How it is most poorly used. We award EquiTrust Life Insurance a final rating of 1.5 out of 5 stars. Given the inherent unpredictability of the market, it’s impossible to accurately predict what types of returns you could see. One year point to point account. If you’re preparing to withdraw funds from your annuity before you turn 59.5 years old, you may want to think twice. To determine how attractive a region is for small business owners, we compared the number of tax returns that report small business income compared to the total tax-filing population of the region. *Note that with this option, the interest that is earned in the previous 12 months may be withdrawn at any time without a surrender charge or MVA. Also, if this review has caused you to be more confused about how the Choice Four fixed annuity from EquiTrust works, and/or if reading this review has prompted any additional questions or concerns, then please do let us know that, too. Here’s a breakdown of the other three choices: To open this annuity, you must have no less than $10,000 to invest and be 85 years old or younger. Q: When can I expect my submitted request to be reviewed by EquiTrust? Realistic long-term return expectations. If, however, you go with the liquidity option, your surrender charge drops down to “only” six years, also starting with a pretty high 12% in the first year – and remaining fairly high throughout the entire time period. As it pertains to the Choice Four fixed annuity from EquiTrust Life Insurance Company, then, there can definitely be some nice advantages. SmartAsset analyzed data to find the best places for small business owners in the country. You may be on our website right now as a result of an annuity seminar that you attended where, in return for a lunch or dinner, the presenter provided you with a lot of information about the EquiTrust Choice Four fixed annuity, or some other similar product. However, for those who fit the bill, EquiTrust Life Insurance Company could be an excellent financial resource and tool. Jackson National Perspective II Lifeguard Freedom Flex, Independent Review of the EquiTrust Choice Four Fixed Annuity, Independent Review of the EquiTrust Certainty Select MYGA Annuity, Independent Review of EquiTrust Life Insurance Company, https://www.equitrust.com/products/annuities.htm, Protection of principal – regardless of what occurs in the market, Want the opportunity to achieve a higher rate of return, Want or need access to your funds within the first several years (6 or 9, depending on the option that you choose), Do not plan to use the annuity’s lifetime income feature. Product issue is subject to underwriting guidelines, review, and approval. This interactive map shows the best counties for small business owners in the U.S. and in each state. Reviews are posted at the request of readers so they could see an independent perspective when breaking down the positives and negatives of specific annuity contracts. You can selectively provide your consent below to allow such third party embeds. Start your review today. … EquiTrust is a smaller carrier in relation to competitors, yet still has more than $17 billionin assets under management. But in 2015, Magic Johnson Enterprises, which is owned by basketball hall-of-famer Magic Johnson, bought a controlling interest in EquiTrust. No flexibility and no interest in … The problem is, though, that even if you’re not technically “losing” money, you are likely diminishing the ability to beat – or even to meet – future inflation. In offering our reviews of annuities, however, we would much rather provide our website visitors with “too much” detail, rather than not enough. These grades rank as “Good” on each of these ratings companies’ respective charts. A relative newcomer to the insurance industry, EquiTrust was established in 1996. Glassdoor has 5 EquiTrust Financial Services reviews submitted anonymously by EquiTrust Financial Services employees. So, depending on the version of the Choice Four that you opt for, you could qualify for a premium bonus, as well as a shorter surrender (6 years versus 9 years), which means that you could have access to most or all of your principal if you should need it. If, however, your time horizon is shorter than nine years, the liquidity option gives you a shorter surrender period (of only six years). However, should you decide to add on the optional income rider to your contract, you’ll pay a 1.00% annual rider fee. Small businesses are typically incorporated as pass-through entities, meaning that the business owners pay income taxes on the company profits rather than the company itself paying income tax. The company was actually purchased by Guggenheim Partners – a global investment and advisory firm – that has been providing portfolio management for many of the EquiTrust products throughout the years. This company offers a wide array of life insurance and annuity … EquiTrust Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. The company manages a total of $20.7 billion in invested assets. Due to the amount of volatility that we’ve seen in the market (and the economy) over the past decade or so, the demand for fixed annuities has grown significantly, particularly as a way for retirees and pre-retirees who are saving for retirement to keep their principal safe. This single premium traditional fixed annuity features a one-year annual reset interest rate, meaning that the