Company Information
Company Name
Baltimore Life
Product Name
Baltimore Life IQumulate 5
Description
The IQumulate 5 is a single premium, fixed annuity with a five-year rate lock. After five years, owners have a 45-day window to withdraw, transfer, or renew their deposit for a new term. If no action is taken, a new guarantee period will begin.
This policy is designed primarily for tax-deferred growth. It offers several withdrawal features that will reduce the yearly interest rate. Spousal continuance options are available, but surrender penalties apply at death unless the Enhance Death Benefit rider (.15% cost) is added.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.50%
Term
5 Years
Minimum Investment
$ 5,000
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
Only $5K needed to start the contract. Interest rates are very competitive nationally. Liquidity features can be added is desired.
Notable Features
Several liquidity feature are available, but each will reduce the annual interest rate. Enhanced Death Benefit Rider (.15%), 10% Partial Withdrawals (.20%), Nursing Home Waiver (.10%) and Terminal Illness (.10%) can be individually added.
Other Popular Products
Baltimore Life is known primarily for offering competitive life insurance products in the individual and business marketplaces. Their term, whole, single premium, and universal life policies are popular in several demographics.
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About Baltimore Life Insurance Company
Since 1882, Baltimore Life has been offering insurance solutions and serving several markets. They started primarily focusing on life insurance, but have more recently branched out into fixed annuities and business solutions.
Located in Owings Mills, Maryland, they operate in 49 states and insure more than 300,000 interests nationwide. Their mission is to make a positive difference through openness, honesty, integrity, and respect for the consumers they serve.