Upstream Life Insurance at a Glance: Rates, Products and Reviews

Based in Oxford, Mississippi with roots dating back to 1912, Upstream Life Insurance Company prides itself on financial products that help its customers mitigate the risks posed by market fluctuations. It offers two products: the Security Legacy, a multi-year guaranteed annuity (MYGA) and investment securities.

Upstream Life Insurance’s MYGA can be a great option for anyone looking to supplement their retirement income. Upstream Life sells its products through a network of independent agents in 25 states.

Upstream Life Insurance’s annuity product is called Secure Legacy. It’s a single premium fixed annuity that offers several multi-year guaranteed interest periods.

Security Legacy, Upstream Life Insurance’s multi-year guaranteed annuity option offers tax-deferred growth and two riders to help you customize your contract. You can choose a guarantee period of two, three, four, five, six, seven, 10 or 15 years and withdraw some or all of your funds during the initial 30 days without worrying about fees or penalties.

With Secure Summit, you may enjoy predictable returns and a reliable income stream in retirement in the form of a lump sum or monthly or quarterly payments. This product is available to anyone between the ages of 0 and 80 (81 and older with a death benefit rider) and requires a minimum investment of $10,000.

To enhance the value of a Security Legacy annuity from Upstream Life Insurance Company, you can add on optional riders.

Note that Upstream Life requires a minimum monthly withdrawal of $100 for annuities with riders. Upstream Life offers the same interest rate regardless of premium amount, allowing you to secure a competitive rate, even if you make a lower contribution.

If your withdrawal exceeds the free withdrawal amount in your given contract year, you may have to pay a surrender charge. The surrender charge will depend on your contract year and where you live. In addition, a 5% surrender charge is applied during the guaranteed renewal period. You can find Upstream Life’s surrender charge schedule on the company’s website, either on the dedicated Security Legacy page or in the downloadable brochure.

Fortunately, Upstream Life doesn’t charge administrative or annual contract fees. Before you commit to Security Legacy or any other annuity, make sure you understand all of the fees involved and how they may affect your earnings.

Financial strength ratings are crucial as they indicate the stability of an annuity company as well as its ability to follow through on policyholder contracts. Upstream Life Insurance Company holds a B- or “Fair” score with AM Best. While this isn’t a poor rating, you may find that other insurance companies have higher ratings.

Other reputable organizations, such as S&P Global and Fitch Ratings, have not ranked Upstream Life Insurance. Also, Upstream Life Insurance was not featured in J.D. Power’s 2023 and 2024 individual annuity studies, most likely due to its relatively small market share when compared to larger annuity providers.

Lastly, when it comes to customer service, it’s difficult to gauge how Upstream Life Insurance serves customers as there are limited online reviews available.

Upstream Life Insurance Company offers Security Legacy, a multi-year guaranteed flexible annuity with terms ranging from two to 15 years. Security Legacy can be customized with two riders, and you can choose from three distribution options for retirement — lump sum, quarterly or monthly.

Security Legacy might make sense if you’re in the market for an MYGA that offers competitive interest rates regardless of your contribution. Still, it’s worthwhile to shop around to ensure you find the best product for your needs. Depending on your unique retirement goals, you might find a better option through a larger, more established annuity company.