interest rate you receive is determined annually. That’s where having an Annuity Investigator who loves math comes in. Please advise on the Equitrust market value index based on the S+P 500. Check out our review and this profile of EquiTrust Life Insurance Company; which is rated “B++” by A.M. Best, was founded in 1966, and has over $20 billion in total assets. Standard & Poor’s has rated EquiTrust as a BBB+ (Good), and A.M. Best Company rates it as a B++ (Good). The fee schedule for the MarketTen Bonus Index annuity is fairly light, as you won’t pay any annual contract fees. EquiTrust's annuities often have surrender penalty periods of up to 14 years. So, if you felt that this annuity review was helpful, then please feel free to forward it and share it with others who you think may also find it beneficial. As the fine print is built into plaintiff's contracts with EquiTrust… In addition to the withdrawal fees charged by EquiTrust, don't forget that the IRS will hit you with a 10% income tax penalty if you withdraw funds from your annuity before you turn 59.5. Here, though, you would also receive a lower interest rate. No flexibility and no interest in … Hi Brian– Thank you for your message. Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. If you fall into the small niche EquiTrust … How it is used. So, be sure to check back often, as we are always adding new annuity information to our website. When it comes to payout options, there are three choices: Immediate annuities generally don’t have fees associated with them. 1st, the guy who … Equitrust Life Insurance Company Review. Also, scroll over any county to learn about that region's small business statistics. Despite the fact that these ratings … All names, marks, and materials used for the reviews on this site are property of their respective owners, and not those of AnnuityGator.com. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Not only will you have to pay standard income taxes, but a 10% tax penalty will be levied against you. One that warrants a hard look is EquiTrust … This, in turn, may be positioned as allowing you to sleep better at night, as there is no worry about losing any of the funds that are inside of the annuity. Before purchasing any investment product be sure to do your own due diligence and consult a properly licensed professional should you have specific questions as they relate to your individual circumstances. (Although annuities should really only be purchased with funds that you don’t anticipate needing for other things such as emergencies). So, it can be helpful if you know what you’re getting into because it can be quite difficult, and expensive, if you want to get out once you’ve made a commitment to purchase one. As a fixed indexed annuity, you’ll receive both a fixed and an indexed account. We hope you find the call helpful. EquiTrust … Plus, there are tax advantages to owning a fixed annuity… We realize that this annuity review was a tad bit longer than usual. Equitrust Review Bottom Line. Because of this, investors who are in the market for specific financial tools, such as single premium life insurance and fixed / fixed indexed annuities, may find what they’re looking for here. What’s Covered In This Review. EquiTrust Life Insurance Company is considered to be stable financially, and because of that, the company has earned the following ratings from the insurer rating agencies: B++ from A.M. Best Company. Over the past several years, due in large part to the continuous ups and downs of … Multi-Year Guarantee … That is to basically combine the benefits of both. Should you pass away, your beneficiaries will receive the full accumulation value of your account. Because of this, income taxes can play a major role in determining the financial success of a given small business. You are given full freedom to allocate as much to each of these accounts as you want and to choose which index you want your money to follow. You may also be approaching retirement, and are seeking various guarantees for your money, such as safety and growth. TrustedChoice.com's Final Review. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. This company is terrible. All Rights Reserved | Privacy Policy, Independent Review of the Penn Mutual Premier Foundation Plus Indexed Annuity, Independent Review of the Midland National Life Paragon Plus 14 Fixed Index Annuity, We use cookies to enhance your experience while using our website. EquiTrust does not publish its fixed interest rates for this annuity. The maximum issue age is 90 years old. Fees. Today, this company holds north of $17 billion in … If you’ve been considering the purchase of an annuity – or any financial vehicle, for that matter – it is always important that you consider several factors prior to moving ahead. The MarketTen Bonus Index® has a maximum issue age of 80 and a minimum initial premium requirement of $5,000. In this annuity review, we will be covering the following details on the EquiTrust Choice Four fixed annuity product: Product Type. Should you surpass the allotted withdrawal, look out for a surrender charge. And, even though it is a single premium product, the company does allow for additional premiums to be made during the first year. Market Ten Bonus Index Annuity from EquiTrust Life Insurance Company gives you the benefits when markets are rising and protection when they’re fluctuating.. Plus, there are tax advantages to