Walk away after 2 years with no penalty.
SILAC has a national reputation as a caring company, and we work hard to preserve it.
• Founded in 1935
• Utah’s oldest active life insurer
• Licensed in 47 states & District of Columbia
• SILAC is licensed as SILAC Life Insurance Company in the state of California
Issue Ages:
− Secure Savings: 18-90
− Secure Savings TM Elite: 18-85
– How much to save?
– Minimum $10,000
– Maximum $500,000
(Larger amounts must-have home office approval)
Surrender Charges
If you surrender or withdraw an amount that exceeds the free withdrawal amount during the surrender charge period, you will incur a surrender charge.
Surrender charges do not apply during the 30-day window.
• Market Value Adjustment
Does not apply during the 30-day window or for
Penalty-Free withdrawals.
With a fixed annuity, the insurance company guarantees both the rate of return (the interest rate) and the payout to the investor. Although the word “fixed” might suggest otherwise, the interest rate on a fixed annuity can change over time.
The contract will explain whether, how, and when this can happen. Often the interest rate is fixed for several years and then changes periodically based on current rates. Payouts can be for an entire lifetime, or you can choose another time period.
Source: “Learn to Invest, Investment Types, Annuities, Fixed Annuities.” Financial Industry Regulatory Authority (FINRA). Visit FINRA’s Fixed Annuities Webpage
A fixed annuity, or MYGA, guarantees a set interest rate for a specified period – just like a CD. However, Fixed annuity guarantees are backed by the claims-paying ability of the issuing insurance company and are not insured by the FDIC like a CD.
While not FDIC insured, State Insurance Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent.
Fixed annuities work very much like a certificate of deposit (CD). Both a fixed annuity and a CD provide principal protection, meaning your account value will not decrease due to market performance.
A fixed annuity, or MYGA, guarantees a set interest rate for a specified period of time – just like a CD. However, Fixed annuity guarantees are backed by the claims-paying ability of the issuing insurance company and are not insured by the FDIC like a CD.
While not FDIC insured, State Insurance Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent.
| FEATURES | FIXED ANNUITY | CD |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 – $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years – 10 years | 3 months – 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May avoid probate. | Probate process required. |
Yes. Insurance companies as a whole have a long history of stability, even through our nation’s most difficult economic times. Fixed annuities, unlike variable annuities, are backed by the full faith and credit of the issuing insurance company
A fixed annuity, or “CD-Type Annuity“, guarantees a set interest rate for a specified period of time – just like a CD. However, Fixed annuity guarantees are backed by the claims-paying ability of the issuing insurance company and are not insured by the FDIC like a CD.
No
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 (MYGA), fixed index annuity(FIA), variable annuity (VA), 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 that 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, fixed index annuity, annuity with long-term care rider, immediate annuity, longevity annuity, or Qualified Longevity Annuity Contract are suitable in your financial situation.
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Call Us : 1-855-583-1104
