Company Information
Company Name
SBLI Life
Product Name
Savings Bank Life ECAccumulate MYGA
Description
The ECAccumlate is a single premium deferred fixed annuity with a five-year rate lock and a Market Value Adjustment provision. After 5 years, consumers can withdraw, transfer, or renew for a new term.
If no action is taken, the account does not automatically renew. Instead, a new 12-month rate is declared and the annuity funds remain completely liquid. Qualified and non-qualified funds are accepted.
AM Best Rating
A
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
5% / 5%
Rate
5.15%
Term
5 Years
Minimum Investment
$ 25,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 0%
What We Like About This Annuity
Low minimums to start from an A rated carrier. Free 5% withdrawals are available in all years. At maturity, the account does not renew for a new term. It remains tax-deferred and completely liquid.
Notable Features
At no extra cost, both a terminal illness and nursing home rider are included. This allows consumers to withdraw all (or part) of their funds penalty free when this feature is triggered.
Other Popular Products
SBLI is also known for simple term life policies with quick and easy underwriting provisions. Their whole life insurance plans are competitively priced nationwide as well.
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About Saving Bank Life Insurance of MA
Founded in 1907, SBLI specializes in providing simple insurance solutions for their customers. They are licensed in 49 states and have held their A (Excellent) rating for over 45 years.
This mutually-held company boasts over $190 billion of in-force insurance and nearly $4 billion in assets under management. They offer whole and term life as well as fixed annuities.