owning a fixed annuity.. And the bonus isn’t just in the name. But, knowing how an annuity works, as well as knowing about any of the fees that can be charged, is essential as it can greatly affect your return, as well as the amount of income you’ll receive in the future. Methodology Which places are best for small businesses owners? Zoom between states and the national map to see the top spots in each region. Here, however, in return for having access to most or all of your money in a shorter time period, you will “trade off” with a lower interest rate. All content is for educational purposes only. With so few reviews, your opinion of Equitrust Life Insurance Company could be huge. That being said, there could be some better alternatives out there for you – particularly as you will likely be plunking down a sizeable chunk of your savings to purchase an annuity. Our Annuity Gator specialist will be happy to speak with you. That way, you will have a much better idea as to whether or not the product is right for you and your specific needs. Jonathan Fritz B.A. Because it is a fixed annuity, it is likely that when discussing the Choice Four with potential purchasers, an insurance or financial advisor will key in on the stable growth, as well as the principal protection aspect. If you withdraw from your annuity contract prior to reaching age 59.5, the IRS will levy a 10% income surtax. The Liquidity and Liquidity + MVA ChoiceFour contracts operate the exact same way during your first year as owner. The death benefit associated with this annuity is extremely robust. We then applied relevant deductions and exemptions before calculating federal, state and local income taxes for each location. A: Please contact our Customer Service Department at 888-400-5759 to review that process and for assistance in completing the necessary paperwork. The good news is that if you are here to gather more details about the EquiTrust Choice Four fixed annuity, you are certainly in the right place. As a result of hard work and talented people, we are doing well. We are a team of experienced financial pros who are focused primarily on offering the most comprehensive – and unbiased – annuity reviews on the Internet. If you’ve been seriously thinking about purchasing an annuity because you want to assure yourself of long-lasting retirement income in the future, and have your principal protected regardless of what occurs in the stock market, then the EquiTrust Choice Four fixed annuity could be a good option for you. EquiTrust’s Comdex rating is 43. Fees are largely held to a minimum with the Certainty Select annuity, and you won’t have to pay any annual fees to hold onto your contract. And, if you opt to go with the lifetime income option, this can alleviate, at least somewhat, the concern about outliving all of your retirement income down the road. As soon as you open your account, you can withdraw up to the amount of interest you’ve cumulatively attained. Rather, we will give you the good, the bad, and even the ugly. Each of these refers to the length of the contract’s guarantee period, which is the time for which your initial interest rate is guaranteed. We make the complex, simple. Over the past several years, fixed annuities have become much more popular as a way to grow principal on a steady basis, and to ensure that no money is lost, even in light of an extremely volatile market environment. Unfortunately, because of the extremely low-interest rate environment that we’ve also been subject to, securing safety can come at the price of very low returns, which in turn, can have an impact on what you are ultimately able to save, and turn into an income stream in the future. BBB+ from Standard and Poor’s. EquiTrust Life Insurance Company has been around since 1996. Your email address will not be published. Thank you for setting up a time to chat with one of our specialists. Sources: Internal Revenue Service (IRS), US Census Bureau 2018 American Community Survey, Government Sources, SmartAsset, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, If you’re considering incorporating an annuity into your retirement income plan, a, Don't forget that any investments held outside retirement accounts are subject to capital gains taxes, which can take a bite out of your nest egg. Are there any other annuities that you’d like to see reviewed? EquiTrust Life Insurance Company. These products also offer the ability to secure a lifetime income in the future, regardless of how long you may need it. The Choice Four annuity is aptly named, as it is actually, according to EquiTrust, “four products in one,” So, investors can essentially choose the product that is best for them from the following options: The Base Contract features a one-year fixed rate that is reset on an annual basis. In this case, you would be allowed to have a shorter surrender charge schedule and yearly access to up to 10% of your money without a surrender charge or a Market Value Adjustment. For the indexed account, returns depend on which index you choose to follow, how much you allocate to the account and how that index returns. EquiTrust … Although EquiTrust is considered to be on the smaller side in terms of the overall insurance industry, the company focuses on a specific niche with its life insurance and annuity products. However, depending on which of the four options you choose to go with, you could have a pretty hefty surrender charge