SILAC Life Insurance Company Profile
Group Affiliation: Sterling Financial Ins Group
State of Domicile: Utah
NAIC Company Code: 62952
Year Founded: 1935
Assets & Liabilities
Capital and Surplus: $121,287,905
Assets to Liability Ratio: 108.01%
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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.
Teton Series Annuities in the Teton Series are single premium fixed indexed annuities. Your options for growing your savings are one fixed interest rate and a handful of index crediting strategies linked to the S&P 500 Index.
You can choose one or more of the options and rebalance them at the end of each crediting term. The indexed rates are limited at the top and bottom so your earnings are capped and your loss, at most, can be that you didn’t earn anything during the term.
If you die before the contract matures and you haven’t annuitized, your beneficiary will receive your account’s full value. If your beneficiary is your spouse, they can choose to continue the policy.
At no additional cost, you can add a nursing home benefit, terminal illness benefit, or in-home health benefit.
These benefits take effect after the first year, and allow you to withdraw up to 100% of your account if you enter a qualified care facility and meet the eligibility requirements, are diagnosed with a terminal illness, and have less than 12 months to live and you require home health care and meet requirements, respectively.
This annuity is available as the Teton 7, 10- or 14-year contract. The maximum issue ages are 90, 85, and 80, respectively. To buy a policy, you need at least $10,000, with extra payments being allowed for up to the first year.
Teton Series Bonus annuity is the same as Teton Series above but pays a 10% premium bonus for the 14-year contract and a 5% premium bonus for the 7 and 10-year versions of the annuity contract.
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Fixed Index Annuities