CL Life and Annuity Insurance Company
CL Life and Annuity Insurance Company has been in business since 1984, originally operating under different ownership until it was acquired by Crestline Investors in 2022. The company rebranded to focus exclusively on offering fixed annuities designed to preserve principal and generate stable income. While relatively small compared to major carriers, CL Life is carving out a niche by providing straightforward annuity options with competitive interest rates.
Our Professional Opinion
We do not currently recommend CL Life annuities because the company’s financial strength rating falls below our minimum standard. A competitive interest rate is appealing, but we would rather choose an annuity from an insurer rated A− or higher by AM Best.
CL Life and Annuity Insurance Company has a B++ (Good) rating from AM Best. That rating is OK, but it is below the A− minimum we use when recommending an annuity company. CL Life may offer an attractive rate, but we do not think a higher rate alone is enough reason to choose it over a stronger insurer.
We like the simplicity of locking in a fixed rate for a set period. What we do not like is that the fixed annuity we reviewed limits normal penalty-free access to interest or required minimum distributions after the first year. If you need more, surrender charges and a market value adjustment may apply.
Another drawback is automatic renewal. If you miss the window at the end of the guarantee period, the contract can renew for another term with a new rate and surrender-charge schedule. That stinks if you intended to move your money or use it elsewhere.
If your goal is lifetime income, we would compare withdrawing interest from a fixed annuity with an annuity that offers a guaranteed lifetime withdrawal benefit. A fixed-rate term does not guarantee that the same income will be available for the rest of your life.
What We Like
- Predictable interest: A fixed-rate guarantee makes it easier to know what your money will earn during the selected term.
- Shorter guarantee periods: The fixed annuity we reviewed offers shorter terms for people who do not want a long commitment.
- Account-value death benefit: The reviewed contract pays the account value to beneficiaries.
What We Don’t Like
- Below our minimum rating: CL Life’s B++ rating does not meet our A− standard.
- Limited access to principal: Normal free withdrawals from the reviewed contract are limited, and larger withdrawals may trigger charges.
- Automatic renewal: Missing the maturity window can start another surrender period.
- No lifetime withdrawal benefit on the reviewed contract: Taking interest from the MYGA is not the same as securing a guaranteed paycheck for life.
Find our individual CL Life annuity review using the link below for more details about the contract and its restrictions.
What Products Does CL Life Offer?
CL Life offers a limited portfolio of annuities focused on accumulation and guaranteed income, with an emphasis on safe, fixed-rate returns.
CL Sundance Annuity
- A multi-year guaranteed annuity (MYGA) that offers:
- A fixed interest rate locked in for 2 or 3 years
- Full accumulation value paid as a death benefit
- A 30-day free look period
- Premium requirements start at $10,000
This annuity is designed for those looking for a predictable rate of return over a short period without exposure to market risk.
CL Tarrant Trail Annuity
- A deferred annuity product that includes:
- A high first-year rate with a fixed surrender schedule
- 10% annual penalty-free withdrawals starting year two
- A bailout feature allowing access if the renewal rate drops below a certain level
This product is geared toward individuals looking to grow their retirement savings safely with flexibility to access funds if needed.
Compare CL Annuity Income With 25+ Companies
Why Comparing Rates and Payouts Is Essential
CL Life may offer competitive first-year rates, but every annuity buyer should compare premium requirements, fixed interest rates, and guaranteed income payouts across multiple carriers before committing. What looks attractive in year one may change at renewal. A few points of difference in long-term rates or income payout options can mean tens of thousands of dollars in either growth or lost opportunity over a retirement period.
Always compare:
- Premium requirements – Some insurers allow lower initial investments
- Guaranteed interest rates – How long is the rate locked in?
- Lifetime income payout rates – Especially for those seeking income for life
You should also evaluate surrender schedules, liquidity features, and whether or not the company offers a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider—CL Life does not currently offer income riders.
CL Life Annuity Reviews
Who Needs CL Life and Why
CL Life is a potential fit for:
- Conservative investors near or in retirement who want principal protection
- Those looking for short-term fixed growth or predictable accumulation
- People who are focused on income planning but do not need rider-based flexibility
Who Should Look Elsewhere
You should probably consider other options if:
- You want indexed growth or exposure to market-linked returns
- You need a lifetime income stream with a GLWB rider
- You want a wider selection of products, including income annuities, long-term care annuities, or hybrid annuities
Other companies may offer broader features, better income guarantees, or higher ratings from agencies like AM Best or KBRA.
Other Insurance Products to Consider
Because CL Life doesn’t offer life insurance or long-term care solutions, you may need to supplement your strategy with additional policies:
- Long-Term Care Annuities for asset protection against healthcare costs
- Term or Guaranteed Universal Life Insurance to preserve estate value or replace income
- Income Annuities with GLWB Riders for guaranteed income you can’t outlive
Should You Trust CL Life?
CL Life is rated B++ by AM Best and A- by KBRA, which are considered good but not top-tier. While the company is financially stable, they are smaller and relatively newer under current ownership, so you should carefully review their financials, state availability, and renewal rate history.
Final Thoughts
CL Life may be a good option for certain investors looking for guaranteed growth and short-term savings vehicles. But it’s important to consider what you’re giving up—namely, more flexible riders, broader liquidity options, or stronger financial backing—when selecting a provider with a narrow product lineup.
Always compare annuities side by side. The smallest differences in income payouts, rate guarantees, or liquidity can have a massive impact on your retirement lifestyle.
Want to see if CL Life is your best option? Contact The Annuity Expert for a free quote and product comparison. Let us help you find the most competitive interest rates and income payouts based on your retirement goals.
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