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  • Written by Lena Muhtadi Borrelli
  • Edited By
    Michael Santiago, CRPC™
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    Michael Santiago, CRPC™

    Senior Financial Editor

    Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.

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  • Published: November 5, 2024
  • Updated: November 6, 2024
  • 5 min read time
  • This page features 2 Cited Research Articles
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How to Cite RetireGuide.com's Article

APA Muhtadi, L. (2024, November 6). United Life Insurance at a Glance: Rates, Products and Reviews. RetireGuide.com. Retrieved December 21, 2024, from https://www.retireguide.com/annuities/companies/united-life/

MLA Muhtadi, Lena. "United Life Insurance at a Glance: Rates, Products and Reviews." RetireGuide.com, 6 Nov 2024, https://www.retireguide.com/annuities/companies/united-life/.

Chicago Muhtadi, Lena. "United Life Insurance at a Glance: Rates, Products and Reviews." RetireGuide.com. Last modified November 6, 2024. https://www.retireguide.com/annuities/companies/united-life/.

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Key Principles

RetireGuide’s mission is to provide seniors with resources that will help them reach important financial decisions that affect their retirement. Our goal is to arm our readers with knowledge that will lead to a healthy and financially sound retirement.

We’re dedicated to providing thoroughly researched annuity information that guides you toward making the best possible financial decisions for you and your family.

We partner with Senior Market Sales (SMS), a leader in the insurance industry with over 30 years of experience and a network of 66,000 independently licensed agents across the United States.

Our partnership with SMS (and Insuractive, the company’s consumer-facing branch) allows us to deliver expertly researched and reviewed content at no cost or obligation to all of our visitors. It also gives our visitors the opportunity to take the next step in their financial journey by requesting help from our partner through the phone numbers or forms provided on our website.

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Key Takeaways
  • In addition to life insurance, United Life Insurance Company offers multi-year guaranteed annuities (MYGAs), index annuities and single premium income annuities (SPIAs).
  • United Life receives strong ratings for financial strength and customer satisfaction with very few reported complaints.
  • Limited details are available online, but a licensed financial advisor can provide further details.

Overview of United Life

Founded in 1962 and based in Cedar Rapids, Iowa, United Life Insurance Company offers a range of annuity products alongside its life insurance policies. While a smaller player in the industry with just 0.036% market share and over $903 million in annual premiums, as reported by the NAIC, it does not operate in Alaska, Hawaii, New York, Maine or Vermont.

United Life Annuity Products

United Life offers various types of annuities designed to meet diverse financial needs, including multi-year guaranteed annuities (MYGAs), index annuities and single premium income annuities (SPIAs).

Multi-Year Guaranteed Annuities

United Life offers MYGAs as single premium deferred annuities (SPDAs). They are available in two forms: Access and Performance.

United Life’s MYGAs
  • The Access SPDA offers four-year and six-year guarantee options, with the flexibility of penalty-free withdrawals up to 10%. With a minimum premium of $5,000, this product does not include a market value adjustment.
  • United’s Performance SPDA provides a more competitive rate guarantee thanks to its market value adjustment, which can affect the contract's value at withdrawal based on current interest rate conditions. This product requires a minimum premium of $25,000 and offers guarantee periods of three, five or seven years, along with penalty-free withdrawals of the previous year’s interest.

Index Annuities

United Life offers the WealthChoice Index Annuity that uses a choice of three indexes: S&P 500, Barclays Global Quality Index and Horizon Ascend 5%™ Index. There are surrender periods available for five, seven or ten years with six allocation options.

Single Premium Income Annuities

United Life also offers a SPIA. This is a highly personalized product that is based on your age and date of issue. Your payout option can also affect your contract.

For more information on an SPIA annuity, speak with a financial advisor to explore your options.

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Key Features and Benefits

United Life annuities offer a range of valuable features and benefits within their contracts. For example, their single-premium deferred annuities include a waiver of surrender charges if the annuitant is terminally ill or confined to a nursing home. Additionally, a guaranteed living benefit rider is available, allowing for penalty-free withdrawals throughout the life of the contract.

The specific features and benefits available will depend on the type of annuity selected.

Fees and Charges

Information about United Life’s annuity products is limited online, making it challenging for potential buyers to assess options independently. The lack of publicly available details may leave questions regarding rates, fees and specific product features unanswered. For a thorough understanding of United Life’s annuities and to evaluate how they align with personal financial goals, interested individuals are encouraged to consult a licensed financial advisor. Advisors can provide comprehensive guidance, helping clients make informed decisions based on a clearer picture of United Life’s offerings.

Customer Service and Financial Stability

United Life Insurance Company accounts for 0.002% of market complaints based on a single complaint reported to the NAIC. Although it is not accredited by the Better Business Bureau (BBB), it receives an A+ rating. This is despite its customer review rating of 1 out of 5 based on two customer reviews.

It does not appear in J.D. Power’s 2023 U.S. Individual Life Insurance Study or its 2023 U.S. Individual Annuity Study.

For financial strength, United Life receives an A- (Excellent) rating from AM Best.

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Evaluating United Life Products

United Life Insurance Company is a smaller player in the annuity market, but it offers a strong selection of products. While its annuity options are limited, they are comprehensive and customizable to meet your specific needs. Additionally, United Life provides retirement planning services and life insurance coverage.

Coupled with its high customer satisfaction ratings and excellent financial strength, United Life proves itself a trustworthy company that prioritizes its customers and provides a reliable product.

Ask a financial advisor for further details about the United Life annuities available to you from United Life Insurance Company.

Frequently Asked Questions About United Life
What types of annuities does United Life Insurance Company offer?
United Life Insurance Company offers several types of annuities, including MYGAs, index annuities and SPIAs. Each type is designed to meet different financial goals, providing flexible options for retirement planning.
How is United Life rated in terms of financial strength and customer satisfaction?
United Life Insurance Company has an A- (Excellent) financial strength rating from AM Best, which reflects its stability. Additionally, it holds an A+ rating from the Better Business Bureau, though customer reviews are limited. United Life has very few reported complaints, suggesting a strong track record in customer satisfaction.
Why is it necessary to contact a financial advisor for information on United Life’s annuities?
Since detailed information about United Life’s annuity rates, fees and specific features is limited online, it's recommended to consult a licensed financial advisor. Advisors can offer comprehensive insights and assist you in selecting the United Life annuity that best aligns with your financial goals.

Editor Norah Layne contributed to this article.

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Last Modified: November 6, 2024
lena muhtadi borrelli headshot
Lena Muhtadi Borrelli Financial Writer
  • Over 20 years in finance, progressing from an intern at Morgan Stanley to supporting top financial advisors
  • Featured in major publications such as Forbes, TIME, Newsweek, Investopedia, Bankrate and others
  • Bachelor of Business Administration (BBA) and Bachelor of Applied Science (BASc) in Marketing, both from St. Petersburg College
Edited By
headshot of Michael Santiago
Michael Santiago, CRPC™ Senior Financial Editor

2 Cited Research Articles

  1. J.D. Power. (2023, October 12). Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
  2. United Life Insurance Company. (n.d.). About United Life. Retrieved from https://unitedlife.com/aboutlife.