Guaranty Income Life at a Glance: Rates, Products and Reviews

Guaranty Income Life Insurance Company (GILICO) brings over 90 years of experience in wealth solutions, having been founded in 1926. In 2016, it became a subsidiary of Kuvare US Holdings, Inc., which boasts over $3.5 billion in pro forma consolidated assets. Its life insurance products are sold by United Life Insurance Company.

Today, Guaranty Income Life remains a family-owned company that prides itself on providing Southern hospitality with a pronounced focus on service, experience and innovation. According to the National Association of Insurance Commissioners (NAIC), it holds approximately 0.11% of market share premiums with $2.67 billion in annual premiums.

Guaranty Income Life financial products include fixed index, deferred and multi-year guaranteed annuities.

Guaranty Income Life offers one deferred annuity: the Guaranty Growth Plus Annuity.

The Guaranty Growth Plus (GGP) annuity is a single premium fixed index annuity with tax-deferred growth and protection against market downturns. It offers a choice of a fixed rate or index options that include the S&P 500 and S&P MARC 5% (Multi-Asset Risk Control) Index. There are several additional benefits like the option for Guaranteed Lifetime Income for the annuitant and spouse, and a complimentary Guaranteed Living Benefit Rider that provides guaranteed income despite index performance. Guaranteed growth also comes from the Lifetime Yearly Income Benefit that provides guaranteed growth through compound interest.

The fixed index annuities Guaranty Income Life offers are a part of the WealthChoice series.

The WealthChoice annuity offers tax-deferred growth that safeguards against market downturns with terms available for five, seven or 10 years. With the seven- and 10-year terms, there is the option to add on the Guaranteed Living Benefit Rider (GLBR). With a 10-year annuity, the Premium Bonus Rider may also be added. Either way, there is a choice of a fixed account or several allocation options using the S&P 500 Price Return (PR) Index. The Terminal Illness & Nursing Home Confinement Waivers and a death benefit are also available.

Guaranty Income Life also offers multi-year guaranteed annuities (MYGAs).

The Guaranty Rate Lock places a priority on liquidity, allowing annuitants to access their money several different ways, including free partial withdrawals and the Terminal Illness & Nursing Home Confinement Waivers. It is available for terms of three through 10 years with fixed surrender chargers and a minimum premium of $100,000.

A host of benefits and features accompany Guaranty Income Life annuities.

The Guaranteed Living Benefit rider is one complimentary feature, but there are several other features available. There are options designed to enhance growth, such as the Premium Bonus Rider, Lifetime Yearly Income Benefit and Guaranteed Lifetime Income feature that generously covers both annuitant and spouse. To help during tough times, Guaranty Income Life annuities can also include a death benefit, in addition to Terminal Illness & Nursing Home Confinement Waivers.

Guaranty Income Life does not publicly disclose its fees, but a licensed financial advisor can provide further details regarding the fees and charges for Guaranty Income Life financial products.

Guaranty Income Life receives high scores for both customer satisfaction and financial stability.

The NAIC reports just three complaints on record, representing just 0.006% of market complaints. That earns it a very low 0.06 out of 1.00 rating for NAIC’s customer complaint index. Although it is not accredited by the Better Business Bureau (BBB), it still receives an impressive score, with an A+ rating based on just two complaints over the last three years.

For financial stability, no rating information is available from S&P Global or Fitch Ratings, but Guaranty Income Life does earn an A- (Excellent) rating from AM Best.

Guaranty Income Life offers a range of retirement planning products, including deferred annuities, fixed index annuities and multi-year guaranteed annuities, without overwhelming customers with excessive choices. These annuities stand out for their appealing features and benefits, designed to boost growth and provide additional protection.

With the backing of Kuvare US Holdings, Guaranty Income Life provides solid financial strength with excellent customer satisfaction, showing that it is a trustworthy company when you need assistance with claims or support.

Editor Norah Layne contributed to this article.