if you want or need access to most or all of your funds. The Confidence Income Annuity® requires new annuitants to generally be 90 years old or younger and have at least $30,000 to invest in an opening premium. When it comes to charges and fees, just about any financial product that you go with will have at least some – but whether or not they reveal this to you prominently is another story. ... EquiTrust Life Insurance Company is an Illinois domiciled life insurance company with offices located in West Des Moines, Iowa and Chicago, IL, and is a Magic Johnson Enterprises company. There are several areas where this annuity could work well, such as for those who are seeking: Even with its guarantees, the Choice Four annuity may not be a good option if you: In order to truly know how to compare the best annuity options for you, click here so that you can download our free annuity report. In your quest for more information about annuities online, you may have run across some highly conflicting information about these products. Check with EquiTrust to find of what rates they are currently offering for this fixed contract. This is because the positive points about annuities can easily be found in brochures and other marketing materials, while the drawbacks are oftentimes hidden in a myriad of “fine print.” This is where we can help. Our clients seek tax-efficient means for: … This isn’t surprising, as there are lots of annuities out there, along with a wide range of opinions about them. This is an independent annuity product review. When you’re in the process of researching the pros and cons about annuities, it can be a bit of a challenge to find all of the pertinent details that you need. FOR AGENT USE ONLY. To answer this question, we considered three factors: the proportion of people in a county with small business income, how much business income those people reported and the amount of tax a potential resident must pay on their income. And this can equate to a lower amount of retirement income, and in turn, the inability to continue purchasing the products and services you’ll need in the future. If you have questions about which annuity best fits your retirement plan, consider speaking with a financial advisor. The company also has earned a Comdex rating … AnnuityGator.com offers independent annuity product reviews. These three factors were then indexed and equally weighted to yield our small business index. EquiTrust Life Insurance Company has been around since 1996. It is not a recommendation to purchase or to sell an annuity. ©AnnuityGator. With all the EquiTrust products, they are not for everyone and are not ideal if you want basic coverage. Is laddering recommend for entry? Your email address will not be published. Given that, we would like to thank you for sticking with us to the end. By contacting us you may speak with an insurance licensed agent in your state, and you may be offered insurance products for sale. Also, because there aren’t really any other features on the Choice Four annuity that make it stand out from most other fixed annuities you’ll find in the market place, it may or may not give you a leg up on return. Our goal is to be well capitalized through a range of economic scenarios, including prolonged downturns. For more details on how to compare fixed annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report. By Steve Kaufman, ... about another stock market selloff, the question then becomes which FIA to buy. This annuity also has some other features, like a death benefit and a nursing home waiver. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the premiums that are paid in the first year of the contract will get the same interest rate as the initial premium does. But, even though it can be highly reassuring to have these types of guarantees, annuities should always be considered as a long term financial endeavor. In fact, the returns that people are getting on fixed annuities today are dismally low, putting them on par with the returns of other supposedly “safe” financial vehicles like money markets and CDs. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners. October 5, 2020. The carrier does have a couple of decades’ worth of experience under its belt in the … So, if you are still not 100% certain that the Choice Four from EquiTrust is right for you, then feel free to reach out to us directly through our secure online contact form here now. But, prior to going out and signing up for this product right now, it is recommended that you first get a more in-depth understanding of how the annuity works – and how it may or may not work with your specific financial goals (both short and long-term) in mind. Current Rates. Places with the highest small business index are the places which ranked the highest in the study. Annuitants will not need to pay an annual fee with this contract. However, this particular product could also fall a bit short – and quite frankly, there may be a better alternative for you, especially if you are in search of a higher return. To illustrate what you can expect to earn on a $100,000 premium, EquiTrust offers the following projections: All information is accurate as of the writing of this article. Equitrust was a great company at one time. However, if you are looking to get annuities or indexed universal life insurance, then EquiTrust could be a good option for you since the company offers both and is rated