SILAC Annuity Reviews

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Witten By Peter Hansen

2 min read

Posted - Mon Dec 11 2023

Financial Strength Ratings

Silac Insurance Company's financial strength and long-term issuer credit ratings affirmed by A.M. Best, with a stable outlook and a B+ (Good) rating.

A.M. Best

1/6/2023

B+

Outlook: Stable

All about SILAC

As I approach retirement, understanding annuity rates becomes crucial. The annuity rate report provided me with the knowledge to compare and choose the best rates, empowering me to maximize my savings and secure a financially sound future.

Les Balmer

Recently retired. Dallas,Texas

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SILAC Insurance Company, originally known as Equitable Life & Casualty Insurance Company and founded in 1935, is Utah's oldest active life insurance company. The company has a history of innovation in the insurance sector, starting from the development and marketing of Medicare supplement insurance in the 1960s and 1970s. SILAC began offering annuity products in 2018, initially with fixed annuities and later adding fixed index annuities to their portfolio. In 2020, the company rebranded to SILAC Insurance Company, emphasizing its expanded range of products.

SILAC offers two main types of annuities: fixed index annuities (FIAs) and multi-year guaranteed annuities (MYGAs).

Fixed Index Annuities: These annuities are designed to help consumers reach their retirement savings goals while protecting their savings from financial risks like market volatility. The interest earned on an FIA is linked to the growth of an equity market index but also pays a minimum fixed rate. SILAC’s FIAs are available in three series:

  • The Vega series focuses on the accumulation of retirement income with various income and benefit options.
  • The Denali series offers both accumulation and guaranteed lifetime income, with flexibility in choosing accumulation periods.
  • The Teton series provides indexed crediting options along with a fixed interest rate, offering strategic growth potential.

Multi-Year Guaranteed Annuities: MYGAs provide a guaranteed fixed rate of return for a specified number of years and are not tied to the performance of the equity market. SILAC’s Secure Savings and Secure Savings Elite MYGA products offer competitive fixed interest rates, with options for two-year or five-year rate guarantee periods.

In our commitment to providing unbiased, data-driven analysis, we have thoroughly reviewed several SILAC Insurance Annuities. Our reviews take a deep dive into the intricate components of each annuity product, examining key factors such as the indexes used, crediting methods, cap and participation rates, surrender charge schedules, rider options, the overall financial strength of the company, and much more.

Our purpose is to simplify the complex world of annuities for you, transforming complex financial jargon into clear, actionable information. So, whether you are a novice investor trying to understand the basics, an experienced investor seeking advanced financial strategies, or an advisor searching for in-depth analysis, our SILAC Annuities reviews can cater to your needs.