Company Information
Company Name
EquiTrust Life
Product Name
EquiTrust Life Certainty Select 8
Description
This is a single premium, fixed annuity with an eight-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
5.10%
Term
8 Years
Minimum Investment
$ 10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
10%, 10%, 9%, 9% 8%, 8%, 7%, 7%, 0%
What We Like About This Annuity
This is a long-term annuity that allows for monthly interest withdrawals. There are no surrender charges at death. Rates are often very competitive nationally for an eight-year term allowing consumers to lock in higher rates for longer.
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.