as financially stable. Equitrust was a great company at one time. EquiTrust Life Insurance Company describes the Choice Four fixed annuity as a traditional fixed-rate annuity product that offers a choice of durations, with annual reset interest. The lawsuit claims EquiTrust builds into its annuities package a maturity that occurs after the policyholders' 105th birthday. If you’ve never been to our website before, we would like to thank you for stopping by and visiting AnnuityGator.com. Be wary of the fact that an annuity withdrawal made before age 59.5 likely means you’ll be charged a 10% income surtax beyond your standard tax rate. Read employee reviews and ratings on Glassdoor to decide if EquiTrust … West Des Moines, IA 50266-2521 (515) 226-5169 ... reviews and/or responses on this website to affirm that the … If a fixed annuity seems to be the best alternative for you, however, you can be assured that it will provide you with the protection of your principal, as well as a guaranteed lifetime income in the future – which is something that other financial vehicles just cannot do. In this annuity review, we will be covering the following details on the EquiTrust Choice Four fixed annuity product: Annuities can be complex. Cindy A. Honolulu, HI. Managers play favorites, have created a hostile environment where bullying their employees is acceptable. Nothing on this website is a recommendation to buy or sell an annuity. These reviews break down annuity offerings from … The top feature of this annuity is the 6% bonus you’ll receive on all premiums you make during your first five years of ownership. We have been doing this for quite a while now – far longer than our competitors – and because of that, we’ve come to be known as a highly trusted source of annuity information. We need to warn you, though, that we aren’t going to paint a rosy picture that focuses only on the positives – which is what many commissioned sales people will do. EquiTrust Annuity Review. Both qualified and non-qualified account holders can open this annuity with a minimum of $10,000. To determine income tax burdens across counties, we used the national median household income. Market Twelve Bonus Index is a single premium fixed indexed deferred annuity with 14 year surrender period, available to single persons and couples age 0 to 75. Next, we compared the total amount of small business income to the overall amount of income reported in each region. The returns of the Confidence Income Annuity are dependent on what guarantee period you choose. That’s because we believe that knowing the whole picture is really the only way that you can make a well-informed decision about whether or not to move forward with this product. Regards, Brian. Annuity riders may be available for an additional annual premium that can provide additional benefits and income guarantees. As its name might indicate, the ChoiceFour® fixed annuity has a choice of four versions that each come with different benefits. 4. With the Certainty Select annuity, the longer the guarantee period term, the better your interest rate will be. Annuities … Anything past this mark will come with a withdrawal fee. There are, however, withdrawal charges if you take out more than the amount EquiTrust allows during your contract’s surrender period. Product Review: Equitrust MarketValue 10 Fixed Indexed Annuity. EquiTrust life insurance company is based in West Des Moines, Iowa. It offers a 12% bonus … If you’re going over the Choice Four information with a commissioned insurance or financial sales representative, it’s important to keep in mind that they aren’t likely to delve too deeply into some of the other attributes of fixed annuities, such as the extremely low-interest rates that they are garnering now (and have been throughout the past ten or more years). Rememeber that rates will renew every year, which means your annual earnings will vary. For a fee, this rider will compound the contract’s benefit base by 6.5% for as many as 10 years. 3. However, you can check with the company to see what they are currently offering. In the case of the Choice Four fixed annuity from EquiTrust, there is no additional fee charged for either the nursing home waiter, the terminal illness rider, or the death benefit. (Going with this option, though, the surrender period is going to be longer – meaning that you’ll be hit with a surrender fee over the first nine years). With that in mind, if you happened to run across any details in this annuity review that needs to be corrected or updated, please let us know and we will be happy to get them corrected immediately. EquiTrust does not offer investment advice to any individual or agent and this material should not be construed as investment advice. If you really like both the Market Value Adjustment option and the Liquidity Option, EquiTrust offers a fourth alternative with the Choice Four annuity. No product companies have endorsed the reviews on this site, nor is AnnuityGator.com compensated for reviews. Risk Management Life Insurance Agent. For the fourth consecutive year, EquiTrust is recognized among the “Wards 50” of top life and health insurance companies. The Certainty Select® annuity comes in five variations: three-year, five-year, six-year, eight-year and ten-year. Like most annuity companies, EquiTrust does not publicly release its fixed interest rates.
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