.
You’ll notice there are 3 separate tables for each index.
- High Period – Best 10 Year average annual rate
- Most Recent – Average annual rate for the most recent 10 year period.
- Low period – average annual rate of return for the lowest 10 year period.
SILAC DENALI 14 Brochure
This is an independent SILAC DENALI 14 Annuity review, not a recommendation or solicitation to buy or sell an annuity. SILAC has not endorsed this product review in any fashion and we don’t receive any compensation from it. Be sure to do your own due diligence, we recommend consulting with a properly licensed tax, legal or financial professional regarding any questions you may have prior to making any purchasing decision.
Values shown are not guaranteed unless specifically stated otherwise. Rates and annuity payout rates are subject to change. Actual values may be higher lower than the values shown. The illustration is not valid without all 18 pages and the statement of understanding. Not available in all states.
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.
This supplemental report must be accompanied by a complete Disclosure Document and Buyer’s Guide from the respective insurer.
Data and Assumptions
This report is based upon information obtained from Annuities Genius, various insurers, and/or you. Data shown in this report is obtained from sources that Annuities Genius considers reliable and current, but Annuities Genius cannot guarantee that such data will not change at the discretion of the insurer. This report does not constitute a recommendation of any
particular annuity product.
Please review the entire Disclosure Document and Buyer’s Guide provided with your annuity contract for complete details and information about this annuity. Product features, limitations, fees, and availability may vary by state.
Independent rating services evaluate insurance company financial strength. The ratings relate to an insurance company’s ability to meet its claims and guarantees. The ratings do not apply to the safety or performance of any specific insurance product. The ratings are as of the date of this report and are subject to change.
Annuity and insurance product rates, guarantees, and death benefits are based on the financial strength and claims-paying ability of the issuing company.
Early withdrawals or surrender of the annuity can result in a withdrawal or surrender charge and will be subject to ordinary income taxes. In some instances, annuities may be subject to a market value adjustment. In addition to being taxed as ordinary income, if withdrawals are taken prior to age 59 1/2, they can also be subject to a 10% federal early withdrawal tax.
Bonus annuities may include higher surrender charges, longer surrender periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don’t offer a bonus feature.
My Annuity Store does not provide tax or legal advice. The information contained in this report should be used for informational purposes only. The appropriate professionals should be consulted on all legal and tax matters prior to or in conjunction with the implementation of any strategy.