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SILAC Secure Savings Elite 5 Year Fixed Annuity

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SILAC Secure Savings Elite 5 Year Fixed Annuity

Minimum Deposit: $10,000 | 2.95% APY for 5 Years

SILAC Secure Savings Elite 5 is a 5-year fixed annuity designed to be a high-yield retirement savings account. It is a CD Type of Annuity that pays 2.95% for 5 years.

SILAC Secure Savings Elite Product Details

SILAC Secure Savings Elite 5 is a multi-year guaranteed annuity offering clients a guaranteed interest rate for 5 years with principal protection.


In order to get the highest interest, rate your annuity will have no annual free withdrawals. However, if you would like you can add Free RMD withdrawals or 5% free annual withdrawals for a .06% reduction in your annual interest rate. Free systematic interest withdrawals can be added for a .10% reduction in interest rate. Example: 2.95% minus .06% = 2.89% Annual Interest Rate.


Interest rate for each guarantee period is set at issue and guaranteed for the duration selected. Premium must be held for the full interest rate guarantee period to receive the full amount of interest. At the end of the guarantee period, you have a 30-day window within which to select one of three options:

  • Surrender any amount of the contract free of charge.
  • Renew the contract for another guarantee period of the same duration, if available.
  • Renew the contract for a different interest rate guarantee period available at that time.

If you do not elect one of these options, the contract will renew automatically for another 5-year term. (A reminder will be mailed to you directly from the insurance company and you will also receive a phone call, email, and letter from My Annuity Store.)

Interest rate credited for the new guarantee period will be based on the rates in place at that time and declared in advance. Interest rates for future guarantee periods will never be less than the minimum guaranteed interest rate of 1%.

ACCESS TO YOUR MONEY (Free Withdrawals)

Annual free withdrawals up to 5% or interest earned is available for .06% reduction in interest rate; RMD Free Withdrawals are available for a .10% reduction in annual interest rate (if elected at issue) without a surrender charge or market value adjustment (MVA) applied.

Withdrawals more than the annual free withdrawal amount may be subject to a surrender charge prior to the end of the guarantee period. 

Withdrawals of income will be subject to tax and, if prior to age 59½ may be subject to a 10% IRS penalty.

Withdrawn amounts will not receive the full interest credit.


Surrender charges and MVA will be waived upon the contract owner’s death or annuitization after the first contract year.

During the 30-day window period at the end of the guarantee period, you can surrender any amount of the contract without a surrender charge. 

Nursing home and terminal illness waivers:

Surrender charges will also be waived if owner is admitted into a licensed nursing home, or

If owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA).

Waivers are subject to state approval and certain conditions. See contract for details.


The MVA is intended to reflect the change in the interest crediting rate from the start of the guarantee period to the time of surrender or withdrawal, as well as an adjustment for the time remaining in the guarantee period.

The MVA can be positive or negative. There is no limit on a positive MVA. A negative MVA may not cause the amount received upon surrender to be less than 87.5% of premium accumulated at 1%, reduced for net withdrawals.


You can annuitize your contract after the first year without a penalty.


Payable on the death of any owner

  • Death benefit is equal to contract value (no surrender charges or MVA will apply)

Death benefit proceeds are paid directly to named living beneficiaries and may not be subject to the probate process.

Fixed Annuity Rate (Up to)


Minimum Premium


Maximum Premium


Contract Length

5 Years

Company Rating (A.M. Best)

B+ (Good)

Maximum Issue Age

Age 85

Insurance Company


Premium Type

Single Premium (does not accept additional deposits)

Annuitization Required


Annual Penalty-Free Withdrawals

5% Annual Free withdrawals or free RMD withdrawals may be added for a reduction of .06% in interest rate.

Free withdrawals of interest may be added for a .10% interest rate reduction.

State Availability

Available states: AL, AK, AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MI, MS, MO, MT, NE, NV, NH, NM, NC, ND, OH, OK, RI, SC, SD, TN, TX, UT, VT, WV, WI, WY,

Types of Funds

Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, Stretch IRA, Inherited IRA


In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity. 

When your withdrawal from your annuity the interest earned will be taxed at your ordinary income tax rate.

Non-Qualified Annuity

Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you have

earned will be taxed as ordinary income.

Qualified Annuity

Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary

income as you withdraw money.

Roth IRA Annuity

Withdrawals from Roth IRA annuities are tax-free if the IRS requirements are met.


If you withdraw money from your annuity before you turn age 59½, you may receive a 10% IRS penalty in

addition to paying ordinary income taxes.

Pros of the SILAC Secure Savings Elite 5 Year Fixed Annuity

Pays a guaranteed interest rate much higher than current CD Rates are paying.

Your interest grows tax-deferred meaning you do not pay taxes on your interest until you withdraw it from your annuity.

Death benefit is full account value and may avoid probate.

Liquidity options to provide you the access to your your money.

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SILAC Life Insurance Company Profile Group Affiliation: Sterling Financial Ins GroupState of Domicile: UtahNAIC Company Code: 62952Year Founded: 1935 Website: Silacins.comAddress: 299 South Main St. #1100Salt Lake City, UT

Jason Caudill, MBA

Jason Caudill, MBA

Jason Caudill is President of My Annuity Store, Inc. and has distributed more than $1.5 Billion of annuities during his career. He believes a lack of access to educational materials and annuity products has hindered the widespread adoption of these strategies in the United States. Jason has been a student of annuities since the age of 21 when was an intern for New York Life Insurance Company. His mission is to help change the way annuities are bought and sold.

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