Company Information
Company Name
S.USA Life
Product Name
S. USA Life Select Choice 7
Description
This is a single premium, fixed annuity with a seven-year rate guarantee. After seven years, owners have a 30-day window to withdraw, transfer, or reinvest their entire account balance for a new term. Qualified and non-qualified funds are accepted. There are no surrender charges at passing.
AM Best Rating
A-
URL
Product Type
MYGA
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.25%
Term
7 Years
Minimum Investment
$ 100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
7%, 6%, 5%, 4%, 3%, 2%, 1%, 0%
What We Like About This Annuity
ow minimums to get started and RMD friendly for IRA accounts. Rates are competitive nationwide. No surrender penalties at death and a reasonable surrender schedule.
Notable Features
At cost, consumers can add a 10% free withdrawal rider to their contract. Additionally, a Return of Premium feature can be added where owners will receive their full investment, less withdrawals & taxes, upon early surrender.
Other Popular Products
S.USA Life through their parent organization (Prosperity Life) and subsidiaries also offer competitive indexed annuities and universal life insurance policies.
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About S.USA Life
Founded in 1939, S.USA Life is a subsidiary of Prosperity Life Group. Their parent company has an A- rating with over 100 years of insurance experience and boasts $16.1 billion dollars under management. Other subsidiaries include SBLI USA Life Insurance Company and Shenandoah Life Ins. Co.
They describe themselves as an insurance, reinsurance, and asset management company. These entities together focus on growth, integrity, results, and inclusion. Annuities and life insurance policies are their primary product offerings.