Company Information
Company Name
Mountain Life
Product Name
Mountain Life Secure Summit 7
Description
The Secure Summit 7 is a single premium, fixed annuity with a seven-year rate lock. After seven years, owners have a 30-day window to withdraw, transfer, or reinvest their account balance. If no action is taken, a new seven-year term begins with a new surrender schedule.
At maturity, owners can also renew for one-year increments at a new, declared rate. After each one-year term, a new 30-day window opens for full withdrawals or transfers. There are no surrender penalties at death. This policy is only available in a few states.
AM Best Rating
B+
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 5%
Rate
5.55%
Term
7 Years
Minimum Investment
$ 5,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4.50%, 3.50%, 0%
What We Like About This Annuity
Small minimums required to fund account and a competitive rate of return. After one year, owners can withdraw 5% of their account balance. One year renewals are allowed at maturity.
Notable Features
At no cost, both Terminal Illness and Nursing Home Riders are included. An optional 10% Free Withdrawal Rider is available at an annual .25bps cost to the contract.
Other Popular Products
Mountain Life specializes in guaranteed fixed annuities and life insurance policies. Their Level Term and Senior coverage is competitively priced.
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About Mountain Life Insurance Company
For over 50 years, Mountain Life has been offering insurance coverage in a handful of states in the South and Midwest. Originally incorporated in Tennessee, they now are domiciled in Lexington, Kentucky.
They operate through independent insurance agents in Alabama, Arizona, Arkansas, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Tennessee, and Texas.