EquiTrust at a Glance: Rates, Products and Reviews

Headquartered in Des Moines, Iowa, EquiTrust Life Insurance Company was established in 1996 but began operation in independent insurance in 2003.

The company gained recognition with the launch of three innovative annuities: the MarketPower Bonus Index, MarketValue Index and MarketSeven Index. By 2012, it had surpassed $10 billion in assets, and in 2015, Magic Johnson Enterprises acquired a controlling stake. Today, the company manages $27.2 billion in assets and generates $3.3 billion in annual premiums, representing 0.13% of the market.

EquiTrust offers two types of annuities: accumulation fixed annuities, which provide competitive returns and tax-deferred growth with customizable options, and payout fixed annuities, which deliver regular income through various payment methods, including immediate annuities.

EquiTrust’s Accumulation fixed annuities feature competitive rates of return while protecting against market downturns. It features tax-deferred growth with a variety of withdrawal options and available riders to customize your policy.

EquiTrust offers several annuity products that feature different interest credits, including one-year renewable rates, multi-year rates, index-linked options, index-linked rate buy-up options and index-linked products with long-term care benefits and wellness programs.

Maximum issue ages, minimum premium amounts, withdrawal options and surrender-charge schedules vary based on annuity.

A payout fixed annuity from EquiTrust provides regular income that is available in various forms, allowing you to choose the option that best reflects your needs. One popular way to generate income is to opt for an immediate annuity, which provides guaranteed payments for either the life of the annuity or for a specific term. They have no residual value upon the death of the annuitant. There is also an option for accumulation annuities, which are available either as an annuity or an income rider.

There are several features and benefits that come with EquiTrust annuities.

For example, with the ChoiceFour Annuity, a death benefit comes included. There are also two complimentary riders: a nursing home waiver and a terminal illness rider. With the MarketPower Bonus Index Annuity, there are penalty-free withdrawals with an income rider that provides guaranteed income.

EquiTrust Life Insurance Company does not publicly disclose detailed information about its fees and charges on its website. This lack of transparency can make it challenging for potential customers to understand the total cost of their annuity products upfront. Fees may vary based on the specific annuity chosen, and they can include surrender charges, management fees and costs associated with optional riders or features.

To gain a comprehensive understanding of the fees associated with EquiTrust annuities, it is advisable to consult with a qualified financial advisor.

The National Association of Insurance Commissioners (NAIC) reports six complaints logged, which account for 0.012% of total market complaints. Although it is not accredited by the Better Business Bureau (BBB), it does receive an A+ rating for its customer service. There are just two reviews, which give a customer rating of 1 out of 5, but EquiTrust shows a strong track record of complaint resolution. It does not rank in the J.D. Power 2023 U.S. Individual Annuity Study, nor does it rank in the 2023 U.S. Individual Life Insurance Study for EquiTrust insurance.

EquiTrust also boasts solid financial strength with high industry ratings. While it earns a B++ (Good) rating from AM Best, it rates better with S&P Global and Fitch Ratings, which award it an A- rating for financial stability.

EquiTrust retirement planning includes a healthy amount of annuity products, coupled with life insurance, making for a well-rounded financial provider. The fixed index annuities EquiTrust offers are available in several forms and terms with varying benefits and features so you can find the right fit for your financial future. With solid financial strength and high industry ratings, EquiTrust is a well-rounded annuity provider that is worth a second look.

An experienced financial advisor can help you determine if EquiTrust annuities are right for you.

Editor Norah Layne contributed to this article.