Company Information
Company Name
EquiTrust Life
Product Name
EquiTrust Life Certainty Select 5
Description
This is a single premium, fixed annuity with a five-year rate lock. It accepts both qualified and non-qualified money and includes a Market Value Adjustment. At maturity, owners can withdraw the full account value, renew for a new term, or exchange for another annuity with a different insurance company. In FL, the contract will renew into a 1-year guarantee period with no surrender charges if no elections are made. The full account value is available at passing with no surrender charges.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / Int
Rate
5.00%
Term
5 Years
Minimum Investment
$ 10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
10%, 10%, 9%, 9% 8%, 0%
What We Like About This Annuity
This is a mid-term annuity that allows for monthly interest withdrawals. There are no surrender charges at death. Rates are often very competitive nationally.
Notable Features
This policy offers two riders at no extra charge. There is a Nursing Home Waiver that, after one year, allows for penalty-free withdrawals if the owner is confined for 90 days. There is also a terminal illness rider that, upon diagnosis, will waive surrender charges on 75% of the accumulated policy value.
Other Popular Products
EquiTrust Life offers several innovative annuities for income, growth and estate protection. Their new Bridge Annuity is a popular hybrid long-term care policy. Beyond that their single-premium, indexed life insurance policy (WealthMax) is a great product for transferring wealth to your beneficiaries.
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About EquiTrust Life
In 2003, EquiTrust began operating in the independent-insurance channel offering annuities to consumers. Their corporate headquarters is in Chicago, IL and all administration takes place out of West Des Moines, IA. Magic Johnson Enterprises acquired a controlling interest in 2015.
Through the years, they have amassed nearly $30 billion in assets and boast nearly a 95% investment-grade bond portfolio with a $110 solvency ratio. This high ratio represents their ability to meet all policy obligations.