Oceanview Life and Annuity At a Glance: Rates, Products and Reviews

Oceanview Life and Annuity Company, previously known as Longevity Insurance Company, was founded in 1965, as a financial services company. Oceanview Life and Annuity specializes in providing fixed and fixed index annuity products. The company aims to help individuals secure their retirement by offering reliable and straightforward annuity products. While it is not as well-known as some larger insurers, Oceanview focuses on providing financial security through its annuities, which often come with guaranteed returns and added features like nursing home and terminal illness riders.

Oceanview has built a strong financial foundation, managing over $8 billion in invested assets, and holds an “A” rating from AM Best, which indicates its financial strength and ability to meet its obligations.

Oceanview provides a range of annuity options, including fixed annuities and fixed index annuities.

Here’s what you need to know about these different financial products.

Fixed annuities provide a guaranteed interest rate for a set term. The stable and consistent returns and steady income they offer makes them an ideal choice for conservative investors who appreciate financial security.

Oceanview Life offers two fixed annuities known as multi-year guaranteed annuities, or MYGAs. These include:

Fixed index annuities link performance to a market index, such as the Standard & Poor’s 500, while protecting against investment risk by putting floors and caps on returns. This type of investment is ideal for moderate-risk investors who want higher growth potential but also desire some measure of protection against the potential loss that comes with equity exposure.

Oceanview offers one fixed-income annuity, called the Harborview Fixed Indexed Annuity. It comes with a three-, five-, seven- and 10-year guarantee period. You also have a 20-day free look period to cancel your contract after signing up if you end up changing your mind.

The minimum premium is $20,000, and the annuity comes with two free annuity riders including a nursing home confinement rider and a terminal illness rider. These riders allow you to waive surrender charges and make withdrawals if you’re confined to a facility for at least 90 days or if you are diagnosed with a terminal illness.

Oceanview annuities charge surrender charges if you withdraw more than the allowable amount of funds. The cost of surrender charges can vary by product and is based on when you make withdrawals.

Here is the surrender charge schedule for the fixed index annuity (for those outside of California) so you can get an idea of what you might pay.

You can reach Oceanview customer service at 1-866-642-0928 for sales and product information. You can also reach out to customer service at 1-888-295-3815 for policy information or to set an appointment with a qualified agent to discuss your investment options.

Oceanview is not Better Business Bureau accredited, and the insurer received an F grade from the BBB. The insurer was also the subject of six complaints to the BBB in the following 12 months.

However, it’s important to note that many life insurance and annuity providers receive low ratings with the BBB, in part due to the complexity of retirement products that can result in some customers becoming dissatisfied with their outcomes. These ratings do not mean Oceanview won’t provide you with quality service and annuities offering a good ROI.

In fact, Oceanview does have a very high financial strength rating, earning an A from AM Best, so you don’t have to worry that the insurer won’t fulfill its obligations as that possibility is very slim.

Oceanview specializes in fixed annuities and fixed index annuities, but it does not offer the same range of products as other life insurers. For instance, variable annuities are not available. However, Oceanview does provide flexibility when choosing the guarantee period for your annuity. Additionally, a lookback period is offered, giving you time to ensure you are satisfied with the product.

Before making an investment, it’s important to compare Oceanview annuities with those from competitors, taking into account factors such as withdrawal fees, riders and guaranteed returns. Consulting with a financial advisor is also recommended to help develop a clear strategy for incorporating these annuity products into your retirement plans.

Editor Norah Layne contributed to this article.