SILAC Teton 7 Year Fixed Index Annuity Reviewed
The SILAC Teton 7 Annuity may be a good fit for you if you are looking for a retirement savings vehicle that provides principal protection from a potential stock market crash with upside potential based on the performance of an external stock market index.
SILAC Teton 7 Annuity Information
SILAC's Teton Annuity series is a Modified Single Premium Fixed Indexed Deferred Annuity. The Teton 7 is intended for individuals seeking a long-term retirement savings vehicle.
The most likely candidate is someone within 5 to 10 years of their planned retirement age; or, someone who is already enjoying retirement.
Inherited IRAs will be allowed on Teton with the following conditions:
- When the beneficiary is younger than the decedent, maximum issue age of 65
- When the beneficiary is older than the decedent, the maximum age at death is 65
The Teton series allows you to add an additional premium for the first policy year. All additional premiums will automatically be applied to the fixed interest strategy and can be reallocated at the end of the first year.
Flexible Premium: Yes, in the first contract year.
Available in: AL, AZ, AR, CO, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MI, MS, NE, NH, NM, NC, ND, OK, RI, SD, TN, VT, VA, WV, WI, WY
Can I Access My Money?
The SILAC Teton 7 provides you access to your money in a few ways highlighted below.
Free withdrawals: In the 1st Policy Year, Required Minimum Distributions can be withdrawn. After the 1st Policy Year, Up to 5% of the Account Value or RMD can be withdrawn. One non-systematic free withdrawal allowed per year.
Cumulative Free Withdrawals:
If not withdrawals are taken in a given year, fully unused free withdrawals can be carried over to the next policy year. The maximum cumulative free withdrawal amount is 30% of your account value (as the most recent policy
SILAC TETON Details
Minimum Premium: $10,000
Maximum Premium: $1,000,000
Contract Length: 7 Years
Insurance Company: SILAC Insurance Company
Company AM Best Rating: B+ (Good)
Maximum Issue Age: 85
Annual Free Withdrawals: 5% Beginning Year 2. Cumulative up to maximum of 30%.
Additional Riders: None
MARKET VALUE ADJUSTMENT: A Market Value Adjustment (MVA) applies to any withdrawal to which a withdrawal charge applies. It can either increase or decrease the amount you’ll receive. It does not apply after the withdrawal charge period ends.
Death Benefit: Beneficiary(s) will receive the full Account Value upon the death of the Owner.
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.
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.
ADL: 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
SILAC Life Insurance Company
Group Affiliation: Sterling Financial Ins Group, Inc
State of Domicile: Utah
NAIC Company Code: 62952
Year Founded: 1935
Address: 299 South Main Street #1100, Salt Lake City, UT 84111
Phone Number: (800) 352-5150
SILAC Teton 7 Historical Rate of Returns Reviewed
The below rate of returns are based on hypothetical backtesting using the most recent 10 year period.
The first-rate of return is the average rate of return for the most recent 10 year period, followed by the best 10-year annual average, and finally, the last number you see is the average annual rate for the worst 10 year period.
SILAC Teton Hypothetical Performance
1-Year Barclays Atlas 5 Annual PTP Spread
Recent (NAIC) – 6.57% | 7% | 5.91%
1-Year Barclays Atlas 5 PTP Participation Rate
Recent (NAIC) – 6.28% | 6.75% | 5.73%
1-Year S&P 500 PTP Monthly Average Spread
Recent (NAIC) – 3.87% | 3.87% | 0.97%
1-Year S&P 500 PTP Monthly Average
Recent (NAIC) – 3.57% | 3.65% | 1.54%
1-Year S&P 500 PTP Monthly Average Cap
Recent (NAIC) – 3.21% | 3.35% | 2.24%
1-Year S&P 500 PTP Monthly Sum Cap
Recent (NAIC) – 5.18% | 5.18% | 2.42%
1-Year S&P 500 PTP Participation Rate
Recent (NAIC) – 3.81% | 3.81% | 2.72%
1-Year S&P 500 PTP Cap
Recent (NAIC) – 3.13% | 3.34% | 2.88%
1-Year Credit Suisse RavenPack PTP Spread
Recent (NAIC) – 6.87% | 7.28% | 5.87%
1-Year Credit Suisse RavenPack PTP
Recent (NAIC) – 6.72% | 7.1% | 5.76%
1-Year Fixed Guaranteed Rate: 2.25%
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
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.
Annuities Genius 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.