Company Information
Company Name
SILAC Life
Product Name
SILAC Secure Savings Elite 2
Description
The Secure Savings Elite 2 is a single premium, fixed annuity with a two-year rate lock. After two years, owners have a 30-day window to withdraw, transfer, or reinvest their entire account balance. If no action is taken, a new term 3 year term will begin.
Qualified and non-qualified funds are accepted. This policy does not include a surrender-free death benefit. Spousal continuances are allowed.
AM Best Rating
B
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
3.90%
Term
2 Years
Minimum Investment
$ 10,000
Maximum Investment
$500,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 0%
What We Like About This Annuity
Short, two year term with low minimums to start. Penalty-free withdrawal features can be added if desired.
Notable Features
Accumulated interest and 5% penalty free withdrawals are both available. Each will reduce the annual interest rate by .06% respectively.
Other Popular Products
SILAC may be best known for their fixed-indexed annuities. Popular bonus annuities include their Vega, Denali, and Teton products.
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About SILAC Insurance Company
Founded in 1935 in Salt Lake City, UT, SILAC has been in business for over 90 years. They began offering annuities in 2018 and specialize in MYGAs and fixed-indexed annuities. They are licensed in 48 states and are currently B rated with AM Best.
They strive to be an innovative company delivering great service and competitive products for consumers and the agents who offer their policies.