Silac At a Glance: Rates, Products and Reviews

Founded in 1935, Salt Lake City-based SILAC is the oldest life insurance provider in Utah and serves customers in 48 states and the District of Columbia. Formally known as Equitable Life & Casualty Insurance Company, SILAC Insurance sells fixed index and multi-year guaranteed (MYGA) annuities, Medicare Supplement plans and insurance products.

SILAC currently offers five types of annuities: three fixed index annuities and two multi-year guaranteed annuities.

SILAC’s fixed index annuity products include the Vega® series, the Teton® series and the Denali SeriesTM. Each annuity is available in terms of seven, 10 or 14 years.

Vega® and Vega® Bonus: Vega® and Vega® Bonus annuities prioritize retirement income and are available with three Enhanced Withdrawal Benefits including an accelerated withdrawal benefit that can allow you to collect your benefit value over time. An Enhanced Death Benefit is also available.

Teton® and Teton® Bonus: These annuities focus on wealth accumulation and as result, lock in credited interest and floor protection. Other perks include spousal continuation and cumulative free withdrawals of up to 30%.

DenaliTM and DenaliTM Bonus: DenaliTM annuities are flexible as they allow for both accumulation and lifetime income. With these products, you can add on an Evolve Rider, which offers an additional premium bonus, greater liquidity and an enhanced lifetime withdrawal benefit.

SILAC’s multi-year guaranteed annuities are known as the SavingsTM and Secure SavingsTM Elite. These products require a minimum deposit of $10,000 and are available in two-, three- or five-year terms.

SavingsTM: SavingsTM allows for penalty-free withdrawals of the account value, credited interest or the required minimum distribution. It also includes a death benefit for the beneficiary.

Secure SavingsTM Elite: Differing from SavingsTM, withSecure SavingsTM Elite, you can expect a higher interest rate. However, the death benefit is for the cash value rather than the account value and liquidity options require a rider.

SILAC offers several flexible annuity options to accommodate varying investor goals. Each comes with unique perks, such as premium bonuses and cumulative free withdrawals of up to 30%. Some products may include health benefits such as home health benefit, nursing home benefit, terminal illness benefit and wellness withdrawals.

Since interest rates will determine the performance of SILAC’s annuity products, it’s important to understand what they are before you go ahead and open an account. For the most up-to-date interest rate information for the different annuities SILAC offers, reach out to the company directly.

When it comes to securing your financial future, understanding a company’s financial strength and stability is essential, as it provides insight into their ability to fulfill commitments and adapt to market changes. This knowledge empowers you to make informed decisions about your investments and ensures you choose a provider that prioritizes your long-term financial well-being.

Credit ratings work to reveal a company’s financial strength and stability. Both financial strength and stability are important as they give an indicator of reliability, allowing consumers to receive what they were promised. While SILAC’s current standing with AM Best is B+, the agency recently announced a possible rating drop due to quality issues.

Based on data from the National Association of Insurance Commissioners (NAIC), SILAC sold more than $2.5 billion in individual annuity premiums in 2023.

The National Association of Insurance Commissioners’ (NAIC) Complaint Index publishes yearly reports which help explain client satisfaction in the insurance and annuity industries. It found that SILAC received five complaints from annuity customers in 2023 and nine in 2022. Surprisingly, the company was not included in the 2022 or 2023 editions of the J.D. Power Customer Satisfaction Index Ranking, which gauges the customer satisfaction of annuity providers.

SILAC Annuities, provided by SILAC Insurance Company, aim to deliver a reliable income stream in retirement while catering to diverse financial needs. Understanding the pros and cons is important for assessing whether these annuities align with your retirement goals. This overview highlights the key advantages and disadvantages to help you make an informed decision.

SILAC has a longstanding reputation in the annuity industry, with its fixed index annuities offering a range of attractive features. However, potential investors should consider the drawbacks, such as poor customer satisfaction ratings and limited liquidity options for multi-year guaranteed annuities, which may impact their overall investment experience. Weighing these factors is essential for making an informed decision about whether a SILAC Annuity is the right choice for your financial goals.

Editor Norah Layne contributed to this article.