Company Information
Company Name
American Life
Product Name
American Life Classic 5
Description
The American Classic 3 (no liquidity) is a single premium, multi-year Guaranteed Annuity with a five-year interest rate guarantee and a Market Value Adjustment provision. A bonus interest payment is credited if no withdrawals are made during the five-year surrender period. The rate below reflects the credited bonus amount. American Life also offers a version with 10% liquidity in years 2-3 at a lower yearly rate. All contracts include a 30-day renewal window for transfers, full withdrawals, and exchanges.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.33%
Term
5 Years
Minimum Investment
$ 1,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 0%
What We Like About This Annuity
This annuity offers higher rates in exchange for no access to the contract value during the five year surrender period. There are no surrender charges at death. Very low minimums to start.
Notable Features
A second variation of this contract is offered at a lower rate. It includes a 10% free withdrawal rider in years 2-5. Several annuitization options are before maturity.
Other Popular Products
American Life specializes in annuities. They offer a popular indexed annuity with a large upfront bonus called the MaxGrowth 10. Their multi-year guaranteed indexed annuity (American Fusion) is also a strong growth product.
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About American Life & Security Corp
They were founded in 1960 and are headquartered in Lincoln, Nebraska. In 2018, leadership pivoted to focus on fixed and indexed annuities. They partnered with FAST, an innovative digital platform, to upgrade their technology and simplify the process of buying insurance and annuities.
Their foundations for success include strong management, dynamic culture, technology & innovation improvements, financial strength, and an efficient operating model.